Universal Insurance Holdings Announces Fourth Quarter 2020 Earnings Release and Conference Call Date and Estimated Weather Losses

Rhea-AI Summary

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.

Positive

• Anticipated $76 million pre-tax impact from weather events may be manageable.
• Strategic progress with approved rate increases expected to benefit future earnings.

Negative

• Significant weather events may impact Q4 financial results.

Universal Insurance Holdings, Inc. (NYSE: UVE) will issue a press release reporting its fourth quarter results after the close of trading on the NYSE on Thursday, February 25, 2021. The company will host a conference call on Friday, February 26, 2021, at 9:00 a.m. Eastern Time (ET) to discuss its fourth quarter 2020 financial results. In addition, the company expects a fourth quarter total net impact of approximately $76.0 million, pre-tax (approximately $57.7 million, after-tax) for estimated weather events in excess of plan for named hurricanes and PCS events, in addition to prior year development of approximately $23.4 million pre-tax (approximately $17.8 million, after tax).

“We ended the year with an unprecedented number of named storms and PCS events. We continue to execute on our strategic priorities, including tailwinds from rate increases we have recently received approvals on and our continued focus on underwriting, which should position us well in the future,” said Stephen J. Donaghy, Chief Executive Officer.

Conference Call and Webcast

• Friday, February 26, 2021 at 9:00 a.m. ET
• U.S Dial-in Number: (855) 752-6647
• International: (503) 343-6667
• Participant code: 9074399
• Listen to live webcast: UniversalInsuranceHoldings.com
• Replay of the call will be available on the UVE website and by phone at (855) 859-2056 or internationally at (404) 537-3406 using the participant code: 9074399 through March 13, 2021

About Universal Insurance Holdings, Inc.

Universal Insurance Holdings (UVE) is a holding company offering property and casualty insurance and value-added insurance services. We develop, market, and write insurance products for consumers predominantly in the personal residential homeowners lines of business and perform substantially all other insurance-related services for our primary insurance entities, including risk management, claims management and distribution. We sell insurance products through both our appointed independent agents and through our direct online distribution channels in the United States across 19 states (primarily Florida). Learn more at UniversalInsuranceHoldings.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210217005896/en/

FAQ

What are the expected financial results for Universal Insurance Holdings in Q4 2020?

Universal Insurance Holdings expects a total net impact of approximately $76 million pre-tax due to weather-related events.

When will Universal Insurance Holdings report its Q4 2020 results?

The company will report its Q4 2020 results on February 25, 2021, after market close.

What is the date and time for the conference call regarding UVE's Q4 results?

The conference call is scheduled for February 26, 2021, at 9:00 a.m. ET.

How will weather events affect Universal Insurance Holdings' financial performance?

The company expects an impact of approximately $76 million pre-tax from weather events, which may negatively affect Q4 financial performance.