Universal Insurance Holdings, Inc. (UVE) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

UVE Quarterly Reports

Universal Insurance Holdings, Inc.

CIK: 891166 Ticker: UVE
Exhibit 99.1
Universal Insurance Holdings Reports First Quarter 2020 Results

1Q20 direct premiums written (“DPW”) up 15.7% to $334.6 million
1Q20 other states (non-Florida) DPW up 19.0%
1Q20 diluted GAAP earnings per share (“EPS”) of $0.61, non-GAAP adjusted EPS1 of $0.79
Book value per share increased 0.9% to $15.26 when compared to last quarter, despite COVID-19 impacts on fair value of debt securities and equity markets in the latter half of March
1Q20 combined ratio of 94.1%
1Q20 annualized return on average equity of 16.1%
Returned $11.8 million to shareholders through share repurchases and dividends

1 Excludes net realized and unrealized gains and losses on investments as well as extraordinary reinstatement premiums and associated commissions (“non-GAAP adjusted EPS”). Reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.

Fort Lauderdale, Fla., April 27, 2020 –
Universal Insurance Holdings (NYSE: UVE) (the “Company”) reported 2020 first quarter diluted EPS of $0.61 on a GAAP basis and $0.79 non-GAAP adjusted EPS1. Quarterly direct premiums written were up 15.7% from the year-ago quarter to $334.6 million. Annualized return on average equity was 16.1%.

“The circumstances of the past few months in all of our communities have been both difficult and inspiring. Our hearts go out to all those affected directly and indirectly by the COVID-19 pandemic. We are inspired by the health care providers, the first responders, the ingenuity of our communities, our businesses, and governments,” said Stephen J. Donaghy, Chief Executive Officer.

“We commenced business operations more than 20 years ago, intent on protecting and serving our consumers in their most critical time, in some of the most challenging coastal areas in the U.S. for natural disasters. We have remained highly proficient and steadfast in that commitment. We enter this critical time in a position of strength with a debt-to-equity ratio less than 2.0%, currently accruing more reserves than at any point in the company’s history, and with a highly experienced rapid response disaster preparedness team. We are off to a good start to 2020 with solid first quarter results, including an annualized return on average equity of 16.1% and progress on our reinsurance renewals for June 1st. In this dynamic environment, we continue to support our consumers, whether they are shopping for new policies, submitting claims, refinancing, or extending terms, while having substantially all of our employees in our rapid response virtual protocol. We do not have exposure to many lines of business directly impacted by COVID-19, but continue to monitor the currently unknowable longer tail impacts to the housing and rental markets. We believe we remain well positioned for 2020 and remain resolute in serving our consumers and creating value for our stakeholders.”

The following information was filed by Universal Insurance Holdings, Inc. (UVE) on Monday, April 27, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Universal Insurance Holdings, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside Universal Insurance Holdings, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Income (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited) (Parenthetical)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Reconciles Numerator And Denominator Of Basic And Diluted Earnings Per Share Computations (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets Measured For At Fair Value On Recurring Basis (Detail)
Fair Value Measurements - Summarizes Carrying Value And Estimated Fair Values Of Financial Instruments Not Carried At Fair Value (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Insurance Operations
Insurance Operations (Tables)
Insurance Operations - Additional Information (Detail)
Insurance Operations - Assets Held By Insurance Regulators (Detail)
Insurance Operations - Beginning And Ending Balances And Changes In Dpac (Detail)
Insurance Operations - Capital Contributions (Details)
Insurance Operations - Statutory Capital And Surplus, And An Amount Representing Ten Percent Of Total Liabilities For Both Upcic And Appcic (Detail)
Insurance Operations - Summary Of Combined Net Income (Loss) For Upcic And Appcic (Detail)
Investments (Tables)
Investments - Amortized Cost And Fair Value Of Investments With Contractual Maturities (Detail)
Investments - Cost Or Amortized Cost And Fair Value Of Securities Available For Sale (Details)
Investments - Investment Income (Expense) Comprised Primarily Of Interest And Dividends (Detail)
Investments - Schedule Of Amortized Cost And Fair Value On Mortgage-Backed And Asset-Backed Securities (Detail)
Investments - Schedule Of Credit Quality Of Investment Securities With Contractual Maturities Or The Issuer Of Such Securities (Details)
Investments - Schedule Of Depreciation Expense Related To Investment Real Estate (Detail)
Investments - Schedule Of Real Estate Investment (Detail)
Investments - Summarized Fair Value And Gross Unrealized Losses On Available-For-Sale Debt Securities (Detail)
Investments - Summary Of Available-For-Sale Debt Securities And Equity Securities (Detail)
Investments - Summary Of Details On Realized And Unrealized Gains And Losses Related To Equity Securities (Detail)
Liability For Unpaid Losses And Loss Adjustment Expenses
Liability For Unpaid Losses And Loss Adjustment Expenses (Tables)
Liability For Unpaid Losses And Loss Adjustment Expenses - Additional Information (Detail)
Liability For Unpaid Losses And Loss Adjustment Expenses - Change In Liability For Unpaid Losses And Lae (Detail)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Additional Information (Detail)
Long-Term Debt - Schedule Of Long-Term Debt (Detail)
Nature Of Operations And Basis Of Presentation
Nature Of Operations And Basis Of Presentation (Policies)
Nature Of Operations And Basis Of Presentation - Additional Information (Detail)
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss) (Tables)
Other Comprehensive Income (Loss) - Components Of Other Comprehensive Income (Loss) Pre-Tax And After-Tax (Detail)
Other Comprehensive Income (Loss) - Reclassifications Adjustment For Gains (Losses) Out Of Accumulated Other Comprehensive Income (Detail)
Reinsurance (Tables)
Reinsurance - Additional Information (Detail)
Reinsurance - Current Ratings From Rating Agencies And Unsecured Net Amounts Due From Insurance Entities' Reinsurers Whose Aggregate Balance Exceeded 3% Of Stockholders' Equity (Detail)
Reinsurance - Insurance Entities' Reinsurance Arrangements (Detail)
Reinsurance - Prepaid Reinsurance Premiums And Reinsurance Recoverable And Receivable (Detail)
Significant Accounting Policies
Significant Accounting Policies (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Schedule Of Shares Repurchased (Details)
Subsequent Events
Subsequent Events - Additional Information (Details)

Material Contracts, Statements, Certifications & more

Universal Insurance Holdings, Inc. provided additional information to their SEC Filing as exhibits

Ticker: UVE
CIK: 891166
Form Type: 10-Q Quarterly Report
Accession Number: 0000891166-20-000031
Submitted to the SEC: Fri May 01 2020 4:51:10 PM EST
Accepted by the SEC: Fri May 01 2020
Period: Tuesday, March 31, 2020
Industry: Fire Marine And Casualty Insurance

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