Reinsurance News
Universal Insurance Holdings
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
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
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