- Loss per common share of $0.20; adjusted* loss per common share
of $0.16
- Direct premiums written of $532.0 million, up 6.3% from the
prior year quarter
- Net combined ratio of 110.7%, down 28.5 points from the prior
year quarter
- Book value per share of $10.33, up 21.0% year-over-year;
adjusted book value per share of $14.00, up 13.5%
year-over-year
- Repurchased approximately 894 thousand shares for $12.3
million. Total capital returned to shareholders of $17.2 million,
including $0.16 per share regular quarterly dividend
Universal Insurance Holdings (NYSE: UVE) (“Universal” or the
“Company”) reported third quarter 2023 results.
“The third quarter benefited from strong and improving
underlying trends and I’m optimistic as I look forward,” said
Stephen J. Donaghy, Chief Executive Officer. “During the quarter,
Hurricane Idalia made Florida landfall, and, as always, we were
there immediately to assist our policyholders in their time of
need. The storm’s severity appears considerably smaller than
initially anticipated and is comfortably absorbed within our
retention. We continue to enhance our best-in-class claims
infrastructure, which together with our reinsurance capabilities,
serves to differentiate us from our peers. As we look forward, we
are more confident in the Florida market, which is our largest
geography, and have started to slowly increase new business in
additional territories.”
*Reconciliations of GAAP to non-GAAP financial measures are
provided in the attached tables.
Quarterly Financial Results
Summary Financial Results
($thousands, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
Change
2023
2022
Change
GAAP
comparison
Total revenues
$
360,048
$
312,810
15.1
%
$
1,016,126
$
892,298
13.9
%
Operating income (loss)
$
(6,246
)
$
(91,607
)
(93.2
)%
$
67,349
$
(55,117
)
NM
Operating income (loss) margin
(1.7
)%
(29.3
)%
27.6 pts
6.6
%
(6.2
)%
NM
Net income (loss) available to common
stockholders
$
(5,918
)
$
(72,278
)
(91.8
)%
$
46,816
$
(47,376
)
NM
Diluted earnings (loss) per common
share
$
(0.20
)
$
(2.36
)
(91.5
)%
$
1.54
$
(1.54
)
NM
Annualized ROCE
(7.4
)%
NM*
NM
21.2
%
(18.3
)%
NM
Book value per share, end of period
$
10.33
$
8.54
21.0
%
10.33
$
8.54
21.0
%
Non-GAAP
comparison1
Core revenue
$
361,764
$
316,668
14.2
%
$
1,015,060
$
909,103
11.7
%
Adjusted operating income (loss)
$
(4,530
)
$
(87,749
)
(94.8
)%
$
66,283
$
(38,312
)
NM
Adjusted operating income (loss)
margin
(1.3
)%
(27.7
)%
26.4 pts
6.5
%
(4.2
)%
NM
Adjusted net income (loss) available to
common stockholders
$
(4,624
)
$
(69,369
)
(93.3
)%
$
46,012
$
(34,705
)
NM
Adjusted diluted earnings (loss) per
common share
$
(0.16
)
$
(2.27
)
(93.0
)%
$
1.51
$
(1.12
)
NM
Annualized adjusted ROCE
(4.4
)%
NM*
NM
15.4
%
(11.1
)%
NM
Adjusted book value per share, end of
period
$
14.00
$
12.33
13.5
%
$
14.00
$
12.33
13.5
%
Underwriting
Summary
Premiums:
Premiums in force
$
1,914,493
$
1,833,034
4.4
%
$
1,914,493
$
1,833,034
4.4
%
Policies in force
807,553
872,926
(7.5
)%
807,553
872,926
(7.5
)%
Direct premiums written
$
531,988
$
500,677
6.3
%
$
1,489,216
$
1,429,685
4.2
%
Direct premiums earned
$
474,311
$
452,450
4.8
%
$
1,393,003
$
1,295,858
7.5
%
Ceded premiums earned
$
(143,271
)
$
(161,819
)
(11.5
)%
$
(476,465
)
$
(459,102
)
3.8
%
Ceded premium ratio
30.2
%
35.8
%
(5.6) pts
34.2
%
35.4
%
(1.2) pts
Net premiums earned
$
331,040
$
290,631
13.9
%
$
916,538
$
836,756
9.5
%
Net ratios:
Loss ratio
87.0
%
113.7
%
(26.7) pts
78.3
%
85.5
%
(7.2) pts
Expense ratio
23.7
%
25.5
%
(1.8) pts
25.2
%
27.7
%
(2.5) pts
Combined ratio
110.7
%
139.2
%
(28.5) pts
103.5
%
113.2
%
(9.7) pts
1 Reconciliation of GAAP to non-GAAP
financial measures are provided in the attached tables. Adjusted
net income available to common stockholders, adjusted diluted
earnings per common share and core revenue exclude net realized
gains (losses) on investments and net change in unrealized gains
(losses) of equity securities. Adjusted operating income excludes
the items above and interest and amortization of debt issuance
costs. Adjusted book value per share excludes accumulated other
comprehensive income, net of taxes. Adjusted ROCE is calculated by
dividing annualized adjusted net income available to common
stockholders by average adjusted book value per share, with the
denominator further excluding current period after-tax net realized
gains (losses) on investments and net change in unrealized gains
(losses) of equity securities.
