Reinsurance News

Universal Insurance Holdings

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

Universal’s Q4 to feature $80.1m of reserve strengthening & development

14th February 2022

Florida headquartered and expansive primary insurance company, Universal Insurance Holdings, has pre-announced an estimated net impact of around $80.1 million to its fourth quarter 2021 result as the company takes a more "conservative inflationary stance." The $80.1 million after-tax hit contributes 10.1 percentage points to Universal's full-year 2021 combined ratio. Universal estimates ... Read the full article

Universal shores up reserves, warns of $80m Q4 impact

11th February 2022

Florida headquartered and expansive primary insurance company, Universal Insurance Holdings, has said that it is expecting to incur $80.1 million of costs in the fourth quarter of 2021 due to reserve strengthening measures and adverse development. As a result of taking a more conservative inflationary stance, the company estimates 2021 accident ... Read the full article

Universal places $100m of senior notes to support growth

24th November 2021

Florida headquartered and expansive primary insurance company, Universal Insurance Holdings, has completed an upsized and oversubscribed private placement of $100 million aggregate principal amount of 5.625% senior unsecured notes to support its growth ambitions. The notes, due 2026, were placed with institutional accredited investors and qualified institutional buyers. Universal intends to use the ... Read the full article

Universal reports $432.9mn in DPW for Q3, return to underwriting profit

28th October 2021

Universal Insurance Holdings has reported its direct premiums written came in at $432.9 million in the third quarter of 2021, while the insurer's underwriting returned to profitable territory. Direct premiums earned for Q3 2021 were up 15.0% from the prior year's third quarter to $410.6 million, with an annualised return on ... Read the full article

Universal CEO says insurer is hyper-focused on driving more primary rate

4th August 2021

Florida headquartered insurer Universal is said to be hyper-focused on driving more primary rate into its portfolio, according to Chief Executive Officer Steve Donaghy. Speaking at a recent earnings call, Donaghy described how the two pillars of price and exposure discipline, along with recent property insurance legislation in Florida and a ... Read the full article

Universal Insurance reports 14% revenue growth in Q2

30th July 2021

Florida headquartered and expansive primary insurance company, Universal Insurance Holdings, has reported that its total revenue increased 14.3% in the second quarter, while direct premiums written jumped 17% to $473.6 million. The insurer also reported a combined ratio of 97.3%, which slightly improved from 99.5% in Q2 2020. The improvement was driven ... Read the full article

Universal secures highest level of open market cat capacity at reinsurance renewal

1st June 2021

Universal Insurance Holdings, Inc.'s wholly-owned insurance company subsidiaries have completed their 2021-2022 reinsurance programs, which includes the purchase of more open market catastrophe capacity than ever before. Effective June 1st, 2021, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), have completed their reinsurance ... Read the full article

Universal sees Q1 revenue increase 12% to $262mn

29th April 2021

Florida headquartered primary carrier Universal Insurance has announced a total revenue of $262.8 million for the first quarter of 2021, an increase of 11.7% from the prior year period. Direct premiums written were up 9.2% for the quarter, led by direct premium growth of 10.2% in Florida. On the expense side, the ... Read the full article

Universal reports $27m loss in Q4

26th February 2021

Universal Insurance Holdings, the Florida headquartered and expansive primary insurance carrier, has reported that it suffered a net loss of $27.0 million in the fourth quarter of 2020. It comes after Universal warned that it was due to incur catastrophe losses of $76.0 million for the quarter. The Q4 loss did ... Read the full article

Universal estimates Q4 cat losses at $76m

18th February 2021

Universal Insurance Holdings, the Florida headquartered and expansive primary insurance carrier, has announced that it expects to incur a total net impact of $76.0 million due to catastrophe losses in Q4. This figure ($57.7 million after-tax) covers estimated weather events in excess of plan for named hurricanes and PCS events. Universal also ... Read the full article

Universal names Chubb Tempest Re’s Burns as President of Blue Atlantic

25th January 2021

Universal Insurance Holdings, Inc. has announced the hiring of Jason Burns as President of its fully-licensed reinsurance intermediary, Blue Atlantic, effective immediately. Burns joins the firm from Chubb Tempest Re, where he most recently managed the US Pro Rata and Risk portfolio for the company out of its Stamford, Connecticut office. He ... Read the full article

Universal Insurance Holdings hires Matthew J. Palmieri as president

24th November 2020

Universal Insurance Holdings has announced that Matthew J. Palmieri has been appointed as President of Universal Property and Casualty Insurance Company. Palmieri previously served as President of Blue Atlantic Reinsurance Corporation, a wholly-owned reinsurance intermediary subsidiary of Universal Insurance Holdings. He began his career with UVE in 2006, working beside Jon W. ... Read the full article