#1United Insurance Holdings Corporation (Nasdaq: UIHC) Investor Presentation February 23, 2022 UPC INSURANCE®#2Company Overview UPC Insurance is a specialty underwriter of catastrophe exposed property insurance in the U.S. United Insurance Holding Corp. (NASDAQ: UIHC) was founded in 1999 and is the insurance holding company for 5 P&C carriers and operating affiliates operating under the brand UPC Insurance (UPC). UPC has the #1 market share of commercial residential property insurance (commercial lines) in Florida with over 6,000 policies and $425 million of premium in-force. UPC's homeowners & fire insurance products (personal lines) are focused on Florida, Louisiana, New York, and Texas with roughly 352,000 policies and $722 million of premium in-force.1 Specialty Commercial Property Underwriters Am Coastal mCoastal A UPC Insurance Company JOURNEY™ INSURANCE UIHC as of December 31, 2021 Total Assets: Total Equity: Premium in-Force: Employees: Headquarters: Financial Strength Ratings: $2.7 billion $312 million $1.14 billion 1 468 St. Petersburg, FL A- (Kroll) A-(AM Best) 2 A (Demotech) Specialty Homeowners Underwriters UPCO INSURANCE FAMILY SECURITY We Keep It Simple INSURANCE A UPC Insurance Company INTERBORO INSURANCE™ A UPC Insurance Company 1 2 Excludes discontinued states where renewal rights have been sold AM Best rating for Journey Insurance Company only 2#3Executive Summary Q4-2021 Results . Core loss of -$1.0m (-$0.02 per share) compared favorably to -$58.1m (-$1.35 per share) last year due to lower net retained losses from catastrophe events. Stockholders' equity attributable to UIHC at 12.31.2021 was $312.4m ($7.20 per share) with tangible book value per share of $5.10. Risk based capital projected to be at or above 300% for all statutory carriers as of 12.31.2021. Other Highlights • Entry into a renewal rights and quota share reinsurance agreement to transfer all risk of loss for the Southeast region. • Successful renewal of All Other Perils (AOP) catastrophe reinsurance program with retention unchanged at $15m. • Exposure reduction and renewal rate increases continued to trend favorably producing more premium relative to risk. 3#4Q4-2021 Results Core earnings improved dramatically from last year's -$58m loss to nearly break-even. Q4-20 Change We labeled 2021 a transition year because we significantly increased our reinsurance spend to de-risk and de-leverage our portfolio. Ceded premiums hurt Q4 results, but our lower risk retention and operating leverage combined with improving underwriting metrics now have us better positioned for the long-term. Core income (loss) Gross expense ratio per diluted share (CEPS) Q4-21 $ (1,027) $ (58,094) -98.2% $ (0.02) $ (1.35) Included the following items Net current year catastrophe loss & LAE incurred $ 12,515 $ 107,618 Net (favorable) unfavorable reserve development Total items $ (3,488) $ (621) $ 9,027 $ 106,997 Core income (loss) excluding named windstorms CEPS excluding named windstorm $ (1,027) $ 3,298 -131.1% $ (0.02) $ 0.08 Gross underlying loss & LAE ratio 22.4% 21.5% 0.9 pts 21.3% 27.2% (5.9) pts Net loss & LAE ratio 58.9% 92.6% Net expense ratio 50.2% 49.5% Combined ratio 109.1% 142.1% (33.0) pts Net current year catastrophe loss & LAE incurred -8.6% -53.9% Net favorable (unfavorable) reserve development Underlying combined ratio 2.4% 102.9% 0.3% 88.5% 14.4 pts 4#5Key Underwriting Metrics. Gross loss & expense ratios were better than last year & long-term average. Year ending December 31, 2016 2017 2018 2019 2020 2021 6-Yr Avg Ratios on gross premiums earned Net Loss & LAE - Underlying 36.4% 25.3% 26.1% 30.2% 22.3% 21.9% 27.0% Net Loss & LAE - Named Windstorm CAT 4.5% 8.5% 4.6% 2.4% 1 14.8% 2.5% 6.2% 1 Net Loss & LAE AOP CAT 3.9% 3.3% 3.9% 4.8% 6.1% 5.6% 4.6% Net Loss & LAE Expense 44.7% 37.1% 34.6% 37.5% 43.2% 30.0% 37.8% 27.2% 28.9% 26.2% 26.1% 25.7% 20.4% 25.7% 1 -31.5% -40.6% -41.6% -43.6% -45.6% -58.2% -43.5% Ceding Ratio Ratios on net premiums earned Net Loss & LAE - Underlying 53.1% 42.5% 44.8% 53.6% 41.0% 52.3% Net Loss & LAE Named Windstorm CAT 6.6% 14.3% 7.9% 4.3% 27.1% 5.9% 47.9% 11.0% Net Loss & LAE AOP CAT 5.7% 5.6% 6.6% 8.6% 11.3% 13.4% 8.5% 93% of the y/y change driven by reinsurance programs designed to Net Loss & LAE 65.3% 62.4% 59.3% 66.4% 79.4% 71.6% 67.4% reduce operating leverage Expense 39.6% 48.7% 45.0% 46.3% 47.1% 48.7% Combined Ratio CAT Losses Prior year development 104.9% 111.1% 104.2% 112.7% 126.5% 120.3% 45.9% 113.3% and earnings volatility. -12.2% -19.9% -14.5% -12.8% -38.4% -19.3% -19.5% -3.7% 0.4% -0.6% -4.4% 0.9% -4.7% -2.0% Underlying Combined Ratio 89.0% 91.7% 89.1% 95.5% 88.9% 96.3% 91.7% Gross Loss Ratio - Underlying Gross Loss Ratio - CAT 40.0% 25.0% 35.0% 20.0% 30.0% 25.0% 20.0% 15.0% 10.0% 15.0% 10.0% 5.0% 5.0% 0.0% 0.0% 2016 2017 2018 2019 2020 2021 5 2016 2017 2018 2019 2020 2021#6Results by Line of Business Our Specialty Commercial Continues to Perform Well. Three-months ended 12.31.21 PL CL $ 236.4 $ 105.5 • Personal Lines (PL) represents our homeowners' business and is performing outside of Florida, but Commercial Lines (CL) is what we seek to grow over time. PL core earnings improved from the same periods (QTD & YTD) a year ago. $ in millions Total Gross Premiums Earned Ceded Premiums Earned Net Premiums Earned Investment & Other Income Unrealized G(L) on Equities Total Revenue $ 341.9 (136.6) (60.2) (196.8) 99.8 45.3 145.1 6.7 1.2 7.9 0.2 1.3 1.5 106.7 47.8 154.5 Underlying Loss & LAE 59.8 16.6 76.5 Current year CAT Loss & LAE Prior year development Total Loss 11.5 1.0 12.5 (1.3) (2.2) (3.5) 70.0 15.5 85.5 Operating Expense 48.6 24.3 72.9 Total Expenses (excluding interest) 118.7 39.8 158.4 Core Income (Loss) before tax Core Income (Loss) SS $ (11.4) $ 6.8 $ (4.6) $ (6.6) $ 5.6 $ (1.0) Direct Loss Ratio - NonCAT Direct Loss Ratio - CAT (Current AY) Gross Expense Ratio 37.0% 7.8% 20.5% 14.8% 1.7% 5.9% 23.1% 21.3% 30.2% Net Loss Ratio Net Expense Ratio Combined Ratio 70.2% 34.3% 58.9% 48.7% 53.7% 50.2% 118.9% 88.0% 109.1% CAT Loss PY Development F/(U) -11.5% 1.3% Underlying Combined Ratio 108.6% -2.2% 4.9% 90.7% -8.6% 2.4% 102.9% 6#7UPC Litigation vs. Industry Our decrease in new lawsuits after 7/1/21 is consistent with other homeowner carriers in FL. United P&C 1,000 857 789 705 729 800 661 676 668 600 400 221 136 146 105 125 115 123 200 461 433 463 399 418 98 86 16 76 89 88 116 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total AOB Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total 661 705 729 676 668 857 789 461 433 463 399 418 AOB 105 136 146 125 115 221 123 86 76 89 88 116 % AOB 16% 19% 20% 18% 17% 26% 16% 19% 18% 19% 22% 28% Industry 6,405 6,300 6,398 6,663 7,000 5,634 5,634 6,000 5,222 5,000 4,000 4,313 3,909 4,092 3,612 3,366 3,000 2,000 890 1,133 1,073 1,337 1,492 1,200 1,264 1,040 1,014 1,017 1,053 1,113 1,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -Total AOB Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total 5,222 5,634 6,405 6,300 5,634 6,398 6,663 4,313 3,909 4,092 3,612 3,366 AOB 890 1,133 1,073 1,337 1,200 1,492 1,264 1,040 1,014 1,017 1,053 1,113 % AOB 17% 20% 17% 21% 21% 23% 19% 24% 26% 25% 29% 33% 7 Source: CaseGlide Monthly Litigation Report#8Personal Lines Renewal Rate Change is Significant PL generated over $101 million of additional premium in 2021 from rate actions. Metric 2021 Q1 2021 Q2 2021 Q3 2021 Q4 FY 2021 Renewing Policies PIF Avail. For Renewal Renewal Acceptance Company Initiated Non-Renewals Renewal Acceptance xNon-Renewals 96,261 117,616 108,074 81,548 403,499 113,188 146,045 141,036 105,499 505,768 85.0% 80.5% 76.6% 77.3% 79.8% 5,499 16,204 20,982 12,099 54,784 89.4% 90.6% 90.0% 87.3% 89.5% Renewed TIV Expiring TIV Additional TIV Percent Change 46,237,580,569 45,141,713,970 1,095,866,598 58,139,263,405 52,974,505,316 40,125,486,367 197,476,835,657 56,762,386,238 51,714,741,393 38,764,093,047 192,382,934,649 1,376,877,167 1,259,763,923 1,361,393,320 5,093,901,008 2.4% 2.4% 2.4% 3.5% 2.6% Renewed