Universal Insurance Holdings (UVE) is a holding company offering property and casualty insurance and value-added insurance services. The company develops, markets, and writes insurance products for consumers predominantly in the personal residential homeowners lines of business and performs substantially all other insurance-related services for its primary insurance entities, including risk management, claims management and distribution. The company sells insurance products through both its appointed independent agents and through its direct online distribution channels in the United States across 19 states (primarily Florida).

Company profile
Ticker
UVE
Exchange
CEO
Stephen Donaghy
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
UNIVERSAL HEIGHTS INC, UNIVERSAL INSURANCE HOLDINGS INC
SEC CIK
Corporate docs
Subsidiaries
Coastal Homeowners Insurance Specialists, Inc. • Tigerquote.com Insurance Solutions of Ohio, Inc. • Tigerquote.com Insurance Solutions of Pennsylvania, Inc. • Universal Adjusting Corporation • Assurance Systems, Inc. • Universal Inspection Corporation • Protection Solutions, Inc. • Universal Property & Casualty Insurance Company • Evolution Risk Advisors, Inc. • Oak90 Capital, Inc. ...
IRS number
650231984
UVE stock data
News

Insurance Stocks Moving In Monday's Intraday Session
13 Jun 22
Insurance Stocks Moving In Thursday's Intraday Session
19 May 22
Insurance Stocks Moving In Friday's Intraday Session
29 Apr 22
Universal Insurance Hldgs Q1 Adj. EPS $0.64 Beats $0.57 Estimate
28 Apr 22
Earnings Scheduled For April 28, 2022
28 Apr 22
Press releases
Universal's Insurance Subsidiaries Complete 2022-2023 Reinsurance Programs
31 May 22
Universal Reports First Quarter 2022 Results
28 Apr 22
Universal Insurance Holdings Declares Cash Dividend of 16 Cents per Share
20 Apr 22
Universal Announces First Quarter 2022 Earnings Release and Conference Call Dates
12 Apr 22
Investment data
Securities sold
Number of investors
Calendar
2 May 22
2 Jul 22
31 Dec 22
Financial summary
Quarter (USD) | Mar 22 | Dec 21 | Sep 21 | Jun 21 | |
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Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Revenue | |||||
Cost of revenue | |||||
Operating income | |||||
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Net income | |||||
Net profit margin | |||||
Cash on hand | |||||
Change in cash | |||||
Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 168.03M | 168.03M | 168.03M | 168.03M | 168.03M | 168.03M |
Cash burn (monthly) | 28.37M | (no burn) | (no burn) | (no burn) | 9.03M | (no burn) |
Cash used (since last report) | 86.95M | n/a | n/a | n/a | 27.67M | n/a |
Cash remaining | 81.09M | n/a | n/a | n/a | 140.37M | n/a |
Runway (months of cash) | 2.9 | n/a | n/a | n/a | 15.5 | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
24 Jun 22 | Downes Sean P | Common Stock | Sell | Dispose S | No | No | 12.93 | 20,000 | 258.6K | 1,401,539 |
14 Jun 22 | Downes Sean P | Common Stock | Grant | Acquire A | No | No | 0 | 41,017 | 0 | 1,421,539 |
10 Jun 22 | Scott P. Callahan | Common Stock | Grant | Acquire A | No | No | 0 | 5,337 | 0 | 13,873 |
10 Jun 22 | Marlene Gordon | Common Stock | Grant | Acquire A | No | No | 0 | 5,337 | 0 | 12,337 |
10 Jun 22 | Francis Xavier McCahill III | Common Stock | Grant | Acquire A | No | No | 0 | 5,337 | 0 | 10,337 |
Institutional ownership, Q1 2022
67.4% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 134 |
Opened positions | 21 |
Closed positions | 24 |
Increased positions | 49 |
Reduced positions | 44 |
13F shares | Current |
---|---|
Total value | 281.05M |
Total shares | 20.85M |
Total puts | 36.3K |
Total calls | 17.8K |
Total put/call ratio | 2.0 |
Largest owners | Shares | Value |
---|---|---|
BLK Blackrock | 4.51M | $60.83M |
Vanguard | 2.9M | $39.15M |
Dimensional Fund Advisors | 1.73M | $23.3M |
LSV Asset Management | 1.3M | $17.52M |
STT State Street | 1.2M | $16.21M |
IVZ Invesco | 1.17M | $15.83M |
Donald Smith & Co. | 896.05K | $12.09M |
Geode Capital Management | 495.57K | $6.69M |
Bridgeway Capital Management | 462.08K | $6.23M |
Jacobs Levy Equity Management | 427.62K | $5.77M |
Financial report summary
?Risks
- RISKS RELATING TO OUR BUSINESS AND OPERATIONS
- As a property and casualty insurer, we face significant losses when catastrophes and severe weather events occur.
