Universal Insurance Holdings, Inc. reports developments as a property and casualty insurance holding company focused on personal residential homeowners lines. Through insurance subsidiaries, it develops, markets and writes policies and provides risk management, claims management and distribution services, using appointed independent agents and direct online channels in the United States, with a primary Florida presence.
Recurring company updates cover quarterly underwriting and investment results, direct and net premiums, loss ratios, book value, return on common equity and reinsurance placement. Other announcements include common-stock dividends, share repurchase authorizations, credit ratings and debt refinancing activity tied to the holding company's senior unsecured obligations.
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.
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