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Universal Insurance Holdings, Inc. (UVE) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Universal Insurance Holdings, Inc.

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

•3Q20 total revenue up 35.7% to $311.7 million
•3Q20 direct premiums written up 19.4%
•3Q20 diluted GAAP earnings per share (“EPS”) of $(0.10), non-GAAP adjusted EPS1 of $(1.43)
•Book value per share increased 0.1% since the end of 2019 to $15.15 despite elevated industry-wide weather activity
•YTD annualized return on average equity of 10.0%

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., October 27, 2020 –
 Universal Insurance Holdings (NYSE: UVE) (the “Company”) reported 2020 third quarter diluted EPS of $(0.10) on a GAAP basis and $(1.43) non-GAAP adjusted EPS1. Total revenue was up 35.7% from the year ago quarter to $311.7 million. Year-to-date annualized return on average equity was 10.0%.

“We continued to see headwinds in the third quarter as we dealt with elevated industry-wide weather events year-to-date. As previously announced, we were affected by full retention events from Hurricanes Isaias and Sally, in addition to other PCS events year-to-date. Furthermore, we saw an increase in prior year’s companion claims in the run up to the expiration of the statute of limitations for Hurricane Irma, which contributed to prior year’s reserve development,” said Stephen J. Donaghy, Chief Executive Officer.

“Our primary rate increases continue to flow through our book as evidenced by our strong direct premiums written growth of 19.4% in the quarter. We continue to selectively write new business in our existing states, including Florida. Specifically in Florida, we have seen a 9.5% year-over-year policy count growth, with 97% of this growth coming from outside of the tri-county area.”

1
The following information was filed by Universal Insurance Holdings, Inc. (UVE) on Tuesday, October 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
Investments (Tables)
Investments - Afs Allowance For Credit Losses (Details)
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 - Narrative (Details)
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 - 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
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)
Significant Accounting Policies (Policies)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Schedule Of Shares Repurchased (Details)
Subsequent Events
Variable Interest Entities
Variable Interest Entities (Details)

Material Contracts, Statements, Certifications & more

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

Exhibit 15.1: Letter Regards Unaudited Interim Financial Information
Exhibit 31.1: Section 302 Ceo Certification
Exhibit 31.2: Section 302 Cfo Certification
Exhibit 32: Section 906
Ticker: UVE
CIK: 891166
Form Type: 10-Q Quarterly Report
Accession Number: 0000891166-20-000066
Submitted to the SEC: Fri Oct 30 2020 4:36:58 PM EST
Accepted by the SEC: Fri Oct 30 2020
Period: Wednesday, September 30, 2020
Industry: Fire Marine And Casualty Insurance

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