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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 (UVE) reported Q2 2022 diluted GAAP EPS of $0.24 and adjusted EPS of $0.47. Direct premiums written rose to $532.5 million, up 12.4% year-over-year. The company highlighted a robust capital position and a comprehensive reinsurance program, fully covering hurricane and tropical storm risks. However, income before income taxes dropped by 64.5% to $10.7 million, with a net income decrease of 66.4% to $7.4 million. The annualized return on common equity was 7.7%, down from 18.8% a year prior. Total capital returned to shareholders was $8.5 million.
Universal Insurance Holdings, Inc. (NYSE: UVE) has appointed Elizabeth Hansen as Chief Actuary. Previously the Senior Vice President at Blue Atlantic Reinsurance Corporation, Hansen brings over 34 years of actuarial experience. Her responsibilities will include overseeing pricing, reserving, and co-leading enterprise-wide risk monitoring. CEO Steve Donaghy expressed confidence in Hansen's leadership to enhance the actuarial function and strengthen the organization.
Universal Insurance Holdings, Inc. (NYSE: UVE) has declared a quarterly cash dividend of 16 cents per share. This dividend is payable on August 9, 2022, to shareholders on record as of August 2, 2022. The company specializes in property and casualty insurance, mainly focusing on personal residential homeowners insurance across 19 states, primarily in Florida. Universal aims to provide comprehensive insurance-related services, emphasizing risk management and claims management.
Universal Insurance Holdings, Inc. (NYSE: UVE) will report its Q2 2022 results on July 27, 2022, after market close. A conference call to discuss these results is scheduled for July 28, 2022, at 10:00 a.m. ET. Interested parties can listen to the call via an online webcast or register for a dial-in option. Universal specializes in property and casualty insurance, focusing primarily on personal residential homeowners products, and operates across 19 states, mainly in Florida.
Universal Insurance Holdings, Inc. (NYSE: UVE) announced the completion of its 2022-2023 reinsurance programs for its subsidiaries, UPCIC and APPCIC, effective June 1, 2022. The company secured more catastrophe capacity than ever before amid a challenging market. The total cost of reinsurance is projected at $696 million, reflecting 37.6% of estimated direct premiums, slightly higher than last year. Policies-in-force in Florida declined by 7%, while premiums increased by 11%. The company also arranged multi-year catastrophe capacity of $383 million.
Universal Insurance Holdings (NYSE: UVE) reported its Q1 2022 results, with diluted GAAP EPS at $0.56 and non-GAAP adjusted EPS at $0.64. The company achieved a 16.9% annualized ROE and direct premiums written rose to $396.5 million, up 8.5% year-over-year. Despite these increases, net income decreased by 33.6% to $17.5 million due to a higher combined ratio of 97.9%. The firm repurchased 320,528 shares totaling $3.9 million and returned $8.9 million to shareholders, including a quarterly dividend of $0.16 per share. The company maintains its 2022 guidance for EPS between $1.80 - $2.20.
Universal Insurance Holdings, Inc. (NYSE: UVE) has declared a quarterly cash dividend of 16 cents per share, payable on May 20, 2022, to shareholders on record as of May 13, 2022. This decision reflects the company's ongoing commitment to returning value to shareholders. Universal specializes in property and casualty insurance, primarily focusing on the residential homeowners market in Florida and across 19 states in the U.S.
Universal Insurance Holdings, Inc. (NYSE: UVE) will release its first quarter 2022 financial results after NYSE trading on April 28, 2022. A conference call is scheduled for April 29, 2022, at 10:00 a.m. ET, to discuss these results. Investors can dial in at (855) 752-6647 for U.S. participants and (503) 343-6667 internationally, using participant code 9789558. The call will also be available via a live webcast on the company's investor website and will be replayable until May 14, 2022.
Universal Insurance Holdings (NYSE: UVE) has appointed Arash Soleimani as Chief Strategy Officer and promoted Rob Luther to Chief Investment Officer, along with Gary Ropiecki as Principal Accounting Officer. Soleimani will lead strategy and investor relations, while Luther will manage the $1B+ investment portfolio. Ropiecki will oversee enterprise-wide accounting functions. CEO Steve Donaghy emphasized the importance of these appointments for the company's strategic objectives and long-term success.
Universal Insurance Holdings (NYSE: UVE) reported a significant increase in direct premiums for 4Q21, up 11.5%, and FY21, up 14.4%, primarily due to rate increases. However, 4Q21 GAAP diluted EPS was $(1.54), reflecting inflationary pressures. The company achieved approximately $1.7 billion in premiums in force and a return on average equity of 4.6%. Clovered.com, a subsidiary, surpassed $40 million in placed premiums in 2021. The company has initiated guidance for FY22 with projected EPS between $1.80 and $2.20.
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