Business Context and Reporting Period
This Form 8-K is a current report filed by United Insurance Holdings Corp. (UIHC) on December 15, 2009. The filing primarily addresses corporate governance changes regarding the appointment of a new Chief Financial Officer.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The only financial figure disclosed is the compensation for the newly appointed officer.
- Executive Compensation: The new CFO, Joseph R. Peiso, will receive an annual salary of $200,000, prorated to his start date.
Material Changes
The material change reported is the appointment of Joseph R. Peiso as Chief Financial Officer (CFO), effective January 19, 2010. Mr. Peiso will serve as the principal financial officer and principal accounting officer. Donald J. Cronin, the President and CEO, has served as the principal financial officer since July 29, 2009, and will cease serving in that capacity upon Mr. Peiso's appointment.
Management Commentary and Risks
Management highlights Mr. Peiso's 25 years of experience in the property and casualty insurance industry, including roles in public accounting, regulatory affairs, and financial reporting. He holds a Florida CPA license, an Associate in Reinsurance designation, and is a Chartered Property Casualty Underwriter. Prior to this appointment, he worked as a consultant for Sarasota Bay Insurance Managers, LLC, focusing on regulatory supervision, financial modeling, and loss reserve reviews. The filing does not disclose specific risks, contingencies, or unusual items beyond the standard executive transition.
Investor Verification Checklist
- Verify the effective start date of the new CFO (January 19, 2010) and the transition of duties from the CEO.
- Confirm the background and regulatory standing of Joseph R. Peiso as described in the filing.
- Review the attached press release (Exhibit 99.1) for additional details on the appointment.
- Note that this filing contains no financial performance data; refer to the most recent 10-K or 10-Q for financial metrics.