Reinsurance News
Universal Insurance Holdings
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
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
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