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St. Petersburg insurer ends 2019 in the red

February 21, 2020 - United Insurance Holdings Corp. boosted revenue 14 percent in 2019, to $825.1 million, but reported a net loss of $29.9 million, or 70 cents a share. During the fourth quarter of 2019, the company paid what CEO John Forney said were "unusually high claims." "2019 was a tough year for our company, and Q4 epitomized that," Forney said in a news release. "But we are starting 2020 in a very strong position with regard to our rate actions, reserve strength, capital adequacy and reinsurance placement. I'm excited for what lies ahead in 2020 and beyond." United Insurance (Nasdaq: UIHC), a property and casualty insurance holding company that does business as UPC Insurance, is among the largest companies based in St. Petersburg, with plans to build a new headquarters downtown.

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