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].

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]

(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 ___________ ...

Universal Insurance Holdings Inc (NYSE:UVE) Q1 2020 Earnings Conference Call April 28, 2020 9:00 AM ET Company Participants Rob Luther - Vice President, Corporate Development, Strategy and Investor Relations Steve Donaghy - Chief Executive Officer Frank Wilcox - Chief Financial Officer Jon Springer - President and Chief Risk Officer Conference Call Participants Bill Broomall - Dowling & Partners Tom Shimp - Piper Sandler Operator Ladies and gentlemen, thank you for standing by and welcome to the Universal I ...

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, 2019 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 ...

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 September 30, 2019 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Securities registered pursuant to Secti ...

Financial Data and Key Metrics Changes - The company reported non-GAAP adjusted EPS of $0.61, with revenue growth of 11.4% compared to the same quarter last year [6] - Year-to-date total revenue increased by 15.2% to $699.9 million [6] - Year-to-date EPS was $2.82 on a GAAP basis and $2.67 on a non-GAAP adjusted basis [7] - The annualized return on average equity was 23.9%, and book value per share grew by 12.7% [7][13] Business Line Data and Key Metrics Changes - Direct premiums written increased by 7.4% year-to-date, with strong growth outside of Florida and rate increases within Florida [7][15] - Premiums in force grew to approximately $1.3 billion, an increase of 8.5% from the prior year [14] - Total services revenue increased by 17.7% to $14.9 million for the quarter, driven by commission revenue from reinsurance intermediary Blue Atlantic [23] Market Data and Key Metrics Changes - Direct premium written growth was 27.6% in states outside of Florida for the quarter [14] - The net loss and loss adjustment expense ratio increased by 18.8 points for the quarter to 64.3% [20] Company Strategy and Development Direction - The company launched a multi-raider quote platform on Clovered, allowing consumers to receive up to five side-by-side quotes online [8] - The company is focused on geographic diversification and building relationships with agents to drive growth outside of Florida [72] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the impact of AOB legislation on claims handling and operational efficiency [64] - The company is monitoring reinsurance market dynamics closely, especially in light of global weather events [56][40] Other Important Information - The effective tax rate for the third quarter was 29%, an increase of 2.5 points over the prior year's quarter [27] - The company repurchased approximately 964,000 shares at an aggregate cost of $25.7 million during the third quarter [29] Q&A Session Summary Question: How should the large amount of repurchases this quarter be viewed? - Management indicated that the repurchases were based on perceived undervaluation and should not be seen as a run rate going forward [45][46] Question: How much excess capital does the company estimate it has right now? - Management refrained from disclosing specific figures, stating that a clearer picture would be available at year-end [47] Question: What are the drivers behind the increase in commission revenues? - The increase is attributed to higher exposures and a larger percentage of reinsurance purchased from third parties [48] Question: Is the mid-30s expense ratio where the company should be modeling going forward? - Management confirmed that the expense ratio is within the expected range but is influenced by various factors [50][53] Question: How independent are Florida renewals from other markets? - Management stated that Florida renewals are independent and can move in different directions compared to other markets [59] Question: What is the status of the Irma loss and how is it being managed? - Management noted that the majority of the increased losses from Irma are covered by the Florida Hurricane Cat Fund [62] Question: Are there any operational metrics showing improvement from AOB reform? - Management expressed cautious optimism about AOB legislation benefits and highlighted their unique claims handling process [64][65]

Financial Data and Key Metrics Changes - Total revenue increased by 17.2% to $470.3 million for the first half of 2019, with a quarterly growth of 11.4% [8][14] - EPS was $2.22 on a GAAP basis and $2.05 on a non-GAAP adjusted basis for the first half of 2019 [9][15] - Annualized return on average equity was 28.7% for the first half of 2019, and book value per share grew by 17.4% year-over-year [9][16] - Pretax income margin was 22.3% for the first half of 2019, supported by premium volume and investment portfolio performance [10][15] Business Line Data and Key Metrics Changes - Direct premiums written increased by 5.6%, primarily due to strong growth outside of Florida [8] - Premiums in force grew to approximately $1.2 billion, a 9.2% increase from the prior year [17] - Direct premiums earned were up 10.6% for the quarter, led by a 33.2% growth in other states and 7.1% in Florida [17] - The combined ratio increased by 9.7 points for the quarter to 86.9%, driven by increased losses and a higher core booked loss ratio [18][19] Market Data and Key Metrics Changes - The effective tax rate for the second quarter was 26.8%, an increase of 2 points over the prior year's quarter [28] - Net investment income increased by 28.1% to $7.4 million for the quarter, driven by higher interest rates and asset mix [26] - Total services revenue increased by 5.3% to $13.8 million for the quarter, driven by commission revenue from ceded premiums [25] Company Strategy and Development Direction - The company finalized its 2019 and 2020 reinsurance programs, securing more catastrophe coverage than ever before [11] - Universal Property became licensed in Wisconsin, and Universal Direct had a good start in Illinois [11] - The digital insurance distribution channel Clovered expanded into more than 15 states [12] - The company is focused on taking rate, adjusting underwriting guidelines, and increasing loss reserves to solidify its future position [40][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the AOB legislation and its potential positive impact on operations and costs [58] - The company is positioned well to handle increases in claims due to its established claims organization [58] - Management plans to maintain a disciplined approach in Florida while continuing to pursue growth opportunities [80] Other Important Information - The company repurchased approximately 486,000 shares at a cost of $14.1 million during the second quarter [29] - A quarterly cash dividend of $0.16 per share was declared and paid to shareholders [30] Q&A Session Summary Question: Reinsurance and Cat Fund Coverage - Management confirmed sufficient open market capacity for losses and discussed strategies for handling Irma claims [51][54] Question: Rate Increases and Reinsurance Pricing - Management indicated that the reinsurance pricing is reasonable given recent loss experiences and discussed the percentage of gross earned premium spent on reinsurance [56] Question: AOB Litigation Activity - Management acknowledged an increase in AOB claims but expressed confidence in their claims handling capabilities [58] Question: Florida Rate Filing Plans - Management stated that they will not accelerate their Florida rate filing and will wait for more data before making future filings [59] Question: Balance Sheet and Reserves - Management clarified that the reinsurance recoverable includes both paid and unpaid losses, and details can be found in the 10-Q filing [60][61] Question: Changes in Reserve Review Process - Management confirmed that the reserve analysis will proceed as in previous years, with reviews at the end of Q3 and Q4 [64] Question: Growth Runway in Florida - Management expressed confidence in continued growth opportunities in Florida despite a more disciplined approach [80]