Premium Expiring Premium Additional Premium Percent Change 176,691,374 156,290,267 20,401,107 13.1% 231,499,905 223,509,663 204,683,180 191,746,343 26,816,725 31,763,320 13.1% 16.6% 172,909,298 150,082,230 804,610,240 702,802,022 22,827,067 101,808,219 15.2% 14.5% Renewal Premium Rate/$1k TIV 3.82 3.98 4.22 4.31 4.07 Expiring Premium Rate/$1k TIV 3.46 3.61 3.71 3.87 3.65 Annual Rate Change 10.4% 10.4% 13.8% 11.3% 11.5% 8#9Commercial Lines Rate Increases Accelerating Florida commercial residential is a hardening market and ripe for underwriting profit. CAT Percentage of Model Price (MP) 300% 250% 200% 150% 100% Model Price = Design 100% 50% 196% 0% Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 6 period moving average (ACIC CAT MP) 6#10Premium Relative to Exposure Improving We expect this gap to widen further from additional underwriting improvement initiatives. TIV (Billions) Pooled Companies (UPC/FSIC/ACIC) Monthly Prem/TIV Change Southeast States Only $1,250 $325 2019 Change: 10.8% $305 2020 Change: 11.8% $1,200 0.29% -0.71% 1.53% $1,150 -2.03% 2021 Change: -3.3% 4.30% -0.90% $1,100 3.35% 2.17% $285 1.60% 2.44% $1,050 $1,000 4.12% 2.26% $265 $950 $245 2.07% -1.07% -0.66% 0.40% 0.40% 0.68% -5.80% 2.30% 3.81% 2.68% 2019 Change: +9.8% 2020 Change: +1.8% 2021 Change: -15.8% -5.73% $900 -4.54% $225 $750 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 TIV Prem $850 $800 10 Premium (Millions)#11Portfolio Optimization is Working Higher rates + exposure reductions targeting risk (PML) drivers = better results over time. 2.40 2.30 2.20 2.10 2.00 1.90 1.80 1.70 Pooled 100 Yr PML:Prem Total Change (26.3%) 2.20 2.15 2.10 2.05 UPC 100 Yr PML:Prem 2.00 1.95 Total Change (9.6%) 1.90 1.85 1.80 1.60 1.75 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 2.70 2.60 2.50 2.40 2.30 2.20 2.10 2.00 FSIC 100 Yr PML:Prem Total Change (23.6%) 4.00 3.80 3.60 ACIC 100 Yr PML:Prem 3.40 3.20 Total Change (35.2%) 3.00 2.80 2.60 2.40 1.90 2.20 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 11#12Summary of Business In-force Reductions in personal lines exposures has moved UIHC closer to its 50/50 target. TIV ($000,000) Policies Premium ($000) 2020 Premium Mix 1 FL 12.31.20 247,287 12.31.21 Change 198,838 -19.6% 12.31.20 $ 2 SC 45,655 3 MA 29,973 4 RI 16,586 33,748 -26.1% $ 24,992 -16.6% $ -100.0% $ 5 NC 36,178 19,306 -46.6% $ 12.31.21 Change 477,533 $ 437,211 -8.4% 60,773 $ 50,589 52,746 $ 47,328 28,095 $ 47,092 $ 12.31.20 -16.8% $ -10.3% $ -100.0% $ 32,464 -31.1% $ 12.31.21 Change 109,824 $ 89,605 -18.4% 20,648 $ 16,299 -21.1% 23,816 $ 20,520 -13.8% 25.1% 10,149 $ -100.0% 17,365 $ 10,036 -42.2% 74.9% 6 NJ 37,098 30,867 -16.8% $ 38,071 $ 32,294 -15.2% 19,193 $ 16,523 -13.9% 7 TX 91,908 67,755 -26.3% $ 153,026 $ 130,754 -14.6% 37,840 $ 29,915 -20.9% 8 LA 50,114 41,956 -16.3% $ 9 GA 11,735 4,708 -59.9% $ 10 HI 2,068 -100.0% $ 11 CT 8,788 -100.0% $ 12 NY 47,598 Toal PL 624,988 43,529 -8.5% 465,699 -25.5% $ 98,182 $ 13,259 $ 1,882 $ 11,090 $ 65,758 $ $ 1,047,507 $ 63,787 890,367 89,934 -8.4% 6,006 -54.7% -100.0% -100.0% $ -3.0% $ -15.0% $ $ 20,849 $ 18,330 -12.1% 5,563 $ 2,298 -58.7% 1,077 $ -100.0% PL CL 5,885 $ 35,591 $ 32,013 307,800 $ 235,539 -100.0% -10.1% -23.5% 2021 Premium Mix 1 13 Discontinued 113,621 $ % of UIHC 24% 168,681 13% $ 65,676 21% 37.1% 14 PL Adjusted 624,988 352,078 -43.7% $ 1,047,507 $ 721,686 -31.1% $ 307,800 $ 169,863 -44.8% 62.9% 15 Total CL 6,004 6,025 0.3% $ 350,812 $ 425,415 21.3% $ 69,236 $ 74,130 7.1% 16 Total UIHC 630,992 471,724 -25.2% $ 1,398,319 $ 1,315,782 -5.9% $ 377,036 $ 309,669 -17.9% 17 UIHC Adjusted 630,992 358,103 -43.2% $ 1,398,319 $ 1,147,101 -18.0% $ 377,036 $ 243,993 -35.3% PL CL Calculated using PL adjusted results 12#13Financial Leverage Increased While Operating Decreased ($ in thousands, except per share amounts) Dec. 31, 2021 Dec. 31, 2020 Variance Selected Balance Sheet Data Cash & investments $ 964,844 $ 1,296,549 -25.6% Unpaid loss & LAE reserves, net of reinsurance $ Financial debt $ Stockholders' equity attributable to UIHC $ Total capital $ 87,330 $ 268,810 156,561 $ 158,041 -0.9% 312,406 $ 395,753 -21.1% 468,967 $ 553,794 -15.3% -67.5% Equity erosion of ~$83.3m (-21.1%) resulted in our debt/capital ratio increasing to 33.4%. Leverage Ratios Debt-to-total capital Net premiums earned-to-stockholders' equity. 