Reinsurance News
Universal Insurance Holdings
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
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
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