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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. (UVE) announced the completion of its 2021-2022 reinsurance programs through its subsidiaries, UPCIC and APPCIC, effective June 1, 2021. Key highlights include securing $3.413 billion for a single Florida event and $383 million of catastrophe capacity extending through 2023. The company increased its first event catastrophe retention for Florida to $45 million, reflecting 7.5% of stockholder equity. Despite rising reinsurance costs, UVE anticipates better positioning due to ongoing primary rate increases and enhanced risk mitigation strategies.
Universal Insurance Holdings (NYSE: UVE) announced a strong start to 2021 with a diluted EPS of $0.84 and total revenue of $262.8 million, marking an 11.7% increase year-over-year. The company experienced margin expansion exceeding 200 basis points and an annualized return on average equity of 23.2%. CEO Stephen J. Donaghy highlighted progress on their reinsurance program and noted the passage of Florida Senate Bill 76, aimed at improving property insurance access. However, the firm has actively reduced policy counts due to market pressures.
Universal Insurance Holdings (NYSE: UVE) has declared a quarterly cash dividend of 16 cents per share, scheduled for payment on May 21, 2021. This dividend is for shareholders on record as of the close of business on May 14, 2021. As a leader in property and casualty insurance, UVE provides services primarily in Florida and offers various insurance products through independent agents and online channels.
Universal Insurance Holdings, Inc. (NYSE: UVE) will release its first quarter 2021 financial results on April 28, 2021, after the market closes. A conference call to discuss these results is scheduled for April 29, 2021, at 9:00 a.m. ET. Investors can listen via dial-in or through a live webcast available on the company's website. Universal Insurance is involved in property and casualty insurance, focusing on personal residential homeowners' insurance primarily in Florida.
Universal Insurance Holdings, Inc. (NYSE: UVE) has declared a quarterly cash dividend of 16 cents per share, payable on March 18, 2021. Shareholders must be on record by the close of business on March 11, 2021 to qualify for the payment. The company is recognized for its provision of property and casualty insurance, particularly in the homeowners insurance sector. UVE operates primarily in Florida and offers services like risk and claims management through independent agents and direct online channels.
Universal Insurance Holdings (NYSE: UVE) reported a fourth quarter GAAP diluted EPS of $(0.57) and non-GAAP adjusted EPS of $(0.84) for 2020. Despite a 21.9% increase in direct premiums written, total revenue grew by 14.1% to $273.1 million. The company faced record weather events impacting results. Underwriting improved, with policies in force rising 10.9%. Total net investment income fell by 62.7%, while repurchases of 1.6 million shares were made in 2020. For 2021, UVE projects EPS between $2.75 - $3.00, assuming no extraordinary weather events.
Universal Insurance Holdings, Inc. (NYSE: UVE) plans to release its fourth quarter 2020 results on February 25, 2021, after market close. A conference call to discuss these results is scheduled for February 26, 2021, at 9:00 a.m. ET. The company anticipates a net impact of approximately $76 million pre-tax due to weather-related events, along with an additional development impact of $23.4 million pre-tax. CEO Stephen J. Donaghy emphasized strategic progress and rate increase approvals as positive future indicators for the company.
Universal Property & Casualty Insurance Company, part of Universal Insurance Holdings (UVE), is enhancing its property underwriting and claims workflows by integrating Verisk's data analytics solutions. This move includes the adoption of Xactimate®, alongside existing tools like 360Value® and LOCATION®, to provide comprehensive claims analytics and support underwriting processes. The collaboration aims to improve operational efficiencies, customer experience, and precision in risk assessment, ultimately benefiting policyholders with tailored coverage.
Universal Insurance Holdings (NYSE: UVE) has appointed Jason M. Burns as President of Blue Atlantic, its fully-licensed reinsurance intermediary, effective immediately. Burns, with 14 years at Chubb Tempest Re and extensive experience in property catastrophe underwriting, is expected to bring valuable insights, particularly in the Florida market. This leadership change is anticipated to enhance UVE's operations in the reinsurance sector.
Universal Insurance Holdings (NYSE: UVE) has appointed Matthew J. Palmieri as President of Universal Property and Casualty Insurance Company, effective January 1, 2021. He succeeds Jon W. Springer, who will retire at the end of January but will continue as Chief Risk Officer until that time. With over 15 years of experience at UVE, Palmieri aims to maintain and enhance the company's key risk management strategies. He previously served as President of Blue Atlantic Reinsurance Corporation and has a strong background in reinsurance and risk management.
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