33.4% 188.8% 28.5% 193.5% 17.0% -2.4% Exposure reduction and lower retention of risk are expected to continue lowering operating leverage. Per Share Data Common shares outstanding Book value per common share Tangible book value per common share 43,370,442 43,075,877 0.7% et st $ 7.20 $ 9.19 -21.6% $ 5.10 $ 6.98 -27.0% 13#14Corporate Strategy We seek to be a top-quartile specialty underwriter of CAT exposed property insurance. Highly Specialized Coastal Underwriter Innovative Reinsurance Programs & Long- Standing Partnerships UPC INSURANCE® Sophisticated Risk Selection and Exposure Management Proprietary, Scalable Technology to Price & Service Risks Favorable market dynamics including hard market pricing and an improving regulatory backdrop expected to serve as a tailwind to executing our strategy and improving underwriting profitability. 14#15Cautionary Statements UPC INSURANCE® This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements include expectations regarding our diversification, growth opportunities, retention rates, liquidity, investment returns and our ability to meet our investment objectives and to manage and mitigate market risk with respect to our investments. These statements are based on current expectations, estimates and projections about the industry and market in which we operate, and management's beliefs and assumptions. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "endeavor," "project," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative variations thereof, or comparable terminology, are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. The risks and uncertainties include, without limitation: the regulatory, economic and weather conditions in the states in which we operate; the impact of new federal or state regulations that affect the property and casualty insurance market; the cost, variability and availability of reinsurance; assessments charged by various governmental agencies; pricing competition and other initiatives by competitors; our ability to attract and retain the services of senior management; the outcome of litigation pending against us, including the terms of any settlements; dependence on investment income and the composition of our investment portfolio and related market risks; our exposure to catastrophic events and severe weather conditions; downgrades in our financial strength ratings; risks and uncertainties relating to our acquisitions including our ability to successfully integrate the acquired companies; and other risks and uncertainties described in the section entitled "Risk Factors" and elsewhere in our filings with the Securities and Exchange Commission (the "SEC"), including our Annual Report in Form 10-K for the year ended December 31, 2020 and 2021 and our Form 10-Q for the periods ending March 31, 2021, June 30, 2021 and September 30, 2021, once available. We caution you not to place undue reliance on these forward looking statements, which are valid only as of the date they were made. Except as may be required by applicable law, we undertake no obligation to update or revise any forward-looking statements to reflect new information, the occurrence of unanticipated events, or otherwise. This presentation contains certain non-GAAP financial measures. See our earnings release, Form 10-K, and Form 10-Q for further information regarding these non-GAAP financial measures. The information in this presentation is confidential. Any photocopying, disclosure, reproduction or alteration of the contents of this presentation and any forwarding of a copy of this presentation or any portion of this presentation to any person is prohibited. 15#16UPC INSURANCE®