Market Conditions - Universal Insurance Holdings, Inc. operates primarily in the Florida homeowners' insurance market, which is currently characterized as a "hard market" with escalating premium rates and tightening underwriting standards [104]. - The company has experienced inflated costs for losses and loss adjustment expenses (LAE) in Florida, leading to significant year-over-year increases in represented claims and litigation rates [105]. - In April 2021, Florida legislation was passed to address adverse claim trends, including a new pre-suit notice requirement and a reduction in the time to file claims to two years [106]. Financial Performance - The company reported that the COVID-19 pandemic has not materially impacted its financial position or operations, although court delays may affect litigation outcomes [107][108]. - Key performance indicators include a combined ratio, which indicates underwriting profitability, and a core loss ratio, which measures expected losses relative to premiums earned [112][113]. - Direct premiums written (DPW) reflect the total value of policies issued, with a focus on growth in the Florida market as a measure of business concentration risk [115][116]. - The monthly weighted average renewal retention rate is used to assess customer retention, indicating the percentage of policyholders renewing their policies [120]. - Premiums earned, net, represent the portion of current and previously written premiums recognized as earned during the reporting period, allowing management to identify revenue trends [121]. - Direct premiums written grew by $23.6 million, or 5.8%, to $433.0 million [143]. - Premiums earned, net, grew by $30.5 million, or 13.0%, to $264.7 million during the third quarter [143]. - Net loss and LAE ratio decreased to 70.9% during the third quarter of 2021 compared to 101.8% during the third quarter of 2020 [144]. - Diluted earnings per common share ("EPS") was $0.64 compared to a loss of $0.10 in the prior period [144]. - Net income for the quarter was $20.2 million, compared to a net loss of $3.2 million in the same period last year [146]. - Net income for the nine months ended September 30, 2021 was $68.5 million, an increase of 86.3% from $36.8 million in the same period of 2020 [172]. - The company reported a diluted EPS of $2.19 for the nine months ended September 30, 2021, compared to $1.14 in 2020, marking an increase of 92.1% [172]. Investment and Capital Management - The company aims to produce an underwriting profit over the long term while maintaining a conservative balance sheet and generating investment income [102]. - Total invested assets increased to $1,112.4 million as of September 30, 2021, compared to $919.9 million as of December 31, 2020 [154]. - Net investment income decreased by $1.8 million, or 38.6%, to $2.8 million compared to the same period in 2020 [152]. - Cash and cash equivalents increased by 34.5% to $224.8 million at September 30, 2021, due to maintaining higher cash balances for upcoming reinsurance premium payments [180]. - Stockholders' equity increased to $494.3 million as of September 30, 2021, up from $449.3 million as of December 31, 2020 [218]. - The company has authorized a share repurchase program of up to $20 million, which is set to run through November 3, 2022 [227]. - During the nine months ended September 30, 2021, the company repurchased 116,886 shares at an aggregate price of $1.6 million [228]. Risk Management - The ongoing impact of the COVID-19 pandemic and changes in regulatory environments are key risks that could affect the company's financial condition and operating results [101]. - The company has not experienced significant adverse impacts on business or liquidity due to the COVID-19 pandemic, but continues to monitor economic conditions [226]. - The company has implemented premium payment grace periods and waived late fees for policyholders affected by the COVID-19 pandemic, though significant use of these measures has not been observed [225]. Regulatory and Compliance - FLOIR approved an overall 14.9% rate increase in September 2021 for UPCIC on Florida personal residential homeowners' line of business [143]. - There have been no material changes in the company's internal controls over financial reporting during the reporting period [240].

