Universal Insurance Holdings Inc
NYSE:UVE
Universal Insurance Holdings Inc
Universal Insurance Holdings, Inc. operates as a holding company offering property and casualty insurance and value-added insurance services. The company is headquartered in Fort Lauderdale, Florida and currently employs 1,047 full-time employees. The firm develops, markets and underwrites insurance products for consumers predominantly in the personal residential homeowners lines of business, and performs all other insurance-related services for its primary insurance entities. Its primary insurance entities, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), offer insurance products through both its appointed independent agent network and our online distribution channels across 19 states (primarily in Florida), with licenses to write insurance in two additional states. UPCIC offers personal residential insurance including homeowners, renters/tenants, condo unit owners, and dwelling/fire. UPCIC also offers allied lines, coverage for other structures, and personal property, liability and personal articles coverage.
Universal Insurance Holdings, Inc. operates as a holding company offering property and casualty insurance and value-added insurance services. The company is headquartered in Fort Lauderdale, Florida and currently employs 1,047 full-time employees. The firm develops, markets and underwrites insurance products for consumers predominantly in the personal residential homeowners lines of business, and performs all other insurance-related services for its primary insurance entities. Its primary insurance entities, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), offer insurance products through both its appointed independent agent network and our online distribution channels across 19 states (primarily in Florida), with licenses to write insurance in two additional states. UPCIC offers personal residential insurance including homeowners, renters/tenants, condo unit owners, and dwelling/fire. UPCIC also offers allied lines, coverage for other structures, and personal property, liability and personal articles coverage.
Strong ROE: Universal reported a 30.6% adjusted return on common equity for the quarter, reflecting robust profitability.
EPS Turnaround: Adjusted diluted EPS was $1.36, compared to a loss of $0.73 in the prior year quarter, driven by a lower loss ratio and increased premiums.
Premium Growth: Core revenue rose 4.9% year-over-year to $400 million, with direct premiums written up 3.2%, mainly due to growth outside Florida.
Loss Ratio Improvement: The net loss ratio dropped by 21.5 points to 70.2%, helped by the absence of hurricanes this year.
Share Repurchases: Universal bought back 347,000 shares for $8.1 million, with $7.1 million left in its repurchase authorization.
Dividend Declared: A $0.16 per share quarterly dividend was announced, payable in August.
Competitive Outlook: Management described both Florida and non-Florida markets as highly competitive but emphasized a disciplined approach to pricing and growth.
