Florida-based United Insurance Holdings...
... has closed 2008 with net income of $33.4m, a decline of 16%, on earned premiums of $81.1m, down 4.9%. The group saw claim losses rise 9.4% to $28.1m, largely reflecting $3.3m in losses and expenses from tropical storm Fay. Results also reflected a decline in the annual bonus — to $6.5m from the year-earlier $13.6m — that it received for assuming policies from last-resort insurer Citizens Property Insurance in 2004 and 2005. Citizens has ceased paying the policy-assumption bonuses.
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