*Not meaningful, as it implies full first
event hurricane retentions in the first two quarters of 2022, which
in actuality were hurricane free, and it similarly implies a full
first event retention in the fourth quarter of 2022, which would
instead be subject to a smaller subsequent event retention on a
consolidated basis.
Net Income and Adjusted Net
Income
Net loss available to common stockholders was $5.9 million,
compared to a loss of $72.3 million in the prior year quarter, and
adjusted net loss available to common stockholders was $4.6
million, compared to a loss of $69.4 million in the prior year
quarter. The improvement in adjusted net loss available to common
stockholders mostly stems from better underwriting income and net
investment income.
Revenues
Revenue was $360.0 million, up 15.1% from the prior year quarter
and core revenue was $361.8 million, up 14.2% from the prior year
quarter. The increase in core revenue primarily stems from higher
net premiums earned and net investment income, partly offset by
lower commission revenue.
Direct premiums written were $532.0 million, up 6.3% from the
prior year quarter. The increase stems from 4.4% growth in Florida
and 14.7% growth in other states. Overall growth reflects rate
increases, partly offset by lower policies in force.
Direct premiums earned were $474.3 million, up 4.8% from the
prior year quarter. The increase stems from rate-driven direct
premiums written growth over the past twelve months.
The ceded premium ratio was 30.2%, down from 35.8% in the prior
year quarter. The decrease primarily reflects efficiencies
associated with the 2023-2024 reinsurance program and direct
premiums earned growth associated with primary rate increases,
partly offset by higher reinsurance pricing and higher reinsurance
costs associated with an increase in home values.
Net premiums earned were $331.0 million, up 13.9% from the prior
year quarter. The increase is primarily attributable to higher
direct premiums earned and a lower ceded premium ratio, as
described above.
Net investment income was $12.8 million, up from $6.1 million in
the prior year quarter. The increase primarily stems from higher
fixed income reinvestment yields and higher yields on cash.
Commissions, policy fees and other revenue were $18.0 million,
down 10.0% from the prior year quarter. The decrease primarily
reflects the difference in pricing and structure associated with
our reinsurance program when compared to the prior year and a
decline in policy fees associated with lower policies in force.
Margins
The GAAP operating loss margin was 1.7%, compared to a GAAP
operating loss margin of 29.3% in the prior year quarter and the
adjusted operating loss margin was 1.3%, compared to an adjusted
operating loss margin of 27.7% in the prior year quarter. The
improvement in the adjusted operating loss margin primarily
reflects a lower net combined ratio and higher net investment
income.
The net loss ratio was 87.0%, down 26.7 points compared to the
prior year quarter. The decrease reflects a lower current accident
year net loss ratio, primarily stemming from lower weather-related
losses.
The net expense ratio was 23.7%, down 1.8 points from 25.5% in
the prior year quarter. The reduction primarily reflects lower
renewal commission rates paid to distribution partners.
