Universal Insurance Holdings Inc - UVE STOCK NEWS

Universal Insurance Holdings, Inc. (NYSE: UVE) has announced a new share repurchase program of up to $20 million, lasting until March 11, 2026. The Company plans to repurchase its common stock through open market transactions, following regulatory guidelines.

Universal Insurance Holdings (NYSE: UVE) reported strong financial results for the fourth quarter and full year 2023, with diluted GAAP earnings per share of $0.68 and adjusted EPS of $0.43. The company achieved an annualized return on average common equity of 24.9% and direct premiums written of $432.6 million, up 4.0% from the prior year quarter. Book value per share increased by 24.4% year-over-year. Universal Insurance Holdings returned $12.3 million to shareholders, including share repurchases, regular dividends, and special dividends.

Universal Insurance Holdings, Inc. (NYSE: UVE) declares a quarterly cash dividend of 16 cents per share of common stock, payable on March 15, 2024, to shareholders of record as of March 8, 2024. The company will release its fourth-quarter 2023 results on February 22, 2024, and host a conference call on February 23, 2024, to discuss financial results.

NormanMax Insurance Holdings, Inc. (NYSE:NMIH) has received approval in principle from Lloyd’s to launch a syndicate in 2024, managed by Apollo Syndicate Management Ltd. The syndicate, NormanMax Syndicate 3939, aims to commence underwriting in April 2024, focusing on natural catastrophe parametric (re)insurance products. NormanMax plans to utilize 21st-century data and technology to create parametric solutions for global clients underserved by traditional (re)insurance products. The company aims to address increased climate risk and volatility, with GC Securities acting as financial advisor. NormanMax is led by CEO Bradley Meier, a former Founder, Chairman, and CEO of Universal Insurance Holdings (NYSE:UVE) and Universal Property and Casualty Insurance Company, as well as Co-Founder of parametric underwriting specialist New Paradigm Group. The company's management team has extensive experience in successfully underwriting catastrophe risk in challenging climate-affected areas. Apollo provides Lloyd’s managing agency services and forms long-term partnerships to deliver successful businesses at Lloyd’s. NormanMax aims to distribute its products globally, including in underserved markets, with the financial security of the Lloyd’s Market.

Universal Insurance Holdings, Inc. (NYSE: UVE) announced a regular quarterly cash dividend of 16 cents per share of common stock and a special cash dividend of 13 cents per share, totaling 29 cents per share. Shareholders of record as of December 8, 2023, will receive the dividends on December 15, 2023. The total dividends declared in 2023 amount to 77 cents per share of common stock.

Universal Insurance Holdings reports Q3 2023 results with a loss per common share of $0.20 and direct premiums written up 6.3% from prior year quarter. Book value per share increased 21.0% year-over-year. The company repurchased 894 thousand shares for $12.3 million. Total capital returned to shareholders of $17.2 million.

Universal Insurance Holdings, Inc. to report Q3 2023 results and host conference call.