Reinsurance News
Universal Insurance Holdings
Universal Insurance reports Q4’23 CoR of 103.7% and net income of $20m
23rd February 2024
Florida-domiciled and expansive primary insurance company, Universal Insurance Holdings, has reported a Q4 2023 combined ratio of 103.7%, an increase of 2.3 points from the comparative quarter, reflecting a higher net loss ratio as the net expense ratio came down. The insurer’s loss ratio increased by 5.6 points in Q4 2023 ... Read the full article
Universal sees Q3 net loss of $5.9m, combined ratio drops 28.5 points
27th October 2023
Universal Insurance Holdings has reported a Q3 net loss of $5.9 million, much improved compared to a loss of $72.3 million in the same quarter last year, while the firm's combined ratio dropped 28.5 points to 110.7%. Universal's adjusted net loss available to common stockholders was $4.6 million, compared to a ... Read the full article
Universal Insurance reports improved combined ratio as net income rises in Q2
28th July 2023
Universal Insurance Holdings has reported a Q2 2023 combined ratio of 99.1%, 1.8 points lower than in Q2 2022 which stood at 100.9%. For the quarter, the combined ratio consists of a 73.5% loss ratio and a 25.3% expense ratio, compared with 72.3% and 28.6%, respectively, a year earlier. The company’s direct ... Read the full article
Universal completes combined 2023-24 reinsurance program for subsidiaries
31st May 2023
Universal Insurance Holdings, Inc. has announced the completion of its combined 2023-2024 reinsurance program, effective June 1, 2023, by Universal Property & Casualty Insurance Company and American Platinum Property and Casualty Insurance Company, its wholly-owned insurance company subsidiaries. UPCIC and APPCIC set the top of their combined ... Read the full article
Universal sees net income rise in Q1 results
28th April 2023
Universal Insurance Holdings has reported a net income of $24.2 million in its Q1 results, up from $17.5 million in the prior year quarter. Adjusted net income was $24 million for the quarter, representing a $4 million increase from last years $20 million. At the same time, revenue was $316.5 million, representing ... Read the full article
Universal reports $25m net income in Q4
24th February 2023
Universal Insurance Holdings has reported a net income of $25.1 million for the fourth quarter of 2022, up from a net loss of $48.1 million in the prior year quarter. The company also reported an adjusted net income of $22.1 million, up from adjusted net loss of $47.8 million in the ... Read the full article
Universal reports a $72m net loss in Q3
28th October 2022
Universal Insurance Holdings has reported a net loss of $72.3 million for the third quarter of 2022, down from a net income of $20.2 million in the prior year quarter. The company also reported an adjusted net loss of $69.4 million for the quarter, down from adjusted net income of $19.8 ... Read the full article
William Degnan named Chief Claims Officer at Universal
20th October 2022
Universal Insurance Holdings has announced the appointment of William Degnan as Chief Claims Officer. Degnan was previously Executive Vice President, Claims of Alder Adjusting Corporation, Universal’s wholly owned claims adjusting subsidiary. As Chief Claims Officer, Degnan will continue to lead enterprise-wide claims processing and adjusting, overseeing over 300 professionals and multiple third-party ... Read the full article
Universal pegs ultimate hurricane Ian loss at $1 billion
12th October 2022
Universal Insurance Holdings has so far received approximately 18,000 claims following the impacts of hurricane Ian and expects its overall gross ultimate loss from the storm to be $1 billion, which is below its $3 billion reinsurance tower. To date, Universal has received around half the number of claims as it ... Read the full article
Universal income shrinks amid challenging Florida claims market
28th July 2022
Florida headquartered insurer Universal Insurance Holdings has reported a 66% decrease in net income over the second quarter of 2022, from $21.9 million last year to just $7.4 million. The company primarily attributed the decline to a higher net loss ratio, partly offset by a lower net expense ratio and higher ... Read the full article
Universal appoints Elizabeth Hansen as chief actuary
26th July 2022
Universal has appointed Elizabeth Hansen as its new chief actuary. Hansen is moving into her new role from being senior vice president of Blue Atlantic Reinsurance Corporation, one of Universal’s subsidiaries. In her new role, she will oversee pricing, reserving, and co-lead risk monitoring enterprise-wide. Steve Donaghy, chief executive officer of Universal, ... Read the full article
Universal renews reinsurance at higher cost with more capacity
1st June 2022
Florida headquartered and expansive primary insurance company, Universal Insurance Holdings, has announced that it has successfully renewed its reinsurance coverage at a “modestly” higher cost. Changes to the program include more open market catastrophe capacity across all treaties and multiple events, as well as a reduction to the top end of ... Read the full article
Universal reports annualised return on equity of nearly 17%
29th April 2022
Universal is reporting an annualised return on equity of nearly 17%, according to its latest company reports. The firm said that its direct written premiums in Q1 2022 were up 8.5% from the same point in the previous year, having reached $396.5m. However, direct premiums earned were only up 10.4% from ... Read the full article
Universal shakes up its leadership structure
14th March 2022
Universal Insurance Holdings has made three changes to its leadership structure. The firm has appointed Arash Soleimani to be its new chief strategy officer, while promoting Rob Luther and Gary Ropiecki to be its new chief investment officer and new principal accounting officer, respectively. According to Universal, Soleimani will oversee the strategy ... Read the full article
Universal improves full-year income despite heavy Q4 loss
25th February 2022
Florida headquartered and expansive primary insurance company, Universal Insurance Holdings, has reported a 17.3% increase in net income for 2021, despite suffering a heavy loss in the fourth quarter. Income for the full year was $28.4 million, compared with $24.2 million in the previous year, while the Q4 loss amounted to ... Read the full article