Business Operations - Universal Insurance Holdings, Inc. operates primarily in the personal residential homeowners insurance sector, with licenses to write insurance in 21 states, predominantly Florida [105]. - The company aims to achieve an underwriting profit over the long term, maintaining a conservative balance sheet to prepare for years without profitability [105]. - The company has not experienced a material impact from the COVID-19 pandemic on its financial position or operations, although ongoing monitoring is in place [107]. - New Florida legislation effective July 1, 2021, aims to reduce abuses in the residential property insurance market, though the long-term effects remain uncertain [109]. - The company is proceeding with product filings in Tennessee and Wisconsin, expanding its market presence [171]. Financial Performance - Direct premiums written (DPW) reflect the total value of policies issued, with a focus on growth trends in property and casualty insurance products [117]. - Direct premiums written increased by $68.9 million, or 17.0%, to $473.6 million for the quarter ended June 30, 2021 [140]. - In Florida, direct premiums written grew by $65.6 million, or 19.6%, while other states saw an increase of $3.3 million, or 4.8% [140]. - Premiums earned, net, grew by $29.8 million, or 13.2%, to $256.2 million during the second quarter [140]. - Net income for the six months ended June 30, 2021, was $48.3 million, a 21.0% increase from $39.9 million in the same period in 2020 [168]. - Direct premiums written increased by $99.7 million, or 13.5%, for the six months ended June 30, 2021, driven by growth in Florida business [170]. - Premiums earned, net rose by $52.3 million to $499.5 million for the six months ended June 30, 2021, an 11.7% increase from $447.2 million in 2020 [186]. Underwriting Profitability - The combined ratio, a key measure of underwriting profitability, indicates that a ratio below 100% signifies underwriting profit, while above 100% indicates losses [113]. - The core loss ratio, which excludes weather events beyond expectations, is crucial for identifying profitability trends of premiums in force [114]. - Net loss and LAE ratio decreased to 65.3% during the second quarter of 2021 compared to 66.9% during the same period in 2020 [141]. - The combined ratio improved to 97.3% in Q2 2021 from 99.5% in Q2 2020, indicating better profitability [164]. - The combined ratio improved to 95.2% for the six months ended June 30, 2021, down from 96.8% in the same period of 2020, indicating enhanced profitability [188]. Investment Performance - Net investment income decreased by $3.3 million, or 53.7%, to $2.9 million for the three months ended June 30, 2021, primarily due to lower yields on the reinvested portfolio [149]. - Total invested assets increased to $1,030.5 million as of June 30, 2021, compared to $919.9 million as of December 31, 2020 [150]. - The investment portfolio focuses on capital preservation and adequate liquidity for potential claim payments, with a secondary objective of generating investment income [215]. - Total investments increased to $1,030.5 million as of June 30, 2021, up from $919.9 million as of December 31, 2020, reflecting a growth of 12.1% [192]. Costs and Expenses - General and administrative expenses increased to $81.9 million in Q2 2021, a 10.8% increase from $73.9 million in Q2 2020, primarily due to higher policy acquisition costs [162]. - General and administrative expenses increased by $17.8 million to $164.3 million for the six months ended June 30, 2021, compared to $146.6 million in the same period of 2020, reflecting a 12.1% increase [186]. - The company continues to face inflated costs for losses and LAE in the Florida market, driven by increased claims and a legal environment that encourages litigation [159]. Legal and Regulatory Matters - Management believes that any liabilities arising from ongoing legal proceedings will not have a material adverse effect on the company's financial condition [235]. - The company estimates that reasonably possible losses from legal proceedings are immaterial, based on currently available information [237]. Shareholder Returns - The company declared a cash dividend of $0.16 per common share for each of the first three quarters of 2021 [223]. - During the six months ended June 30, 2021, the company repurchased 15,444 shares of common stock at an aggregate purchase price of $200,000 [221]. Market Conditions - The company continues to monitor the financial metrics related to its business, with no material adverse impacts reported as of the latest update [219]. - The company has implemented premium payment grace periods for policyholders affected by the COVID-19 pandemic, although significant use of these grace periods has not been observed [218].

Universal Insurance Holdings, Inc. (NYSE:UVE) Q2 2021 Results Conference Call July 29, 2021 9:00 AM ET Company Participants Rob Luther - VP, Corporate Strategy and IR Steve Donaghy - CEO Frank Wilcox - CFO Conference Call Participants Tom Shimp - Piper Sandler Nicolas Iacoviello - Dowling & Partners Operator Good morning, ladies and gentlemen, and welcome to the UVE Second Quarter 2021 Earnings Conference Call. At this time, all participant lines are in a listen-only mode. After the speakers' presentation, ...

