Authorization

1347 Property Insurance Holdings, Inc. Announces 2019 First Quarter Financial Results

1347 Property Insurance Holdings, Inc. (Nasdaq: PIH) (the
"Companya??), a property and casualty insurance holding company offering
specialty insurance to customers in Louisiana, Texas and Florida through
its wholly-owned subsidiary, Maison Insurance Company ("Maisona??), today
announced financial results for its first quarter ended March 31, 2019.


First Quarter 2019 Financial and Operating Highlights


(unless noted all financial comparisons are to the prior-year
quarter)






Book value per share of $7.65 at March 31, 2019 versus $7.53 at
December 31, 2018.






Gross premiums written of $18.6 million, up 11.8% from $16.6 million.






Investment income increased $0.6 million, to $1.0 million from $0.4
million.






Net premiums earned increased 23.6% to $15.6 million from $12.6
million.






Pre-tax income of $0.1 million as compared to $2.3 million, as the net
loss ratio rose 25.8% compared with the prior year period.






Net income was approximately $0.1 million, compared to net income of
$1.95 million.






On a fully diluted per share basis, the Company had a net loss of
$(0.04) per diluted share after deducting dividends paid to our
preferred shareholders, compared to net income of $0.32 per diluted
share.






Direct and assumed policy count at March 31, 2019 decreased to
approximately 68,700, down approximately 0.1% from approximately
68,800 at December 31, 2018.

























Operating Review


































































(Unaudited)














($ and share amounts in thousands)


















Three Months Ended
































March 31,

































2019


























2018




















Change



















































































Gross premiums written












$






18,579
























$






16,621
























11.8






%








Ceded premiums written












$






8,822
























$






6,085
























45.0






%








Gross premiums earned












$






24,619
























$






18,746
























31.3






%








Ceded premiums earned












$






9,030
























$






6,131
























47.3






%








Net premiums earned












$






15,589
























$






12,615
























23.6






%



















































































Total revenues












$






17,394
























$






13,540
























28.5






%



















































































Gross losses and loss adjustment expenses












$






21,382
























$






5,213
























310.2






%








Ceded losses and loss adjustment expenses












$






12,103
























$






954
























NMF














Net losses and loss adjustment expenses












$






9,279
























$






4,259
























117.9






%



















































































Amortization of deferred policy acquisition costs












$






4,269
























$






3,295
























29.6






%








General and administrative expenses












$






3,701
























$






3,021
























22.5






%








Total expenses












$






17,249
























$






11,220
























53.7






%



















































































Income before tax expense












$






145
























$






2,320
























(93.8






)%








Net income












$






98
























$






1,951
























(95.0






)%








Weighted average diluted shares outstanding


















6,013






























6,093
























(1.3






)%






























































































































































Ratios to Gross Premiums Earned:(1)










































































Ceded ratio


















(12.5






)%
























27.6






%


















(40.1) pts








Gross loss ratio


















86.9






%
























27.8






%


















59.1 pts








DPAC ratio


















17.3






%
























17.6






%


















(0.3) pts








G&A ratio


















15.0






%
























16.1






%


















(1.1) pts








Combined gross ratio


















106.7






%
























89.1






%


















17.6 pts



















































































Ratios to Net Premiums Earned:(1)










































































Net loss ratio


















59.5






%
























33.7






%


















25.8 pts








Net expense ratio


















51.1






%
























50.1






%


















1.0 pts








Net combined ratio


















110.6






%
























83.8






%


















26.8 pts






















































































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