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Universal Insurance Holdings

UIH Insurance subsidiaries complete 2020-2021 reinsurance programs

1st June 2020

The insurance subsidiaries of Universal Holdings have completed their 2020-2021 reinsurance programs, effective June 1, 2020. “We are pleased to announce the completion and outcome of the 2020-2021 reinsurance programs for both of our insurance companies,” said Jon W. Springer, President and Chief Risk Officer of the Company. “We are in unprecedented ... Read the full article

Universal reports 15.7% rise in direct premiums for Q1

28th April 2020

Universal Insurance Holdings has reported a 15.7% increase in direct premiums written for the first quarter, totalling $334.6 million, against the prior year quarter. Total revenue decreased 0.6% for the quarter, driven primarily by higher reinsurance costs and unrealised losses on investments, partially offset by higher organic premium pricing and volume ... Read the full article

Universal reports Q4 operating loss, combined ratio weakens

3rd March 2020

Floridian P&C insurer Universal Insurance Holdings saw its combined ratio weaken to 142.9% and 103.9% for the fourth-quarter and full year 2019, respectively, driven by reserve strengthening, adverse weather events, subrogation recoveries, and reduced benefits from claim settlement fees. When compared with the fourth-quarter and full year 2018, Universal's combined ratio ... Read the full article

Universal’s income down 17% in Q2, as loss ratio climbs

1st August 2019

Florida-based property and casualty insurer Universal Insurance has released its results for the first half of 2019, reporting a 16.8% decrease in income before taxes. Income slipped by $10.3 million to $50.9 million in Q2 2019, compared with $61.2 million for the same period in the previous year. Looking at the first ... Read the full article

Universal Insurance CEO Downes shifts to Exec Chairman role

12th July 2019

Florida-based property and casualty insurer Universal Insurance has announced the appointment of Sean P. Downes as Executive Chairman, effective July 15. Downes has spent over 20 years as an executive of Universal, and the past six years as Chairman and Chief Executive Officer. Current Chief Operating Officer, Stephen J. Donaghy, has been ... Read the full article

Universal Property enters Wisconsin

21st June 2019

Universal Property & Casualty Insurance Company (Universal Property), a wholly owned subsidiary of Universal Insurance Holdings, Inc., has successfully completed its expansion into Wisconsin. The insurer has announced that it has now received a Certificate of Authority in Wisconsin, meaning it has been approved to operate as a licensed insurance company ... Read the full article

Universal’s P&C units secure largest cat reinsurance programs to date

31st May 2019

Universal Insurance Holdings, Inc. has announced that its subsidiaries, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), have completed their 2019-20 reinsurance programs, effective June 1. The units secured more catastrophe coverage than at any other point in Universal’s history, with the top ... Read the full article

Universal’s Jon Springer highlights speculation around mid-year rate movements

30th April 2019

Speculation remains around the magnitude of rate movements at the mid-year 2019 reinsurance renewals, underpinned by the potential impact on pricing from recent legislation targeting assignment of benefits (AOB) abuse in the state of Florida, according to Jon Springer, the President and Chief Risk Officer (CRO) of Universal Insurance Holdings, ... Read the full article

Universal’s operating income drops in Q1 due to higher losses

25th April 2019

Florida-based property and casualty (P&C) insurer Universal Insurance Holdings, Inc. has posted its results for the first quarter of 2019, which show a 20.5% drop in adjusted operating income due primarily to a $37.17 million increase in losses and loss adjustment expenses. Universal’s combined ratio was 87.2% in Q1 2019, compared ... Read the full article

Reinsurers to assume majority of Universal’s Michael losses

23rd October 2018

Universal Insurance Holdings, Inc. has announced that it expects gross losses and loss adjustment expenses of between $300 million and $350 million from the impact of hurricane Michael, the majority of which is to be assumed by reinsurers. The firm has announced that the up to $350 million gross loss from ... Read the full article

Combined Irma loss creep exceeds $1bn for Floridian insurers

16th August 2018

The devastation caused by hurricane Irma continues to impact Floridian insurance companies, with a number of market players increasing their loss reserves as creep from the storm continues. Recorded as the strongest storm to exist in the open Atlantic region, hurricane Irma devastated parts of South U.S., especially Florida, as well ... Read the full article

Universal’s P&C subsidiaries finalise 2018-19 reinsurance programmes

31st May 2018

Universal Insurance Holdings, Inc. has announced that its wholly owned subsidiaries, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), have completed their 2018-19 reinsurance programmes. Private participants in the reinsurance programmes include Nephila Capital (via Allianz Risk Transfer), Everest Re, RenaissanceRe, Chubb Tempest ... Read the full article

Universal to maintain catastrophe retention and increase reinsurance cover

30th April 2018

Jon Springer, President and Chief Risk Officer (CRO) of Universal Insurance Holdings has indicated that the company plans to maintain its current level of catastrophe retention and increase its reinsurance cover, while at the same time spending less than in prior years. Speaking during Universal’s Q1 2018 earnings call, Springer also ... Read the full article

Universal gets greenlight for New York underwriting operations

21st June 2017

The New York State Department of Financial Services has given Universal Insurance Holdings approval to begin underwriting property insurance in New York through its wholly-owned subsidiary Universal Property & Casualty Insurance Company (UPCIC). Universal Insurance Holdings Chairman and Chief Executive Officer Sean P. Downes said this marks an important step in ... Read the full article

Universal subsidiaries finalise 2017 reinsurance programmes, reduce retentions

2nd June 2017

Universal Insurance Holdings, Inc. subsidiaries have announced the completion of their 2017-2018 reinsurance programmes, which includes participation from Nephila Capital (via Allianz Risk Transfer), Everest Re, RenaissanceRe, Chubb Tempest Re and a number of Lloyd's of London syndicates. Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty ... Read the full article

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