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Universal Insurance Holdings, Inc. (symbol: UVE) is a leading private personal residential homeowner insurance provider, headquartered at 1110 W Commercial Blvd, Fort Lauderdale, Florida, United States. The company specializes in developing, marketing, and underwriting insurance products primarily for personal residential homeowners.
Core Business
Universal Insurance Holdings operates predominantly in the personal residential homeowners' lines of business. It offers a range of insurance products, including coverage for homeowners, renters/tenants, condo unit owners, and other related areas. The company generates revenue primarily through the collection of insurance premiums.
Operations and Services
The company carries out various insurance-related services for its primary insurance subsidiaries: Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC). These services include risk management, claims management, and distribution, ensuring comprehensive support and coverage for their policyholders.
Geographical Reach
While headquartered in Florida, Universal Insurance Holdings extends its operations across the United States, providing reliable insurance solutions to a broad customer base.
Recent Achievements and Financial Condition
Universal Insurance Holdings has continuously evolved to meet the dynamic needs of its clients, showcasing resilience in its financial performance. The latest news and updates provide valuable insights into the company’s milestones and ongoing projects, reflecting its commitment to excellence in the insurance sector.
Partnerships and Innovation
With strategic partnerships and a focus on innovation, Universal Insurance Holdings remains at the forefront of the insurance industry. The company’s dedication to enhancing its product offerings ensures that customers receive tailored and effective insurance solutions.
Universal Insurance Holdings, Inc. (NYSE: UVE) has declared a quarterly cash dividend of 16 cents per share, to be paid on May 19, 2023. Shareholders of record as of the close of business on May 12, 2023 will be eligible for this dividend. Universal primarily operates in the property and casualty insurance sector, focusing on personal residential homeowners insurance across 19 states, mainly in Florida. The company is engaged in various insurance-related services, including risk and claims management, and distributes its products through independent agents and direct online channels.
Universal Insurance Holdings, Inc. (NYSE: UVE) will release its Q1 2023 financial results on April 27, 2023, after market close. A conference call is scheduled for April 28, 2023, at 10:00 a.m. ET, where management will discuss the results. Interested parties can listen through a real-time webcast available at universalinsuranceholdings.com/investors. Upon registration, participants will receive a dial-in number for the call, and a replay will be available shortly after.
Universal Insurance offers property and casualty insurance along with value-added services, focusing primarily on personal residential homeowners insurance across 19 states in the U.S., including a strong presence in Florida.
Universal Insurance Holdings (NYSE: UVE) reported its fourth quarter and full year 2022 results, showing significant recovery. Key highlights include diluted GAAP earnings per share (EPS) of $0.82 and adjusted EPS of $0.72. The book value per share rose 10.9% year-over-year to $9.47, while direct premiums written increased by 4.2% to $416.1 million. The net combined ratio improved sharply to 101.4%, down from 131.4% in the prior year. The company noted challenges in the Florida homeowners insurance market but expressed optimism due to recent legislative reforms aimed at stabilizing the market. Net income for Q4 was $25.1 million, reversing a loss of $48.1 million in Q4 2021.
Universal Insurance Holdings (NYSE: UVE) declared a quarterly cash dividend of 16 cents per share, payable on March 16, 2023, to shareholders recorded by March 9, 2023. The company will announce its Q4 2022 earnings after the market closes on February 23, 2023, followed by a conference call on February 24, 2023, at 9:30 a.m. ET to discuss results. Investors can access the call through a provided web link or register for a teleconference. Universal specializes in providing property and casualty insurance across 19 states, primarily in Florida.
Universal Insurance Holdings, Inc. (NYSE: UVE) announced a total cash dividend of
Universal Insurance Holdings (UVE) announced a diluted GAAP loss per share of $2.36 for Q3 2022, significantly down from a profit of $0.64 in Q3 2021. Direct premiums written increased by 15.6% to $500.7 million. The company reported a $72.3 million net loss, largely attributed to $111 million in Hurricane Ian losses. Despite a GAAP revenue rise of 8.9% to $312.8 million, the net combined ratio rose to 139.2%. Share repurchases totaled 203,244 shares for $2.4 million, with a quarterly dividend declared at $0.16 per share. Comprehensive reinsurance strategies are in place to mitigate future catastrophic events.
Universal Insurance Holdings (NYSE: UVE) announced the appointment of William Degnan as the new Chief Claims Officer. Previously, he served as Executive Vice President, Claims at Alder Adjusting Corporation, a subsidiary of Universal. Degnan will lead claims processing and adjust over 300 professionals while enhancing customer satisfaction and efficiency through technology adoption. With a tenure at Universal since 2011, his leadership is expected to further strengthen the claims department, providing better service to policyholders.
Universal Insurance Holdings, Inc. (NYSE: UVE) will report its third quarter 2022 results on October 27, 2022, after market close. A conference call to discuss these results is scheduled for October 28, 2022, at 10:00 a.m. ET. Investors can access the live webcast via universalinsuranceholdings.com/investors or register for a teleconference. Universal specializes in property and casualty insurance, particularly homeowners' insurance, across 19 states, mainly in Florida.
Universal Insurance Holdings (NYSE: UVE) has provided an update regarding Hurricane Ian's impact, stating it has received approximately 18,000 claims, about half of what was recorded for Hurricane Irma at this time. The company's gross ultimate loss is estimated at $1 billion, significantly lower than its $3 billion reinsurance tower. Despite having a Florida homeowners market share of 7.9%, their exposure in the hardest-hit counties is minimal at 2.2%. The firm remains focused on assisting policyholders while leveraging its robust claims infrastructure and reinsurance relationships.
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