United Insurance Holdings has reported total revenues of $19.3m for the second quarter of 2010, a decrease of 26.4% compared to $26.3m for the same quarter in 2009.
Net premiums earned for the quarter were $16.3m compared to $21.9m in same period last year.
For the quarter ended June 30, 2010, the company posted net income of $0.19m, or $0.02 per diluted share, compared to $2.8m, or $0.27 per diluted share, for the same period last year.
Don Cronin, CEO of United Insurance Holdings, said: “While our industry is still being affected by a difficult rate and cost environment, we were pleased to return to profitability in the second quarter.
“We have continued to redistribute and reduce our risk exposure by writing new policies throughout the state and through our expansion into South Carolina.”