Universal Reports First Quarter 2023 Results

  • Diluted earnings per common share of $0.79; diluted adjusted* earnings per common share of $0.79
  • Annualized return on average common equity (“ROCE”) of 31.7%, annualized adjusted* return on average common equity of 23.9%
  • Direct premiums written of $410.1 million, up 3.4% from the prior year quarter
  • Book value per share of $10.57, up 11.6% from fourth quarter 2022; adjusted book value per share of $13.52, up 4.9% from fourth quarter 2022

FORT LAUDERDALE, Fla.--()--Universal Insurance Holdings (NYSE: UVE) (“Universal” or the “Company”) reported first quarter 2023 results.

“It was a strong quarter, including a 23.9% annualized adjusted return on common equity and 23.4% adjusted diluted EPS growth year-on-year,” said Stephen J. Donaghy, Chief Executive Officer. “There are multiple factors benefiting our business and I’m optimistic as I look towards the future - the Florida legislature passed meaningful reforms at the December special session, which we believe will improve the long-term stability and profitability of our core business, while rate adequacy improves and higher fixed income yields boost the productivity of our investment portfolio. Additionally, as we sit here today, we already have our core all states property catastrophe reinsurance tower for the 2023-2024 period fully supported and secured with no material changes to our historical reinsurance partners or our terms and conditions, while the costs are well within our budget parameters. We are very pleased with the progress we have made in the current environment, which is a testament to the strength of our business.”

*Reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.

Quarterly Financial Results

 

Summary Financial Results

($thousands, except per share data)

Three Months Ended March 31,

 

 

2023

 

 

 

2022

 

 

Change

GAAP comparison

 

 

 

 

 

Total revenues

$

316,508

 

 

$

287,482

 

 

10.1

%

Operating income

$

34,427

 

 

$

24,079

 

 

43.0

%

Operating income margin

 

10.9

%

 

 

8.4

%

 

2.5 pts

 

 

 

 

 

 

Net income available to common stockholders

$

24,170

 

 

$

17,534

 

 

37.8

%

Diluted earnings per common share

$

0.79

 

 

$

0.56

 

 

41.1

%

 

 

 

 

 

 

Annualized ROCE

 

31.7

%

 

 

17.0

%

 

14.7 pts

Book value per share, end of period

$

10.57

 

 

$

12.80

 

 

(17.4

)%

 

 

 

 

 

 

Non-GAAP comparison1

 

 

 

 

 

Core revenue

$

316,339

 

 

$

290,820

 

 

8.8

%

Adjusted operating income

$

34,258

 

 

$

27,417

 

 

25.0

%

Adjusted operating income margin

 

10.8

%

 

 

9.4

%

 

1.4 pts

 

 

 

 

 

 

Adjusted net income available to common stockholders

$

24,043

 

 

$

20,049

 

 

19.9

%

Adjusted diluted earnings per common share

$

0.79

 

 

$

0.64

 

 

23.4

%

 

 

 

 

 

 

Annualized adjusted ROCE

 

23.9

%

 

 

17.8

%

 

6.1 pts

Adjusted book value per share, end of period

$

13.52

 

 

$

14.69

 

 

(8.0

)%

 

 

 

 

 

 

Underwriting Summary

 

 

 

 

 

Premiums:

 

 

 

 

 

Premiums in force

$

1,862,716

 

 

$

1,703,151

 

 

9.4

%

Policies in force

 

827,981

 

 

 

916,745

 

 

(9.7

)%

 

 

 

 

 

 

Direct premiums written

$

410,102

 

 

$

396,481

 

 

3.4

%

Direct premiums earned

$

455,368

 

 

$

414,603

 

 

9.8

%

Ceded premiums earned

$

(173,144

)

 

$

(145,539

)

 

19.0

%

Ceded premium ratio

 

38.0

%

 

 

35.1

%

 

2.9 pts

Net premiums earned

$

282,224

 

 

$

269,064

 

