Universal Insurance Holdings Inc
F:5UI
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Universal Insurance Holdings Inc
F:5UI
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Universal Insurance Holdings Inc
Universal Insurance Holdings is a property and casualty insurance company that focuses on residential insurance. Through its subsidiaries, it writes homeowners, dwelling fire, flood, and related policies, mainly for individuals and families who need protection for houses, condos, and rental properties. It also works with independent agents and managing general agents to reach customers in the markets it serves. The company makes money by collecting premiums up front and then paying claims when covered losses happen. It also earns investment income from the money it holds between collecting premiums and paying claims. Like other insurers, its business depends on pricing risk carefully, handling claims well, and keeping enough capital to cover future losses. What makes Universal different is that it is not a broad commercial insurer or a bank-like financial company; it is a focused residential insurer. Its role in the insurance chain is to take on homeowners and related property risk, package that protection into policies, and support a network of agents and service providers that sell and administer those policies.
Universal Insurance Holdings is a property and casualty insurance company that focuses on residential insurance. Through its subsidiaries, it writes homeowners, dwelling fire, flood, and related policies, mainly for individuals and families who need protection for houses, condos, and rental properties. It also works with independent agents and managing general agents to reach customers in the markets it serves.
The company makes money by collecting premiums up front and then paying claims when covered losses happen. It also earns investment income from the money it holds between collecting premiums and paying claims. Like other insurers, its business depends on pricing risk carefully, handling claims well, and keeping enough capital to cover future losses.
What makes Universal different is that it is not a broad commercial insurer or a bank-like financial company; it is a focused residential insurer. Its role in the insurance chain is to take on homeowners and related property risk, package that protection into policies, and support a network of agents and service providers that sell and administer those policies.
Profitability: Universal posted a very strong quarter, with adjusted diluted EPS of $1.84 versus $1.23 a year ago, helped by a much lower loss ratio and higher net premiums earned and investment income.
Underwriting: The net combined ratio improved to 91.6%, down 6.2 points year over year, as the net loss ratio fell 7.5 points to 64.8%.
Growth: Direct premiums written rose 4.1% to $621.3 million, with growth coming from both Florida and other states.
Florida outlook: Management said Florida’s legislative reforms have stabilized the homeowners market, reduced litigation pressure, and lowered Citizens’ role as a competitive threat.
Capital return: The company bought back about 122,000 shares for $4.5 million and still has $8.6 million left on its repurchase authorization; it also declared a 16-cent quarterly dividend.
Competitive stance: Management said it remains focused on writing rate-adequate business and sees room to keep expanding outside Florida as pricing improves.