Universal Ins Hldgs Inc Stock Price, News & Analysis

Universal Insurance Holdings, Inc. (NYSE: UVE) will release its first quarter 2021 financial results on April 28, 2021, after the market closes. A conference call to discuss these results is scheduled for April 29, 2021, at 9:00 a.m. ET. Investors can listen via dial-in or through a live webcast available on the company's website. Universal Insurance is involved in property and casualty insurance, focusing on personal residential homeowners' insurance primarily in Florida.

Universal Insurance Holdings, Inc. (NYSE: UVE) has declared a quarterly cash dividend of 16 cents per share, payable on March 18, 2021. Shareholders must be on record by the close of business on March 11, 2021 to qualify for the payment. The company is recognized for its provision of property and casualty insurance, particularly in the homeowners insurance sector. UVE operates primarily in Florida and offers services like risk and claims management through independent agents and direct online channels.

Universal Insurance Holdings (NYSE: UVE) reported a fourth quarter GAAP diluted EPS of $(0.57) and non-GAAP adjusted EPS of $(0.84) for 2020. Despite a 21.9% increase in direct premiums written, total revenue grew by 14.1% to $273.1 million. The company faced record weather events impacting results. Underwriting improved, with policies in force rising 10.9%. Total net investment income fell by 62.7%, while repurchases of 1.6 million shares were made in 2020. For 2021, UVE projects EPS between $2.75 - $3.00, assuming no extraordinary weather events.

Universal Insurance Holdings, Inc. (NYSE: UVE) plans to release its fourth quarter 2020 results on February 25, 2021, after market close. A conference call to discuss these results is scheduled for February 26, 2021, at 9:00 a.m. ET. The company anticipates a net impact of approximately $76 million pre-tax due to weather-related events, along with an additional development impact of $23.4 million pre-tax. CEO Stephen J. Donaghy emphasized strategic progress and rate increase approvals as positive future indicators for the company.

Universal Property & Casualty Insurance Company, part of Universal Insurance Holdings (UVE), is enhancing its property underwriting and claims workflows by integrating Verisk's data analytics solutions. This move includes the adoption of Xactimate®, alongside existing tools like 360Value® and LOCATION®, to provide comprehensive claims analytics and support underwriting processes. The collaboration aims to improve operational efficiencies, customer experience, and precision in risk assessment, ultimately benefiting policyholders with tailored coverage.

Universal Insurance Holdings (NYSE: UVE) has appointed Jason M. Burns as President of Blue Atlantic, its fully-licensed reinsurance intermediary, effective immediately. Burns, with 14 years at Chubb Tempest Re and extensive experience in property catastrophe underwriting, is expected to bring valuable insights, particularly in the Florida market. This leadership change is anticipated to enhance UVE's operations in the reinsurance sector.

Universal Insurance Holdings (NYSE: UVE) has appointed Matthew J. Palmieri as President of Universal Property and Casualty Insurance Company, effective January 1, 2021. He succeeds Jon W. Springer, who will retire at the end of January but will continue as Chief Risk Officer until that time. With over 15 years of experience at UVE, Palmieri aims to maintain and enhance the company's key risk management strategies. He previously served as President of Blue Atlantic Reinsurance Corporation and has a strong background in reinsurance and risk management.

Universal Insurance Holdings, Inc. (NYSE: UVE) declared a total dividend of 29 cents per share, comprising a regular quarterly dividend of 16 cents and a special dividend of 13 cents. This dividend is payable on December 18, 2020, to shareholders on record as of December 11, 2020. This brings the total dividends for 2020 to 77 cents per share. UVE specializes in property and casualty insurance, focusing on residential homeowners' lines across 19 states, mainly Florida.

Universal Insurance Holdings has authorized a new share repurchase program, allowing the buyback of up to $20 million of its common stock by November 3, 2022. The repurchases will occur in open market transactions, adhering to the Securities Exchange Act rules. This initiative aims to enhance shareholder value and reflects confidence in the company's future prospects. Universal Insurance specializes in property and casualty insurance, primarily targeting the residential homeowners market across 19 states, particularly in Florida.