The net combined ratio was 110.7%, down 28.5 points compared to
the prior year quarter. The decrease reflects lower net loss and
expense ratios, as described above.
Capital Deployment
During the third quarter, the Company repurchased approximately
894 thousand shares at an aggregate cost of $12.3 million. The
Company currently has $7.8 million of share repurchase
authorization remaining.
On July 20, 2023, the Board of Directors declared a quarterly
cash dividend of 16 cents per share of common stock, payable on
August 11, 2023, to shareholders of record as of the close of
business on August 4, 2023.
Conference Call and Webcast
- Friday, October 27, 2023 at 10:00 a.m. ET
- Investors and other interested parties may listen to the call
by accessing the online, real-time webcast at
universalinsuranceholdings.com/investors or by registering in
advance via teleconference at
https://register.vevent.com/register/BIcde2db8d22eb43b9be5e115c575ebeb9.
Once registration is completed, participants will be provided with
a dial-in number containing a personalized conference code to
access the call. An online replay of the call will be available at
universalinsuranceholdings.com/investors soon after the investor
call concludes.
About Universal
Universal Insurance Holdings, Inc. (NYSE: UVE) is a holding
company providing 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
provide 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.
Non-GAAP Financial Measures and Key Performance
Indicators
This press release contains non-GAAP financial measures within
the meaning of Regulation G promulgated by the U.S. Securities and
Exchange Commission (“SEC”), including core revenue, adjusted net
income available to common stockholders and diluted adjusted
earnings (loss) per common share, which exclude the impact of net
realized gains (losses) on investments and net change in unrealized
gains (losses) of equity securities. Adjusted operating income and
adjusted operating income margin exclude the impact of net realized
gains (losses) on investments and net change in unrealized gains
(losses) of equity securities and interest and amortization of debt
issuance costs. Adjusted common stockholders’ equity and adjusted
book value per share exclude accumulated other comprehensive income
(AOCI), net of taxes. Adjusted return on common equity excludes
after-tax net realized gains (losses) on investments and net change
in unrealized gains (losses) of equity securities from the
numerator and AOCI, net of taxes, and current period after-tax net
realized gains (losses) on investments and net change in unrealized
gains (losses) of equity securities from the denominator. A
“non-GAAP financial measure” is generally defined as a numerical
measure of a company’s historical or future performance that
excludes or includes amounts, or is subject to adjustments, so as
to be different from the most directly comparable measure
calculated and presented in accordance with generally accepted
accounting principles (“GAAP”). UVE management believes that these
non-GAAP financial measures are meaningful, as they allow investors
to evaluate underlying revenue and profitability trends and enhance
comparability across periods. When considered together with the
GAAP financial measures, management believes these metrics provide
information that is useful to investors in understanding
period-over-period operating results separate and apart from items
that may, or could, have a disproportionately positive or negative
impact on results in any particular period. UVE management also
believes that these non-GAAP financial measures enhance the ability
of investors to analyze UVE’s business trends and to understand
UVE’s operational performance. UVE’s management utilizes these
non-GAAP financial measures as guides in long-term planning.
Non-GAAP financial measures should be considered in addition to,
and not as a substitute for or superior to, financial measures
presented in accordance with GAAP. For more information regarding
our key performance indicators, please refer to the section titled
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations – Key Performance Indicators” in our
forthcoming Quarterly Report on Form 10-Q for the quarter ended
September 30, 2023.
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. The words “believe,” “expect,” “anticipate,” “will,”
“plan,” and similar expressions identify forward-looking
statements, which speak only as of the date the statement was made.
Such statements may include commentary on plans, products and lines
of business, marketing arrangements, reinsurance programs and other
business developments and assumptions relating to the foregoing.
Forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified,
including those risks and uncertainties described under the heading
“Risk Factors” and “Liquidity and Capital Resources” in our 2022
Annual Report on Form 10-K, and supplemented in our subsequent
Quarterly Reports on Form 10-Q. Future results could differ
materially from those described, and the Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise. For further information regarding risk factors that
could affect the Company’s operations and future results, refer to
the Company’s reports filed with the Securities and Exchange
Commission, including the Company’s Annual Report on Form 10-K and
the most recent quarterly reports on Form 10-Q.