 

4.9

%

 

 

 

 

 

 

Net ratios:

 

 

 

 

 

Loss ratio

 

73.1

%

 

 

68.8

%

 

4.3 pts

Expense ratio

 

26.9

%

 

 

29.1

%

 

(2.2) pts

Combined ratio

 

100.0

%

 

 

97.9

%

 

2.1 pts

1 Reconciliation of GAAP to non-GAAP financial measures are provided in the attached tables. Adjusted net income available to common stockholders, adjusted diluted earnings per common share and core revenue exclude net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities. Adjusted operating income excludes the items above and interest and amortization of debt issuance costs. Adjusted book value per share excludes accumulated other comprehensive income, net of taxes. Adjusted ROCE is calculated by dividing annualized adjusted net income available to common stockholders by average adjusted book value per share, with the denominator further excluding current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities.

Net Income and Adjusted Net Income

Net income available to common stockholders was $24.2 million, up from $17.5 million in the prior year quarter, and adjusted net income available to common stockholders was $24.0 million, up from $20.0 million in the prior year quarter. The increase in adjusted net income available to common stockholders mostly stems from higher net premiums earned, net investment income and commission revenue and a lower net expense ratio, partly offset by a higher net loss ratio.

Revenues

Revenue was $316.5 million, up 10.1% from the prior year quarter and core revenue was $316.3 million, up 8.8% from the prior year quarter. The increase in core revenue primarily stems from higher net premiums earned, net investment income and commission revenue.

Direct premiums written were $410.1 million, up 3.4% from the prior year quarter. The increase stems from 0.9% growth in Florida and 17.2% growth in other states. Growth reflects rate increases, partly offset by lower policies in force.

Direct premiums earned were $455.4 million, up 9.8% from the prior year quarter. The increase stems from rate-driven direct premiums written growth over the past twelve months.

The ceded premium ratio was 38.0%, up from 35.1% in the prior year quarter. The increase primarily reflects reinstatement premiums associated with Hurricane Ian, which were partly offset by reinsurance brokerage commissions earned on those reinstatement premiums, as referenced in the commissions, policy fees and other revenue section below. Additionally, the higher ceded premium ratio reflects higher reinsurance pricing and higher reinsurance costs associated with the increase in insured values, partly offset by direct premiums earned growth associated with primary rate increases and reinsurance savings associated with leveraging our self-insured captive to a greater degree than the prior year.

Net premiums earned were $282.2 million, up 4.9% from the prior year quarter. The increase is primarily attributable to higher direct premiums earned, partly offset by a higher ceded premium ratio, as described above.

Net investment income was $10.7 million, up from $4.0 million in the prior year quarter. The increase primarily stems from higher fixed income reinvestment yields and higher yields on cash.

Commissions, policy fees and other revenue were $23.4 million, up 32.2% from the prior year quarter. The increase primarily reflects higher reinsurance brokerage commission revenue, which benefited from higher ceded premiums, including reinstatement premiums associated with Hurricane Ian, and the difference in our reinsurance program’s structure relative to the prior year quarter, partly offset by a decline in policy fees associated with lower policies in force.

Margins

The GAAP operating income margin was 10.9%, up from a GAAP operating income margin of 8.4% in the prior year quarter and the adjusted operating income margin was 10.8%, up from an adjusted operating income margin of 9.4% in the prior year quarter. The higher adjusted operating income margin primarily reflects higher net investment income and commission revenue and a lower net expense ratio, partly offset by a higher net loss ratio.

The net loss ratio was 73.1%, up 4.3 points compared to the prior year quarter. The increase primarily reflects a higher attritional initial accident year loss pick and higher prior year reserve development as a percentage of net premiums earned, partly offset by lower weather losses as a percentage of net premiums earned.

The net expense ratio was 26.9%, down 2.2 points from 29.1% in the prior year quarter. The reduction primarily reflects lower renewal commission rates paid to distribution partners.

