Reinsurance News

Universal Insurance Holdings

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

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