UNIVERSAL INSURANCE HOLDINGS,
INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except per
share data)
September 30,
December 31,
2023
2022
ASSETS:
Invested Assets
Fixed maturities, at fair value
$
1,031,558
$
1,014,626
Equity securities, at fair value
76,995
85,469
Investment real estate, net
5,572
5,711
Total invested assets
1,114,125
1,105,806
Cash and cash equivalents
343,532
388,706
Restricted cash and cash equivalents
69,488
2,635
Prepaid reinsurance premiums
379,501
282,427
Reinsurance recoverable
322,986
808,850
Premiums receivable, net
88,536
69,574
Property and equipment, net
48,729
51,404
Deferred policy acquisition costs
114,590
103,654
Goodwill
2,319
2,319
Other assets
75,049
74,779
TOTAL ASSETS
$
2,558,855
$
2,890,154
LIABILITIES AND STOCKHOLDERS'
EQUITY
LIABILITIES:
Unpaid losses and loss adjustment
expenses
$
551,007
$
1,038,790
Unearned premiums
1,040,067
943,854
Advance premium
76,030
54,964
Reinsurance payable, net
388,294
384,504
Long-term debt, net
102,196
102,769
Other liabilities
99,759
77,377
Total liabilities
2,257,353
2,602,258
STOCKHOLDERS' EQUITY:
Cumulative convertible preferred stock
($0.01 par value)2
—
—
Common stock ($0.01 par value)3
473
472
Treasury shares, at cost - 18,080 and
16,790
(257,143
)
(238,758
)
Additional paid-in capital
115,922
112,509
Accumulated other comprehensive income
(loss), net of taxes
(107,115
)
(103,782
)
Retained earnings
549,365
517,455
Total stockholders' equity
301,502
287,896
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$
2,558,855
$
2,890,154
Notes:
2 Cumulative convertible preferred stock
($0.01 par value): Authorized - 1,000 shares; Issued - 10 and 10
shares; Outstanding - 10 and 10 shares; Minimum liquidation
preference - $9.99 and $9.99 per share.
3 Common stock ($0.01 par value):
Authorized - 55,000 shares; Issued - 47,266 and 47,179 shares;
Outstanding 29,186 and 30,389 shares.
UNIVERSAL INSURANCE HOLDINGS,
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
INCOME (UNAUDITED)
(in thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2022
2023
2022
REVENUES
Net premiums earned
$
331,040
$
290,631
$
916,538
$
836,756
Net investment income
12,755
6,074
34,735
15,337
Net realized gains (losses) on
investments
(431
)
292
(337
)
(375
)
Net change in unrealized gains (losses) of
equity securities
(1,285
)
(4,150
)
1,403
(16,430
)
Commission revenue
10,830
12,592
43,098
35,157
Policy fees
5,111
5,272
14,662
15,991
Other revenue
2,028
2,099
6,027
5,862
Total revenues
360,048
312,810
1,016,126
892,298
EXPENSES
Losses and loss adjustment expenses
287,972
330,444
717,853
715,854
Policy acquisition costs
53,180
54,609
156,877
163,432
Other operating expenses
25,142
19,364
74,047
68,129
Total operating costs and
expenses
366,294
404,417
948,777
947,415
Interest and amortization of debt issuance
costs
1,631
1,630
4,896
4,969
Income (loss) before income tax expense
(benefit)
(7,877
)
(93,237
)
62,453
(60,086
)
Income tax expense (benefit)
(1,962
)
(20,962
)
15,629
(12,718
)
NET INCOME (LOSS)
$
(5,915
)
$
(72,275
)
$
46,824
$
(47,368
)
UNIVERSAL INSURANCE HOLDINGS,
INC. AND SUBSIDIARIES
SHARE AND PER SHARE
INFORMATION
(in thousands, except per
share data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2022
2023
2022
Weighted average common shares outstanding
- basic
29,617
30,604
30,087
30,858
Weighted average common shares outstanding
- diluted
29,617
30,604
30,378
30,858
Shares outstanding, end of period
29,186
30,513
29,186
30,513
Basic earnings (loss) per common share
$
(0.20
)
$
(2.36
)
$
1.56
$
(1.54
)
Diluted earnings (loss) per common
share
$
(0.20
)
$
(2.36
)
$
1.54
$
(1.54
)
Cash dividend declared per common
share
$
0.16
$
0.16
$
0.48
$
0.48
Book value per share, end of period
$
10.33
$
8.54
$
10.33
$
8.54
Annualized return on average common equity
(ROCE)
(7.4
)%
NM*
21.2
%
(18.3
)%
*Not meaningful, as it implies full first
event hurricane retentions in the first two quarters of 2022, which
in actuality were hurricane free, and it similarly implies a full
first event retention in the fourth quarter of 2022, which would
instead be subject to a smaller subsequent event retention on a
consolidated basis.
