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UVIH exploding...

reported this morning.

8 cents in net income for 3rd quarter

>>UPCIC believes that premiums will be sufficient to meet UPCIC's working capital requirements for at least the next twelve months. The Company's policy is to invest amounts considered to be in excess of current working capital requirements. At September 30, 2005, the Company's investments were comprised of $37,329,866 in cash and repurchase agreements and $3,142,732 in real estate consisting of a building purchased by UPCIC that the Company is currently using as its home office.<<

>>Gross premiums written increased 108.2% to $26,507,558 for the three-month period ended September 30, 2005 from $12,733,064 for the three-month period ended September 30, 2004. The increase in gross premiums written is primarily attributable to an approximate 100.4% increase in new business as well as an overall 7.8 % premium rate increase. The increase in new business is partially attributable to the recent windstorm catastrophes providing an opportunity in the otherwise competitive marketplace as certain companies are not accepting new business.<<

>>In order to improve the Company's financial position and achieve profitable operations, management has implemented rate increases for new and renewal business, has restructured the homeowners' coverage offered, has restructured its catastrophic reinsurance coverage to reduce cost, and has worked to control future general and administrative expenses. In addition, management is exploring sources of additional capital.<<

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