Financial Performance - The company reported strong direct premiums written during Q1 2021, outperforming the same period in the prior year[101]. - Direct premiums written increased by $30.8 million, or 9.2%, to $365.3 million for the quarter ended March 31, 2021, driven by a growth of $28.5 million, or 10.2%, in Florida[134]. - Premiums earned, net, grew by $22.5 million, or 10.2%, to $243.3 million[134]. - Net income for the three months ended March 31, 2021, was $26.4 million, compared to $20.1 million for the same period in 2020, reflecting a 31.6% increase[135]. - Total revenues increased by $27.5 million, or 11.7%, to $262.8 million[134]. - Direct premium earned rose by $49.7 million, or 15.2%, for the quarter ended March 31, 2021, reflecting positive changes in rates and policies in force[140]. - Financial benefits from claims management were $8.1 million for Q1 2021, a significant increase from $0.3 million in Q1 2020, driven by recoveries from reinsurers[155]. Insurance Operations - The company operates primarily in Florida, with licenses to write insurance in 19 states and two additional states[97]. - The combined ratio is a key performance indicator, with a ratio below 100 indicating underwriting profit[105]. - The core loss ratio is used to identify profitability trends of premiums in force, excluding weather events beyond expectations[107]. - The monthly weighted average renewal retention rate measures customer retention over the calendar year[114]. - Policies in force decreased by 0.9% from 984,830 at December 31, 2020, to 976,250 at March 31, 2021[134]. - The company continues to face inflated costs for losses and LAE in the Florida market, driven by increased litigation and claims solicitation[153]. Reinsurance and Risk Management - Reinsurance contracts are utilized to limit potential exposures to catastrophic events, classified as treaty or facultative contracts[123]. - The total cost of the 2020-2021 reinsurance programs for UPCIC and APPCIC is projected to be $499.8 million, representing approximately 34.0% of estimated direct premium earned for the 12-month treaty period[132]. - A.M. Best and S&P ratings for major reinsurers in UPCIC's reinsurance program include Allianz Risk Transfer (A+), Chubb Tempest Reinsurance Ltd. (A++), and Munich Re (A+)[129]. - The Florida Hurricane Catastrophe Fund is estimated to provide approximately $2.008 billion of coverage for UPCIC[127]. - UPCIC completed its first catastrophe bond transaction in March 2021, providing $150 million of collateralized protection for named windstorm events[128]. Expenses and Financial Ratios - General and administrative expenses rose to $82.4 million in Q1 2021, up from $72.6 million in Q1 2020, reflecting a 13.5% increase[156]. - The expense ratio increased from 32.9% in Q1 2020 to 33.9% in Q1 2021, primarily due to higher policy acquisition costs[157]. - Income tax expense for Q1 2021 was $9.9 million, compared to $7.5 million in Q1 2020, with an effective tax rate of 27.4%[158]. - Other comprehensive loss for Q1 2021 was $16.9 million, compared to $8.9 million in Q1 2020, reflecting changes in the fair value of available-for-sale debt securities[159]. Investment and Liquidity - Total investments increased to $1,017.3 million as of March 31, 2021, up from $919.9 million as of December 31, 2020[160]. - Cash and cash equivalents decreased to $90.8 million as of March 31, 2021, from $167.2 million at December 31, 2020, driven by cash flows used in investing and financing activities[173]. - The investment portfolio focuses on capital preservation and adequate liquidity, with a secondary objective of providing a total rate of return emphasizing investment income[181]. - The fair market value of fixed income financial instruments as of March 31, 2021, was $913,131,000, up from $819,961,000 on December 31, 2020, indicating a growth of about 11.4%[196]. COVID-19 Impact - The company has not experienced a material impact from the COVID-19 pandemic on its financial position or operations[99]. - The company continues to monitor local, state, and federal guidance regarding COVID-19 and adjusts workforce activities as necessary[99]. - The company has implemented premium payment grace periods and waived late payment fees for policyholders affected by the COVID-19 pandemic, although significant use of these measures has not been observed[184]. - The company continues to monitor financial metrics and potential impacts of the COVID-19 pandemic on operations and liquidity, with significant uncertainties remaining[185]. Shareholder and Capital Management - As of March 31, 2021, stockholders' equity increased to $454,665 thousand from $449,262 thousand as of December 31, 2020, reflecting a growth of approximately 1.0%[179]. - Total long-term debt decreased to $8,088 thousand as of March 31, 2021, down from $8,456 thousand as of December 31, 2020, indicating a reduction of about 4.4%[179]. - The company declared a cash dividend of $0.16 per common share for both the first and second quarters of 2021[189]. - During the three months ended March 31, 2021, the company repurchased 15,444 shares of common stock at an aggregate purchase price of $0.2 million[187]. Legal and Compliance - Management believes that any liabilities arising from ongoing legal proceedings will not have a material adverse effect on the company's financial condition or results of operations[201]. - The company estimates that reasonably possible losses from legal proceedings are immaterial, based on currently available information[203]. - The company’s internal controls over financial reporting were deemed effective as of March 31, 2021, ensuring compliance with SEC rules and timely decision-making[199]. - There were no changes in the company's internal controls over financial reporting during the reporting period that materially affected their effectiveness[200].

