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Universal Insurance Holdings

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

Universal announces homeowners insurance in Iowa

3rd November 2020

Florida headquartered and expansive primary insurance carrier Universal Insurance Holdings, has announced that its wholly-owned subsidiary, Universal Property & Casualty Insurance Company (Universal Property), has written multiple policies in Iowa since the end of Q3 2020. This will mark the 19th state where consumers can purchase a Universal Property policy through ... Read the full article

Universal’s CR weakens to 134.7% in Q3 as loss and LAE ratio spikes

28th October 2020

Florida headquartered and expansive primary insurance carrier, Universal Insurance Holdings, has announced a loss of $3.8 million for the third-quarter of 2020 and a combined ratio of 134.7%. Towards the end of September, Universal announced estimated Q3 cat losses resulting in “full retention events” for Hurricanes Isaias and Sally, noting ... Read the full article

Universal reports full retention cat losses for hurricanes Isaias & Sally

24th September 2020

Universal Insurance Holdings, the Florida headquartered and expansive primary insurance carrier, has announced Q3 2020 estimated catastrophe losses resulting in "full retention events" for Hurricane Isaias and Hurricane Sally. An announcement from the insurer on its catastrophe losses for the third-quarter related to the two hurricanes, suggests the firm has called ... Read the full article

Universal Property secures Tennessee license

21st August 2020

Universal Insurance Holdings announced today that its wholly-owned subsidiary, Universal Property & Casualty Insurance, has received a Certificate of Authority in Tennessee. This certificate approves Universal Property as a licensed insurance entity in Tennessee and will allow the company to expand its business in the state. This latest addition means Universal Property ... Read the full article

Universal promotes Poloskey to COO role

21st August 2020

Universal Insurance Holdings has announced the promotion of Michael Poloskey to take on the new role as Chief Operating Officer (COO). Poloskey’s position will take place effective immediately. He will be succeeding Steve Donaghy who was named CEO last summer. Donaghy commented: “This move fits with the natural progression of our organization ... Read the full article

Universal grows direct premiums in Q2 off higher organic pricing

30th July 2020

Florida headquartered and expansive primary insurance company, Universal Insurance Holdings, has reported an 8.1% rise in total revenue for the second-quarter of 2020, while quarterly direct premiums written jumped 13.1% to $404.7 million. The firm reports that during the second-quarter of the year, the COVID-19 pandemic did not have a material ... Read the full article

Universal’s Q2 weather losses above plan by $17mn

13th July 2020

Universal Insurance Holdings has announced that its estimated losses from incurred weather events are above plan in the second-quarter of 2020. Net of reinsurance recoveries, Universal incurred weather events above plan of roughly $17 million in the second-quarter of the year. The company explains that weather events in the quarter included impacts ... Read the full article

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