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) declared a quarterly cash dividend of 16 cents per share, payable on March 16, 2023, to shareholders recorded by March 9, 2023. The company will announce its Q4 2022 earnings after the market closes on February 23, 2023, followed by a conference call on February 24, 2023, at 9:30 a.m. ET to discuss results. Investors can access the call through a provided web link or register for a teleconference. Universal specializes in providing property and casualty insurance across 19 states, primarily in Florida.
Universal Insurance Holdings, Inc. (NYSE: UVE) announced a total cash dividend of 29 cents per share, comprising a regular dividend of 16 cents and a special dividend of 13 cents. This dividend will be payable on December 16, 2022 to shareholders of record as of December 9, 2022. The total dividends declared in 2022 now amount to 77 cents per share, reflecting the company's commitment to returning value to shareholders.
Universal Insurance Holdings (UVE) announced a diluted GAAP loss per share of $2.36 for Q3 2022, significantly down from a profit of $0.64 in Q3 2021. Direct premiums written increased by 15.6% to $500.7 million. The company reported a $72.3 million net loss, largely attributed to $111 million in Hurricane Ian losses. Despite a GAAP revenue rise of 8.9% to $312.8 million, the net combined ratio rose to 139.2%. Share repurchases totaled 203,244 shares for $2.4 million, with a quarterly dividend declared at $0.16 per share. Comprehensive reinsurance strategies are in place to mitigate future catastrophic events.
Universal Insurance Holdings (NYSE: UVE) announced the appointment of William Degnan as the new Chief Claims Officer. Previously, he served as Executive Vice President, Claims at Alder Adjusting Corporation, a subsidiary of Universal. Degnan will lead claims processing and adjust over 300 professionals while enhancing customer satisfaction and efficiency through technology adoption. With a tenure at Universal since 2011, his leadership is expected to further strengthen the claims department, providing better service to policyholders.
Universal Insurance Holdings, Inc. (NYSE: UVE) will report its third quarter 2022 results on October 27, 2022, after market close. A conference call to discuss these results is scheduled for October 28, 2022, at 10:00 a.m. ET. Investors can access the live webcast via universalinsuranceholdings.com/investors or register for a teleconference. Universal specializes in property and casualty insurance, particularly homeowners' insurance, across 19 states, mainly in Florida.
Universal Insurance Holdings (NYSE: UVE) has provided an update regarding Hurricane Ian's impact, stating it has received approximately 18,000 claims, about half of what was recorded for Hurricane Irma at this time. The company's gross ultimate loss is estimated at $1 billion, significantly lower than its $3 billion reinsurance tower. Despite having a Florida homeowners market share of 7.9%, their exposure in the hardest-hit counties is minimal at 2.2%. The firm remains focused on assisting policyholders while leveraging its robust claims infrastructure and reinsurance relationships.
Universal Insurance Holdings (UVE) reported Q2 2022 diluted GAAP EPS of $0.24 and adjusted EPS of $0.47. Direct premiums written rose to $532.5 million, up 12.4% year-over-year. The company highlighted a robust capital position and a comprehensive reinsurance program, fully covering hurricane and tropical storm risks. However, income before income taxes dropped by 64.5% to $10.7 million, with a net income decrease of 66.4% to $7.4 million. The annualized return on common equity was 7.7%, down from 18.8% a year prior. Total capital returned to shareholders was $8.5 million.
Universal Insurance Holdings, Inc. (NYSE: UVE) has appointed Elizabeth Hansen as Chief Actuary. Previously the Senior Vice President at Blue Atlantic Reinsurance Corporation, Hansen brings over 34 years of actuarial experience. Her responsibilities will include overseeing pricing, reserving, and co-leading enterprise-wide risk monitoring. CEO Steve Donaghy expressed confidence in Hansen's leadership to enhance the actuarial function and strengthen the organization.
Universal Insurance Holdings, Inc. (NYSE: UVE) has declared a quarterly cash dividend of 16 cents per share. This dividend is payable on August 9, 2022, to shareholders on record as of August 2, 2022. The company specializes in property and casualty insurance, mainly focusing on personal residential homeowners insurance across 19 states, primarily in Florida. Universal aims to provide comprehensive insurance-related services, emphasizing risk management and claims management.
Universal Insurance Holdings, Inc. (NYSE: UVE) will report its Q2 2022 results on July 27, 2022, after market close. A conference call to discuss these results is scheduled for July 28, 2022, at 10:00 a.m. ET. Interested parties can listen to the call via an online webcast or register for a dial-in option. Universal specializes in property and casualty insurance, focusing primarily on personal residential homeowners products, and operates across 19 states, mainly in Florida.