Financial Data and Key Metrics Changes - The company reported a top line growth of close to 12% for Q1 2021, with total revenue increasing by 11.7% to $262.8 million compared to the same period in 2020 [6][9] - Margin expansion exceeded 200 basis points, with a total annualized return on average equity of 23.2% [6][10] - Adjusted EPS for the quarter was $0.84 on both GAAP and non-GAAP adjusted basis [10] Business Line Data and Key Metrics Changes - Direct premiums written increased by 9.2% for the quarter, with Florida experiencing a direct premium growth of 10.2% [10] - The combined ratio improved by 1 point to 93.1%, driven by a 2-point improvement in the loss and LAE ratio [10] - The expense ratio improved on a direct earned basis by 45 basis points, although increased reinsurance costs led to a 1 point increase in the net expense ratio [11] Market Data and Key Metrics Changes - The company actively reduced its policies in force sequentially and saw a decrease in new and renewal policy counts compared to Q1 2020 [7][8] - The investment portfolio's net investment income decreased by 56.3% to $3 million, primarily due to lower yields on reinvested assets [11] Company Strategy and Development Direction - The company is focused on capital management and ensuring that subsidiaries support the parent company effectively [31] - There is an emphasis on rate adequacy over aggressive growth, with management preferring slow growth that ensures profitability [22] - The company is exploring growth opportunities in additional states and focusing on insurance score products [34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the potential benefits of legislative changes in Florida that could improve litigation trends [15] - The company is maintaining its guidance for 2021, expecting GAAP and non-GAAP adjusted EPS to range between $2.75 and $3 [12] - Management is closely monitoring weather-related losses and feels confident about their current claims handling capabilities [28] Other Important Information - The company repurchased approximately 15,000 shares at an aggregate cost of $245,000 during the first quarter [11] - A quarterly cash dividend of $0.16 per share was declared, payable on May 21, 2021 [11] Q&A Session Summary Question: Thoughts on the bills in the state legislature and potential benefits to litigation trends - Management highlighted the favorable aspects of House Bill 76 and expressed hope for positive legislative outcomes that could assist insurers [15] Question: Update on the examination of fees between insurers and corporate affiliates - Management confirmed ongoing discussions with the Department of Insurance and emphasized transparency in their relationships with subsidiaries [18][20] Question: Insights on the decrease in policies in force (PIF) and growth outside Florida - Management acknowledged the nominal decrease in out-of-state policies but expressed optimism for future growth opportunities [21] Question: Clarification on reserve development - Management explained the favorable net development despite gross unfavorable development due to reinsurance program coordination [23][25] Question: Impact of recent severe storms in Florida - Management reported manageable claims from recent storms, indicating no material impact on losses [27][28] Question: Update on loss picks and trends - Management noted that loss picks have been increased and are benefiting from rate increases flowing through their book [29] Question: Strategic updates on partnerships and initiatives - Management provided updates on partnerships with Verisk and Clovered, emphasizing growth in non-home markets and cross-selling opportunities [30][32]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________________________________ FORM 10-K ________________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-33251 UNIVERSAL INS ...

Universal Insurance Holdings, Inc. (NYSE:UVE) Q4 2020 Results Conference Call February 26, 2021 9:00 AM ET Company Participants Rob Luther - VP, Corporate Strategy and IR Steve Donaghy - CEO Frank Wilcox - CFO Conference Call Participants Tom Shimp - Piper Sandler Bill Broomall - Dowling & Partners Operator Good morning, ladies and gentlemen, and welcome to the UVE Fourth Quarter 2020 Earnings Conference Call. At this time, all participants' lines are in a listen-only mode. After the speaker presentation, t ...

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-33251 ________________________________________________________ Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _______________________________________________________ ...

Universal Insurance Holdings, Inc. (NYSE:UVE) Q3 2020 Results Conference Call October 28, 2020 9:00 AM ET Company Participants Rob Luther - VP, Corporate Strategy and IR Steve Donaghy - CEO Jon Springer - President and Chief Risk Officer Frank Wilcox - CFO Conference Call Participants Thomas Shimp - Piper Sandler Bill Broomall - Dowling & Partners Operator Good morning, ladies and gentlemen, and welcome to the UVE Third Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-on ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________________________________ FORM 10-Q ________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-33251 ___________ ...