United Insurance Holdings Corp. Rejoins the Russell 3000 and Russell 2000 Index
June 26 2023 - 4:05PM
Business Wire
United Insurance Holdings Corp. (Nasdaq: UIHC) ("UIHC" or "the
Company"), a property and casualty insurance holding company that
underwrites commercial residential property and casualty insurance
policies in the United States through its wholly owned insurance
subsidiary, American Coastal Insurance Company (ACIC), today
announced that it has rejoined the broad-market Russell 3000® Index
following the conclusion of the 2023 Russell indexes annual
reconstitution, effective after the U.S. market opened today, June
26, 2023.
“We are pleased to rejoin the globally recognized Russell
indexes,” said Dan Peed, Chairman of the Board and Chief Executive
Officer of UIHC. “We believe our inclusion will strengthen our
reach to the investment community and welcome the enhanced
visibility this brings to our go-forward operations.”
Membership in the US all-cap Russell 3000® Index, which remains
in place for one year, means automatic inclusion in the small-cap
Russell 2000® Index. FTSE Russell determines
membership for its Russell indexes primarily by objective,
market-capitalization rankings and style attributes. Russell
indexes are widely used by investment managers and institutional
investors for index funds and as benchmarks for active investment
strategies. Approximately $12.1 trillion in assets are benchmarked
against Russell’s US indexes. Russell indexes are part of FTSE
Russell, a leading global index provider.
About United Insurance Holdings Corp. United Insurance
Holdings Corp.® is a publicly traded holding company (Nasdaq: UIHC)
founded in 1999 that underwrites commercial residential property
and casualty insurance policies in the United States through its
wholly owned insurance subsidiary, American Coastal Insurance
Company (ACIC).
ACIC’s target market consists of areas where the perceived
threat of natural catastrophe has caused large national insurance
carriers to reduce their concentration of policies. The Company
manages risk of catastrophic loss primarily through sophisticated
pricing algorithms, avoidance of policy concentration, and the use
of a comprehensive catastrophe reinsurance program.
About FTSE Russell FTSE Russell is a global index leader
that provides innovative benchmarking, analytics and data solutions
for investors worldwide. FTSE Russell calculates thousands of
indexes that measure and benchmark markets and asset classes in
more than 70 countries, covering 98% of the investable market
globally.
FTSE Russell index expertise and products are used extensively
by institutional and retail investors globally. Approximately $20.1
trillion is currently benchmarked to FTSE Russell indexes. For over
30 years, leading asset owners, asset managers, ETF providers and
investment banks have chosen FTSE Russell indexes to benchmark
their investment performance and create ETFs, structured products
and index-based derivatives.
A core set of universal principles guides FTSE Russell index
design and management: a transparent rules-based methodology is
informed by independent committees of leading market participants.
FTSE Russell is focused on applying the highest industry standards
in index design and governance and embraces the IOSCO Principles.
FTSE Russell is also focused on index innovation and customer
partnerships as it seeks to enhance the breadth, depth and reach of
its offering. FTSE Russell is wholly owned by London Stock Exchange
Group. For more information, visit www.ftserussell.com.
Forward-Looking Statements Statements made in this press
release, or on the conference call identified above, and otherwise,
that are not historical facts are “forward-looking statements”. The
Company believes these statements are based on reasonable
estimates, assumptions and plans. However, if the estimates,
assumptions, or plans underlying the forward-looking statements
prove inaccurate or if other risks or uncertainties arise, actual
results could differ materially from those expressed in, or implied
by, the forward-looking statements. These statements are made
subject to the safe-harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements do
not relate strictly to historical or current facts and may be
identified by their use of words such as “may,” “will,” “expect,”
"endeavor," "project," “believe,” "plan," “anticipate,” “intend,”
“could,” “would,” “estimate” or “continue” or the negative
variations thereof or comparable terminology. Factors that could
cause actual results to differ materially may be found in the
Company's filings with the U.S. Securities and Exchange Commission,
in the “Risk Factors” section in the Company's most recent Annual
Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.
Forward-looking statements speak only as of the date on which they
are made, and, except as required by applicable law, the Company
undertakes no obligation to update or revise any forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230626141719/en/
COMPANY: United Insurance Holdings Corp. Alexander
Baty Director of Financial Reporting (727) 895-7737 /
abaty@upcinsurance.com
OR
INVESTOR RELATIONS: The Equity Group Karin
Daly Vice President (212) 836-9623 / kdaly@equityny.com
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