The net combined ratio was 100.0%, up 2.1 points compared to the prior year quarter. The increase reflects a higher net loss ratio, partly offset by a lower net expense ratio, as described above.

Capital Deployment

On April 12, 2023, the Board of Directors declared a quarterly cash dividend of 16 cents per share of common stock, payable on May 19, 2023, to shareholders of record as of the close of business on May 12, 2023.

Conference Call and Webcast

  • Friday, April 28, 2023 at 10:00 a.m. ET
  • Investors and other interested parties may listen to the call by accessing the online, real-time webcast at universalinsuranceholdings.com/investors or by registering in advance via teleconference at https://register.vevent.com/register/BI602cbc3e0b814bbda9b9d8a759ea4a58. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. An online replay of the call will be available at universalinsuranceholdings.com/investors soon after the investor call concludes.

About Universal Insurance Holdings, Inc.

Universal Insurance Holdings, Inc. (NYSE: UVE) is a holding company providing property and casualty insurance and value-added insurance services. We develop, market, and write insurance products for consumers predominantly in the personal residential homeowners lines of business and perform substantially all other insurance-related services for our primary insurance entities, including risk management, claims management and distribution. We provide insurance products through both our appointed independent agents and through our direct online distribution channels in the United States across 19 states (primarily Florida). Learn more at universalinsuranceholdings.com.

Non-GAAP Financial Measures and Key Performance Indicators

This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the U.S. Securities and Exchange Commission (“SEC”), including core revenue, adjusted net income available to common stockholders and diluted adjusted earnings (loss) per common share, which exclude the impact of net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities. Adjusted operating income and adjusted operating income margin exclude the impact of net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities and interest and amortization of debt issuance costs. Adjusted common stockholders’ equity and adjusted book value per share exclude accumulated other comprehensive income (AOCI), net of taxes. Adjusted return on common equity excludes after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities from the numerator and AOCI, net of taxes, and current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities from the denominator. A “non-GAAP financial measure” is generally defined as a numerical measure of a company’s historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles (“GAAP”). UVE management believes that these non-GAAP financial measures are meaningful, as they allow investors to evaluate underlying revenue and profitability trends and enhance comparability across periods. When considered together with the GAAP financial measures, management believes these metrics provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. UVE management also believes that these non-GAAP financial measures enhance the ability of investors to analyze UVE’s business trends and to understand UVE’s operational performance. UVE’s management utilizes these non-GAAP financial measures as guides in long-term planning. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures presented in accordance with GAAP. For more information regarding our key performance indicators, please refer to the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Key Performance Indicators” in our forthcoming Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “will,” “plan,” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Such statements may include commentary on plans, products and lines of business, marketing arrangements, reinsurance programs and other business developments and assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, including those risks and uncertainties described under the heading “Risk Factors” and “Liquidity and Capital Resources” in our 2022 Annual Report on Form 10-K, and supplemented in our subsequent Quarterly Reports on Form 10-Q. Future results could differ materially from those described, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For further information regarding risk factors that could affect the Company’s operations and future results, refer to the Company’s reports filed with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K and the most recent quarterly reports on Form 10-Q.

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except per share data)

 

 

 

March 31,

 

December 31,

 

 

 

2023

 

 

 

2022

 

ASSETS:

 

 

 

 

Invested Assets

 

 

 

 

Fixed maturities, at fair value

 

$

1,026,555

 

 

$

1,014,626

 

Equity securities, at fair value

 

 

92,906

 

 

 

85,469

 

Investment real estate, net

 

 

5,665

 

 

 

5,711

 

Total invested assets

 

 

1,125,126

 

 

 

1,105,806

 

Cash and cash equivalents

 

 

330,155

 

 

 

388,706

 

Restricted cash and cash equivalents

 

 

2,635

 

 

 

2,635

 

Prepaid reinsurance premiums

 

 

124,308

 

 

 

282,427

 