UNIVERSAL INSURANCE HOLDINGS,
INC. AND SUBSIDIARIES
SUPPLEMENTARY
INFORMATION
(in thousands, except for
Policies In Force data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2022
2023
2022
Premiums
Direct premiums written - Florida
$
430,946
$
412,588
$
1,225,295
$
1,200,193
Direct premiums written - Other States
101,042
88,089
263,921
229,492
Direct premiums written - Total
$
531,988
$
500,677
$
1,489,216
$
1,429,685
Direct premiums earned
$
474,311
$
452,450
$
1,393,003
$
1,295,858
Net premiums earned
$
331,040
$
290,631
$
916,538
$
836,756
Underwriting Ratios - Net
Loss and loss adjustment expense ratio
87.0
%
113.7
%
78.3
%
85.5
%
Policy acquisition cost ratio
16.1
%
18.8
%
17.1
%
19.5
%
Other operating expense ratio
7.6
%
6.7
%
8.1
%
8.2
%
Expense ratio
23.7
%
25.5
%
25.2
%
27.7
%
Combined ratio
110.7
%
139.2
%
103.5
%
113.2
%
As of
September 30,
2023
2022
Policies in force
Florida
570,339
636,883
Other States
237,214
236,043
Total
807,553
872,926
Premiums in force
Florida
$
1,571,600
$
1,529,632
Other States
342,893
303,402
Total
$
1,914,493
$
1,833,034
Total Insured Value
Florida
$
190,299,057
$
203,957,272
Other States
130,281,463
120,648,594
Total
$
320,580,520
$
324,605,866
UNIVERSAL INSURANCE HOLDINGS,
INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
(in thousands, except for per
share data)
GAAP revenue to core revenue
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2022
2023
2022
GAAP revenue
$
360,048
$
312,810
$
1,016,126
$
892,298
less: Net realized gains (losses) on
investments
(431
)
292
(337
)
(375
)
less: Net change in unrealized gains
(losses) of equity securities
(1,285
)
(4,150
)
1,403
(16,430
)
Core revenue
$
361,764
$
316,668
$
1,015,060
$
909,103
GAAP operating income (loss) to
adjusted operating income (loss)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2022
2023
2022
GAAP income (loss) before income tax
expense (benefit)
$
(7,877
)
$
(93,237
)
$
62,453
$
(60,086
)
add: Interest and amortization of debt
issuance costs
1,631
1,630
4,896
4,969
GAAP operating income (loss)
(6,246
)
(91,607
)
67,349
(55,117
)
less: Net realized gains (losses) on
investments
(431
)
292
(337
)
(375
)
less: Net change in unrealized gains
(losses) of equity securities
(1,285
)
(4,150
)
1,403
(16,430
)
Adjusted operating income
(loss)
$
(4,530
)
$
(87,749
)
$
66,283
$
(38,312
)
GAAP operating income (loss) margin to
adjusted operating income (loss) margin
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2022
2023
2022
GAAP operating income (loss)
(a)
$
(6,246
)
$
(91,607
)
$
67,349
$
(55,117
)
GAAP revenue (b)
360,048
312,810
1,016,126
892,298
GAAP operating income (loss) margin
(a÷b)
(1.7
)%
(29.3
)%
6.6
%
(6.2
)%
Adjusted operating income (loss)
(c)
(4,530
)
(87,749
)
66,283
(38,312
)
Core revenue (d)
361,764
316,668
1,015,060
909,103
Adjusted operating income (loss) margin
(c÷d)
(1.3
)%
(27.7
)%
6.5
%
(4.2
)%
GAAP net income (loss) (NI) to adjusted
NI (loss) available to common stockholders
