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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) 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.
Universal Insurance Holdings reported a Q3 2020 diluted EPS of $(0.10) and non-GAAP adjusted EPS of $(1.43), with total revenue increasing 35.7% year-over-year to $311.7 million. The company faced challenges from hurricanes and reserve development, leading to an annualized return on equity of 10.0%. Direct premiums written grew 19.4%, primarily in Florida, despite a rising combined ratio of 134.7%. The firm reduced its EPS guidance for 2020 and repurchased approximately 534,000 shares for $9.9 million.
Universal Insurance Holdings, Inc. (UVE) will announce its third quarter financial results after NYSE trading on October 27, 2020. A conference call is scheduled for October 28, 2020, at 9:00 a.m. ET, where management will discuss the financial results. UVE specializes in property and casualty insurance, primarily focusing on homeowners insurance across 18 states, mainly in Florida. Investors can access the live webcast on the company's website and find a replay available until November 12, 2020.