Reinsurance recoverable

 

 

678,094

 

 

 

808,850

 

Premiums receivable, net

 

 

64,844

 

 

 

69,574

 

Property and equipment, net

 

 

50,193

 

 

 

51,404

 

Deferred policy acquisition costs

 

 

97,893

 

 

 

103,654

 

Goodwill

 

 

2,319

 

 

 

2,319

 

Other assets

 

 

75,453

 

 

 

74,779

 

TOTAL ASSETS

 

$

2,551,020

 

 

$

2,890,154

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

LIABILITIES:

 

 

 

 

Unpaid losses and loss adjustment expenses

 

$

870,407

 

 

$

1,038,790

 

Unearned premiums

 

 

898,588

 

 

 

943,854

 

Advance premium

 

 

92,235

 

 

 

54,964

 

Reinsurance payable, net

 

 

91,932

 

 

 

384,504

 

Long-term debt, net

 

 

102,578

 

 

 

102,769

 

Other liabilities

 

 

173,474

 

 

 

77,377

 

Total liabilities

 

 

2,229,214

 

 

 

2,602,258

 

STOCKHOLDERS' EQUITY:

 

 

 

 

Cumulative convertible preferred stock ($0.01 par value)2

 

 

 

 

 

 

Common stock ($0.01 par value)3

 

 

472

 

 

 

472

 

Treasury shares, at cost - 16,790 and 16,790

 

 

(238,758

)

 

 

(238,758

)

Additional paid-in capital

 

 

113,425

 

 

 

112,509

 

Accumulated other comprehensive income (loss), net of taxes

 

 

(89,991

)

 

 

(103,782

)

Retained earnings

 

 

536,658

 

 

 

517,455

 

Total stockholders' equity

 

 

321,806

 

 

 

287,896

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

2,551,020

 

 

$

2,890,154

 

 

 

 

 

 

Notes:

 

 

 

 

2 Cumulative convertible preferred stock ($0.01 par value): Authorized - 1,000 shares; Issued - 10 and 10 shares; Outstanding - 10 and 10 shares; Minimum liquidation preference - $9.99 and $9.99 per share.

3 Common stock ($0.01 par value): Authorized - 55,000 shares; Issued - 47,230 and 47,179 shares; Outstanding 30,440 and 30,389 shares.

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands)

 

 

 

Three Months Ended

 

 

March 31,

 

 

 

2023

 

 

 

2022

 

REVENUES

 

 

 

 

Net premiums earned

 

$

282,224

 

 

$

269,064

 

Net investment income

 

 

10,698

 

 

 

4,042

 

Net realized gains (losses) on investments

 

 

(788

)

 

 

58

 

Net change in unrealized gains (losses) of equity securities

 

 

957

 

 

 

(3,396

)

Commission revenue

 

 

17,282

 

 

 

11,161

 

Policy fees

 

 

4,167

 

 

 

4,779

 

Other revenue

 

 

1,968

 

 

 

1,774

 

Total revenues

 

 

316,508

 

 

 

287,482

 

 

 

 

 

 

EXPENSES

 

 

 

 

Losses and loss adjustment expenses

 

 

206,154

 

 

 

185,106

 

Policy acquisition costs

 

 

51,691

 

 

 

54,723

 

Other operating expenses

 

 

24,236

 

 

 

23,574

 

Total operating costs and expenses

 

 

282,081

 

 

 

263,403

 

Interest and amortization of debt issuance costs

 

 

1,636

 

 

 

1,608

 

Income before income tax expense

 

 

32,791

 

 

 

22,471

 

Income tax expense

 

 

8,618

 

 

 

4,934

 

NET INCOME

 

$

24,173

 

 

$

17,537

 

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

SHARE AND PER SHARE INFORMATION

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

March 31,

 

 

 

2023

 

 

 

2022

 

Weighted average common shares outstanding - basic

 

 

30,382

 

 

 

31,147

 