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2022
2023
2022
GAAP NI (loss)
$
(5,915
)
$
(72,275
)
$
46,824
$
(47,368
)
less: Preferred dividends
3
3
8
8
GAAP NI (loss) available to common
stockholders (e)
(5,918
)
(72,278
)
46,816
(47,376
)
less: Net realized gains (losses) on
investments
(431
)
292
(337
)
(375
)
less: Net change in unrealized gains
(losses) of equity securities
(1,285
)
(4,150
)
1,403
(16,430
)
add: Income tax effect on above
adjustments
(422
)
(949
)
262
(4,134
)
Adjusted NI (loss) available to common
stockholders (f)
$
(4,624
)
$
(69,369
)
$
46,012
$
(34,705
)
Weighted average diluted common shares
outstanding (g)
29,617
30,604
30,378
30,858
Diluted earnings (loss) per common share
(e÷g)
$
(0.20
)
$
(2.36
)
$
1.54
$
(1.54
)
Diluted adjusted earnings (loss) per
common share (f÷g)
$
(0.16
)
$
(2.27
)
$
1.51
$
(1.12
)
GAAP stockholders’ equity to adjusted
common stockholders’ equity
As of
September 30,
September 30,
December 31,
2023
2022
2022
GAAP stockholders’ equity
$
301,502
$
260,637
$
287,896
less: Preferred equity
100
100
100
Common stockholders’ equity (h)
301,402
260,537
287,796
less: Accumulated other comprehensive
(loss), net of taxes
(107,115
)
(115,665
)
(103,782
)
Adjusted common stockholders’ equity
(i)
$
408,517
$
376,202
$
391,578
Shares outstanding (j)
29,186
30,513
30,389
Book value per common share (h÷j)
$
10.33
$
8.54
$
9.47
Adjusted book value per common share
(i÷j)
$
14.00
$
12.33
$
12.89
GAAP return on common equity (ROCE) to
adjusted ROCE
Three Months Ended
Nine Months Ended
Year Ended
September 30,
September 30,
December 31,
2023
2022
2023
2022
2022
Actual or Annualized NI (loss) available
to common stockholders (k)
$
(23,672
)
$
(289,112
)
$
62,421
$
(63,168
)
$
(22,267
)
Average common stockholders’ equity
(l)
317,987
313,494
294,599
345,070
358,699
ROCE (k÷l)
(7.4
)%
NM*
21.2
%
(18.3
)%
(6.2
)%
Actual or Annualized adjusted NI (loss)
available to common stockholders (m)
$
(18,496
)
$
(277,476
)
$
61,349
$
(46,273
)
$
(12,618
)
Adjusted average common stockholders’
equity4 (n)
420,120
416,848
399,646
417,022
423,199
Adjusted ROCE (m÷n)
(4.4
)%
NM*
15.4
%
(11.1
)%
(3.0
)%
4 Adjusted average common stockholders’
equity excludes current period after-tax net realized gains
(losses) on investments and net change in unrealized gains (losses)
of equity securities.
*Not meaningful, as it implies full first
event hurricane retentions in the first two quarters of 2022, which
in actuality were hurricane free, and it similarly implies a full
first event retention in the fourth quarter of 2022, which would
instead be subject to a smaller subsequent event retention on a
consolidated basis.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231026478769/en/
Investors: Arash Soleimani, CFA, CPA, CPCU, ARe Chief
Strategy Officer 954-804-8874 asoleimani@universalproperty.com
Grafico Azioni Universal Insurance (NYSE:UVE)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Universal Insurance (NYSE:UVE)
Storico
Da Dic 2023 a Dic 2024
