Welcome to our dedicated page for UNIVERSAL INSURANCE HLDG news (Ticker: UVE), a resource for investors and traders seeking the latest updates and insights on UNIVERSAL INSURANCE HLDG stock.
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 (NYSE: UVE) reported strong Q2 2024 results, with diluted GAAP EPS of $1.21 and adjusted EPS of $1.18. The company achieved an annualized return on average common equity (ROCE) of 37.4% and an adjusted ROCE of 30.5%. Direct premiums written increased by 5.7% to $578.3 million compared to the prior year quarter. Book value per share rose 24.0% year-over-year to $13.79, while adjusted book value per share increased 14.9% to $16.44. The company returned $10.1 million to shareholders, including $5.3 million in share repurchases and a $0.16 per share regular dividend.
Key financial highlights include a 12.0% increase in total revenues to $380.2 million and a 24.0% rise in net income available to common stockholders to $35.4 million. The company saw improvements in its combined ratio, which decreased by 3.2 points to 95.9%, driven by a lower net loss ratio of 70.6%.
Universal Insurance Holdings (NYSE: UVE) has declared a quarterly cash dividend of 16 cents per share, payable on August 9, 2024, to shareholders of record by August 2, 2024.
The company will release its Q2 2024 earnings after market close on July 25, 2024, followed by a conference call on July 26, 2024, at 10:00 a.m. ET. Investors can listen to the call via a webcast or by teleconference registration.
Universal Insurance Holdings announced that its subsidiaries, UPCIC and APPCIC, have completed their 2024-2025 reinsurance program. The program, effective June 1, 2024, replaces $217M of cost-free RAP coverage and $150M of expiring catastrophe bond coverage. The total cost is approximately 33.0% of the estimated direct earned premium, a 1.2-point increase from last year. The largest reinsurance participants maintain an 'A' rating or higher from AM Best. The program includes additional multi-year coverage for the 2025-2026 period. Additionally, UPCIC’s in-force wind-covered policy count in Florida has declined by 25,266 as of March 31, 2024.
FAQ
What is the current stock price of UNIVERSAL INSURANCE HLDG (UVE)?
What is the market cap of UNIVERSAL INSURANCE HLDG (UVE)?
What is Universal Insurance Holdings, Inc. (UVE)?
What types of insurance products does Universal Insurance Holdings offer?
How does Universal Insurance Holdings generate revenue?
What services does Universal Insurance Holdings provide?
Where is Universal Insurance Holdings located?
Which subsidiaries operate under Universal Insurance Holdings?
In which geographical areas does Universal Insurance Holdings operate?
What recent achievements has Universal Insurance Holdings made?
How does Universal Insurance Holdings ensure customer satisfaction?
What is the ticker symbol for Universal Insurance Holdings, Inc.?