Weighted average common shares outstanding - diluted

 

 

30,626

 

 

 

31,227

 

Shares outstanding, end of period

 

 

30,440

 

 

 

30,946

 

Basic earnings per common share

 

$

0.80

 

 

$

0.56

 

Diluted earnings per common share

 

$

0.79

 

 

$

0.56

 

Cash dividend declared per common share

 

$

0.16

 

 

$

0.16

 

Book value per share, end of period

 

$

10.57

 

 

$

12.80

 

Annualized return on average common equity (ROCE)

 

 

31.7

%

 

 

17.0

%

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

SUPPLEMENTARY INFORMATION

(in thousands, except for Policies In Force data)

 

 

 

Three Months Ended

 

 

March 31,

 

 

 

2023

 

 

 

2022

 

Premiums

 

 

 

 

Direct premiums written - Florida

 

$

337,365

 

 

$

334,437

 

Direct premiums written - Other States

 

 

72,737

 

 

 

62,044

 

Direct premiums written - Total

 

$

410,102

 

 

$

396,481

 

Direct premiums earned

 

$

455,368

 

 

$

414,603

 

Net premiums earned

 

$

282,224

 

 

$

269,064

 

 

 

 

 

 

Underwriting Ratios - Net

 

 

 

 

Loss and loss adjustment expense ratio

 

 

73.1

%

 

 

68.8

%

Policy acquisition cost ratio

 

 

18.3

%

 

 

20.3

%

Other operating expense ratio

 

 

8.6

%

 

 

8.8

%

Expense ratio

 

 

26.9

%

 

 

29.1

%

Combined ratio

 

 

100.0

%

 

 

97.9

%

 

 

 

 

 

Other Items

 

 

 

 

Net prior years’ reserve development

 

$

3,318

 

 

$

655

 

Points on the net loss and loss adjustment expense ratio

 

1.2 pts

 

0.2 pts

 

 

As of

 

 

March 31,

 

 

 

2023

 

 

2022

Policies in force

 

 

 

 

Florida

 

 

595,327

 

 

672,029

Other States

 

 

232,654

 

 

244,716

Total

 

 

827,981

 

 

916,745

 

 

 

 

 

Premiums in force

 

 

 

 

Florida

 

$

1,543,967

 

$

1,416,185

Other States

 

 

318,749

 

 

286,966

Total

 

$

1,862,716

 

$

1,703,151

 

 

 

 

 

Total Insured Value

 

 

 

 

Florida

 

$

197,085,882

 

$

201,091,861

Other States

 

 

123,651,801

 

 

118,041,945

Total

 

$

320,737,683

 

$

319,133,806

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands, except for per share data)

GAAP revenue to core revenue

 

Three Months Ended

 

March 31,

 

 

2023

 

 

 

2022

 

GAAP revenue

$

316,508

 

 

$

287,482

 

less: Net realized gains (losses) on investments

 

(788

)

 

 

58

 

less: Net change in unrealized gains (losses) of equity securities

 

957

 

 

 

(3,396

)

Core revenue

$

316,339

 

 

$

290,820

 

GAAP operating income to adjusted operating income

 

Three Months Ended

 

March 31,

 

 

2023

 

 

 

2022

 

GAAP income before income tax expense

$

32,791

 

 

$

22,471

 

add: Interest and amortization of debt issuance costs

 

1,636

 

 

 

1,608

 

GAAP operating income

 

34,427

 

 

 

24,079

 

less: Net realized gains (losses) on investments

 

(788

)

 

 

58

 

less: Net change in unrealized gains (losses) of equity securities

 

957

 

 

 

(3,396

)

Adjusted operating income

$

34,258

 

 

$

27,417

 

GAAP operating income margin to adjusted operating income margin

 

Three Months Ended

 

March 31,

 

 

2023

 

 

 

2022

 

GAAP operating income (a)

$

34,427

 

 

$

24,079

 

GAAP revenue (b)

 

