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, Inc. (NYSE: UVE) announced the completion of its 2022-2023 reinsurance programs for its subsidiaries, UPCIC and APPCIC, effective June 1, 2022. The company secured more catastrophe capacity than ever before amid a challenging market. The total cost of reinsurance is projected at $696 million, reflecting 37.6% of estimated direct premiums, slightly higher than last year. Policies-in-force in Florida declined by 7%, while premiums increased by 11%. The company also arranged multi-year catastrophe capacity of $383 million.
Universal Insurance Holdings (NYSE: UVE) reported its Q1 2022 results, with diluted GAAP EPS at $0.56 and non-GAAP adjusted EPS at $0.64. The company achieved a 16.9% annualized ROE and direct premiums written rose to $396.5 million, up 8.5% year-over-year. Despite these increases, net income decreased by 33.6% to $17.5 million due to a higher combined ratio of 97.9%. The firm repurchased 320,528 shares totaling $3.9 million and returned $8.9 million to shareholders, including a quarterly dividend of $0.16 per share. The company maintains its 2022 guidance for EPS between $1.80 - $2.20.
Universal Insurance Holdings, Inc. (NYSE: UVE) has declared a quarterly cash dividend of 16 cents per share, payable on May 20, 2022, to shareholders on record as of May 13, 2022. This decision reflects the company's ongoing commitment to returning value to shareholders. Universal specializes in property and casualty insurance, primarily focusing on the residential homeowners market in Florida and across 19 states in the U.S.
Universal Insurance Holdings, Inc. (NYSE: UVE) will release its first quarter 2022 financial results after NYSE trading on April 28, 2022. A conference call is scheduled for April 29, 2022, at 10:00 a.m. ET, to discuss these results. Investors can dial in at (855) 752-6647 for U.S. participants and (503) 343-6667 internationally, using participant code 9789558. The call will also be available via a live webcast on the company's investor website and will be replayable until May 14, 2022.
Universal Insurance Holdings (NYSE: UVE) has appointed Arash Soleimani as Chief Strategy Officer and promoted Rob Luther to Chief Investment Officer, along with Gary Ropiecki as Principal Accounting Officer. Soleimani will lead strategy and investor relations, while Luther will manage the $1B+ investment portfolio. Ropiecki will oversee enterprise-wide accounting functions. CEO Steve Donaghy emphasized the importance of these appointments for the company's strategic objectives and long-term success.
Universal Insurance Holdings (NYSE: UVE) reported a significant increase in direct premiums for 4Q21, up 11.5%, and FY21, up 14.4%, primarily due to rate increases. However, 4Q21 GAAP diluted EPS was $(1.54), reflecting inflationary pressures. The company achieved approximately $1.7 billion in premiums in force and a return on average equity of 4.6%. Clovered.com, a subsidiary, surpassed $40 million in placed premiums in 2021. The company has initiated guidance for FY22 with projected EPS between $1.80 and $2.20.
Universal Insurance Holdings (UVE) will release its fourth-quarter results on February 24, 2022, after NYSE trading ends. A conference call will follow on February 25, 2022, at 9:00 a.m. ET, to discuss financial results. Investors can dial in or listen via a webcast at UniversalInsuranceHoldings.com. A replay will be available until March 12, 2022. UVE primarily offers property and casualty insurance services across 19 states, focusing on personal residential homeowners' lines.
Universal Insurance Holdings (NYSE: UVE) has declared a quarterly cash dividend of 16 cents per share, payable on March 17, 2022, to shareholders of record by March 10, 2022. The company faced inflationary pressures, leading to a conservative reserve strategy that included an estimated $30.7 million strengthening of reserves for the 2021 accident year. Overall, the fourth quarter is expected to impact net income by approximately $80.1 million after-tax, impacting the full-year combined ratio significantly.
Universal Insurance Holdings (NYSE: UVE) has joined the U.S. Environmental Protection Agency’s Green Power Partnership, committing to use 652,000 kilowatt-hours of green power annually, equating to 25% of its electricity consumption. This initiative aims to advance the green power market while reducing air pollution and greenhouse gas emissions. CEO Stephen Donaghy emphasized the importance of green power as an affordable choice for organizations. The EPA praised UVE's leadership, acknowledging its green power usage reduces emissions equivalent to 1,161,251 vehicle miles or 510,708 pounds of coal burned.
Universal Insurance Holdings (NYSE: UVE) announced the successful completion of a $100 million private placement of 5.625% senior unsecured notes due 2026. The offering was upsized and oversubscribed, reflecting strong demand from institutional investors. The proceeds will support general corporate purposes and growth capital, particularly as rate increases continue to benefit the company's business. Notable financial partners included Piper Sandler & Co. as placement agent. The Notes are not registered under the Securities Act, limiting their resale without registration.