- Actual claims incurred have exceeded, and in the future may exceed, reserves established for claims, adversely affecting our operating results and financial condition.
- When we fail to accurately and adequately price the risks we underwrite, we may not be able to generate sufficient premiums to pay losses and expenses and we may experience other negative impacts on our profitability and financial condition, including harm to our competitive position.
- Unanticipated increases in the severity or frequency of claims adversely affect our profitability and financial condition.
- The failure of the risk mitigation strategies we utilize could have a material adverse effect on our financial condition or results of operations.
- Because we rely on independent insurance agents, the loss of these independent agent relationships and the business they control or our ability to attract new independent agents could have an adverse impact on our business.
- We rely on models as a tool to evaluate risk, and those models are inherently uncertain and may not accurately predict existing or future losses.
- Reinsurance may be unavailable in the future at reasonable levels and prices or on reasonable terms, which may limit our ability to write new business or to adequately mitigate our exposure to loss.
- Reinsurance subjects us to the credit risk of our reinsurers, which could have a material adverse effect on our operating results and financial condition.
- Our financial condition and operating results are subject to the cyclical nature of the property and casualty insurance business.
- Because we conduct the majority of our business in Florida, our financial results depend on the regulatory, economic and weather conditions in Florida.
- Changing climate conditions may adversely affect our financial condition, profitability or cash flows.
- We have entered new markets and expect that we will continue to do so, but there can be no assurance that our diversification and growth strategy will be effective.
- Our success depends, in part, on our ability to attract and retain talented employees, and the loss of any one of our key personnel could adversely impact our operations.
- We could be adversely affected if our controls designed to ensure compliance with guidelines, policies and legal and regulatory standards are not effective.
- The failure of our claims professionals to effectively manage claims could adversely affect our insurance business and financial results.
- Litigation or regulatory actions could result in material settlements, judgments, fines or penalties and consequently have a material adverse impact on our financial condition and reputation.
- Our future results are dependent in part on our ability to successfully operate in a highly competitive insurance industry.
- A downgrade in our Financial Stability Rating® may have an adverse effect on our competitive position, the marketability of our product offerings, and our liquidity, operating results and financial condition.
- Breaches of our information systems or denial of service on our website could have an adverse impact on our business and reputation.
- We may not be able to effectively implement or adapt to changes in technology, which may result in interruptions to our business or a competitive disadvantage.
- Lack of effectiveness of exclusions and other loss limitation methods in the insurance policies we write or changes in laws and/or potential regulatory approaches relating to them could have a material adverse effect on our financial condition or our results of operations.
- RISKS RELATING TO INVESTMENTS
- We are subject to market risk, which may adversely affect investment income.
- Our overall financial performance depends in part on the returns on our investment portfolio.
- RISKS RELATING TO THE INSURANCE INDUSTRY
- We are subject to extensive regulation and potential further restrictive regulation may increase our operating costs and limit our growth and profitability.
- UVE is a holding company and, consequently, its cash flow is dependent on dividends and other permissible payments from its subsidiaries.
- Regulations limiting rate changes and requiring us to participate in loss sharing or assessments may decrease our profitability.
- The amount of statutory capital and surplus that each of the Insurance Entities has and the amount of statutory capital and surplus it must hold vary and are sensitive to a number of factors outside of our control, including market conditions and the regulatory environment and rules.
- RISKS RELATING TO DEBT OBLIGATIONS
- To service our debt, we will require a significant amount of cash. Our ability to generate cash depends on many factors.
- Our indebtedness could adversely affect our financial results and prevent us from fulfilling our obligations under the Notes.
Management Discussion
- •Demotech, Inc. affirmed the Financial Stability Rating® of A, Exceptional for each of the Insurance Entities
- First quarter of fiscal 2022 results of operations comparisons are to first quarter of fiscal 2021 (unless otherwise specified).
- Net income for the three months ended March 31, 2022, was $17.5 million compared to $26.4 million for the same period in 2021. Weighted average diluted common shares outstanding for the three months ended March 31, 2022 were lower by 0.2% to 31.2 million shares from 31.3 million shares for the same period of the prior year. Diluted EPS for the three months ended March 31, 2022 was $0.56 compared to $0.84 for the same period in 2021. Benefiting the quarter were increases in premiums earned, net, an increase in commission revenue, and an increase in net investment income, partially offset by an increase in operating costs and expenses, a decrease in realized gains and an increase in unrealized losses on equity securities. Direct premium earned and premiums earned, net were up 10.4% and 10.6%, respectively, due to premium growth in 15 of the 19 states in which we are licensed and writing during the past 12 months as a result of rate increases implemented during 2021 and 2022. The net loss and LAE ratio was 68.8% for the three months ended March 31, 2022, compared to 59.2% for the same period in 2021 reflecting higher core losses, an increase in excess weather events beyond those expected, and higher prior years’ reserve development. As a result of the above and further explained below, the combined ratio for the three months ended March 31, 2022 was 97.9% compared to 93.1% for the three months ended March 31, 2021. Also see the discussion above under “Overview—Trends.”