316,508

 

 

 

287,482

 

GAAP operating income margin (a÷b)

 

10.9

%

 

 

8.4

%

Adjusted operating income (c)

 

34,258

 

 

 

27,417

 

Core revenue (d)

 

316,339

 

 

 

290,820

 

Adjusted operating income margin (c÷d)

 

10.8

%

 

 

9.4

%

GAAP net income (NI) to adjusted NI available to common stockholders

 

Three Months Ended

 

March 31,

 

 

2023

 

 

 

2022

 

GAAP NI

$

24,173

 

 

$

17,537

 

less: Preferred dividends

 

3

 

 

 

3

 

GAAP NI available to common stockholders (e)

 

24,170

 

 

 

17,534

 

less: Net realized gains (losses) on investments

 

(788

)

 

 

58

 

less: Net change in unrealized gains (losses) of equity securities

 

957

 

 

 

(3,396

)

add: Income tax effect on above adjustments

 

42

 

 

 

(823

)

Adjusted NI available to common stockholders (f)

$

24,043

 

 

$

20,049

 

 

 

 

 

Weighted average diluted common shares outstanding (g)

 

30,626

 

 

 

31,227

 

Diluted earnings per common share (e÷g)

$

0.79

 

 

$

0.56

 

Diluted adjusted earnings per common share (f÷g)

$

0.79

 

 

$

0.64

 

GAAP stockholders’ equity to adjusted common stockholders’ equity

 

As of

 

March 31,

 

March 31,

 

 

December 31,

 

 

2023

 

 

 

2022

 

 

 

 

2022

 

GAAP stockholders’ equity

$

321,806

 

 

$

396,341

 

 

 

$

287,896

 

less: Preferred equity

 

100

 

 

 

100

 

 

 

 

100

 

Common stockholders’ equity (h)

 

321,706

 

 

 

396,241

 

 

 

 

287,796

 

less: Accumulated other comprehensive (loss), net of taxes

 

(89,991

)

 

 

(58,478

)

 

 

 

(103,782

)

Adjusted common stockholders’ equity (i)

$

411,697

 

 

$

454,719

 

 

 

$

391,578

 

 

 

 

 

 

 

 

Shares outstanding (j)

 

30,440

 

 

 

30,946

 

 

 

 

30,389

 

Book value per common share (h÷j)

$

10.57

 

 

$

12.80

 

 

 

$

9.47

 

Adjusted book value per common share (i÷j)

$

13.52

 

 

$

14.69

 

 

 

$

12.89

 

GAAP return on common equity (ROCE) to adjusted ROCE

 

 

Three Months Ended

 

 

Year Ended

 

March 31,

 

 

December 31,

 

 

2023

 

 

 

2022

 

 

 

 

2022

 

Actual or Annualized NI available to common stockholders (k)

$

96,680

 

 

$

70,136

 

 

 

$

(22,267

)

Average common stockholders’ equity (l)

 

304,751

 

 

 

412,922

 

 

 

 

358,699

 

ROCE (k÷l)

 

31.7

%

 

 

17.0

%

 

 

 

(6.2

) %

Actual or Annualized adjusted NI available to common stockholders (m)

$

96,172

 

 

$

80,196

 

 

 

$

(12,618

)

 

 

 

 

 

 

 

Adjusted average common stockholders’ equity4 (n)

 

401,574

 

 

 

451,202

 

 

 

 

423,199

 

Adjusted ROCE (m÷n)

 

23.9

%

 

 

17.8

%

 

 

 

(3.0

) %

 

 

 

 

 

 

 

4 Adjusted average common stockholders’ equity excludes current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities.

 

Contacts

Arash Soleimani, CFA, CPA, CPCU
Chief Strategy Officer
954-804-8874
asoleimani@universalproperty.com

Contacts

Arash Soleimani, CFA, CPA, CPCU
Chief Strategy Officer
954-804-8874
asoleimani@universalproperty.com