United Insurance Holdings has reported a net loss of $1.1m or $0.11 per diluted share for the first quarter of 2011, compared to $3.7m or $0.35 per diluted share, for the same quarter last year.
Total revenues for the first quarter of 2011 were $20m, compared to $16m for the same quarter last year.
Net premiums earned increased to $19.1m in the first quarter of 2011, compared to $14.7m in the prior year quarter.
United reported net investment income and other revenues of $1.4m in the first quarter, compared to $2.3m in the same quarter last year.
United CEO Don Cronin said a difficult cost environment, especially in our home state of Florida, enveloped the firm’s industry over the past couple of years.
"And our results over that period indicated such was the case. We are happy that state regulators have begun to acknowledge the difficult environment by allowing us to implement appropriate rate increases," Cronin said.