Content analysis
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H.S. sophomore Avg
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New words:
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Removed:
accounted, assurance, committed, compare, considerably, contested, continuing, court, designation, discontinued, dislocation, disposal, evolve, extended, felt, flowing, grace, half, land, located, low, mandatory, manner, marketed, modified, original, realization, reinvested, reinvestment, remitting, remotely, scheduled, stabilize, storm, waived
Financial reports
Current reports
8-K
Submission of Matters to a Vote of Security Holders
14 Jun 22
8-K
Other Events
31 May 22
8-K
Universal Reports First Quarter 2022 Results
28 Apr 22
8-K
Universal Insurance Holdings Declares Cash Dividend of 16 Cents per Share
20 Apr 22
8-K
Departure of Directors or Certain Officers
8 Apr 22
8-K
Universal Insurance Holdings Announces Leadership Changes
18 Mar 22
8-K
Universal Insurance Holdings Reports Fourth Quarter 2021 Results
24 Feb 22
8-K
Universal Insurance Holdings Declares Cash Dividend of 16 Cents per Share and Estimates 2021 Accident Year Strengthening and Prior Years' Development
10 Feb 22
8-K
Departure of Directors or Certain Officers
31 Jan 22
8-K
Universal Insurance Holdings Completes Private Placement
23 Nov 21
Registration and prospectus
424B3
Prospectus supplement
24 Mar 22
S-4
Registration of securities issued in business combination transactions
2 Mar 22
D
Indefinite amount in debt, sold $100M, 40 investors
3 Dec 21
S-8
Registration of securities for employees
14 Jul 21
S-8
Registration of securities for employees
15 May 20
S-8
Registration of securities for employees
11 Feb 18
S-8
Registration of securities for employees
25 Jan 17
D
$10M in equity, sold $10M, 1 investor
9 May 16
S-8
Registration of securities for employees
4 May 15
424B5
Prospectus supplement for primary offering
3 Dec 14
Proxies
DEFA14A
Additional proxy soliciting materials
29 Apr 22
DEFA14A
Additional proxy soliciting materials
3 Jun 21
DEFA14A
Additional proxy soliciting materials
29 Apr 21
DEFA14A
Additional proxy soliciting materials
29 Apr 20
DEFA14A
Additional proxy soliciting materials
29 Apr 19
DEF 14A
Definitive proxy
27 Apr 18
Other
EFFECT
Notice of effectiveness
25 Mar 22
CORRESP
Correspondence with SEC
21 Mar 22
UPLOAD
Letter from SEC
8 Mar 22
UPLOAD
Letter from SEC
9 Jan 18
CORRESP
Correspondence with SEC
21 Dec 17
UPLOAD
Letter from SEC
11 Dec 17
UPLOAD
Letter from SEC
30 Jan 17
CORRESP
Correspondence with SEC
16 Jan 17
UPLOAD
Letter from SEC
18 Dec 16
CERTNYS
Certification of approval for NYSE listing
24 Nov 13
Ownership
11-K
Annual report of employee stock purchases
28 Jun 22
4
UNIVERSAL INSURANCE / SEAN P DOWNES ownership change
24 Jun 22
4
UNIVERSAL INSURANCE / SEAN P DOWNES ownership change
16 Jun 22
4
UNIVERSAL INSURANCE / RICHARD D PETERSON ownership change
14 Jun 22
4
UNIVERSAL INSURANCE / JOEL WILENTZ ownership change
14 Jun 22
4
UNIVERSAL INSURANCE / Jon Springer ownership change
14 Jun 22
4
UNIVERSAL INSURANCE / OZZIE A SCHINDLER ownership change
14 Jun 22
4
UNIVERSAL INSURANCE / MICHAEL PIETRANGELO ownership change
14 Jun 22
4
UNIVERSAL INSURANCE / Francis Xavier McCahill III ownership change
14 Jun 22
4
UNIVERSAL INSURANCE / Marlene Gordon ownership change
14 Jun 22
Transcripts
2022 Q1
Earnings call transcript
29 Apr 22
2021 Q4
Earnings call transcript
25 Feb 22
2021 Q3
Earnings call transcript
28 Oct 21
2021 Q2
Earnings call transcript
29 Jul 21
2021 Q1
Earnings call transcript
29 Apr 21
2020 Q4
Earnings call transcript
26 Feb 21
2020 Q3
Earnings call transcript
28 Oct 20
2020 Q2
Earnings call transcript
30 Jul 20
2020 Q1
Earnings call transcript
28 Apr 20
2019 Q4
Earnings call transcript
3 Mar 20
Reddit threads
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Give me 3 more stocks to research.
28 Feb 22