Universal Insurance Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Universal Insurance Holdings, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

UNIVERSAL INSURANCE HOLDINGS, INC. (UVE) filed a Annual Report (10-K) with the SEC on February 28, 2024. Universal Insurance Holdings, Inc. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Fire, Marine & Casualty Insurance. Its headquarters are located at 1110 W. Commercial Blvd., Suite 100, Fort Lauderdale, FL 33309. The filing number is 001-33251.

Why It Matters

For investors and stakeholders tracking UNIVERSAL INSURANCE HOLDINGS, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance, risk factors, and business operations for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. As a publicly traded insurance company, Universal Insurance Holdings, Inc. is subject to regulatory oversight and market fluctuations, making this annual report essential for understanding its compliance and competitive positioning within the insurance industry.

Risk Assessment

Risk Level: medium — UNIVERSAL INSURANCE HOLDINGS, INC. shows moderate risk based on this filing. The company operates in the Fire, Marine & Casualty Insurance sector, which is subject to significant regulatory oversight and market volatility, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand the company's performance and potential challenges in the insurance market.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240228 — Filing Date (Filed as of date)
• 144 — Document Count (Public document count)
• 001-33251 — SEC File Number (SEC file number)

Key Players & Entities

• UNIVERSAL INSURANCE HOLDINGS, INC. (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240228 (date) — Filed as of date
• FIRE, MARINE & CASUALTY INSURANCE (industry) — Standard Industrial Classification
• 1110 W. COMMERCIAL BLVD. SUITE 100 (address) — Business address
• FORT LAUDERDALE (location) — City of business address
• FL (location) — State of business address
• 33309 (postal_code) — ZIP code of business address

FAQ

Industry Context

Universal Insurance Holdings, Inc. operates within the Fire, Marine & Casualty Insurance industry, a sector characterized by significant regulatory requirements and exposure to various risks such as natural disasters and economic downturns.

Regulatory Implications

As an insurance provider, the company is subject to state-specific regulations governing solvency, policy terms, and consumer protection, in addition to federal securities laws for public reporting.

What Investors Should Do

1. Review the full 10-K document for detailed financial statements and management's discussion and analysis.
2. Analyze the risk factors section to understand potential threats to the company's operations and profitability.
3. Compare key financial metrics with industry benchmarks and prior year performance.

Key Dates

• 2023-12-31: Fiscal Year End — Covers the reporting period for the 10-K filing.
• 2024-02-28: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted; comparison to a previous filing requires additional data.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 Par Value UVE New York Stock Exchange
• $376.5 million — utory capital surplus was approximately $376.5 million at December 31, 2023. Risk Management

Filing Documents

• uve-20231231.htm (10-K) — 3532KB
• uve-formofrsuaward2021plan.htm (EX-10.21) — 36KB
• uve-ex21_1012312023.htm (EX-21.1) — 18KB
• uve-ex231_1112312023.htm (EX-23.1) — 2KB
• uve-ex311_612312023.htm (EX-31.1) — 12KB
• uve-ex312_712312023.htm (EX-31.2) — 12KB
• uve-ex32_812312023.htm (EX-32) — 10KB
• universalinsuranceholdin.htm (EX-97) — 7KB
• image_0.jpg (GRAPHIC) — 4KB
• universalinsuranceholdin001.jpg (GRAPHIC) — 223KB
• universalinsuranceholdin002.jpg (GRAPHIC) — 254KB
• uve-20231231_g1.jpg (GRAPHIC) — 26KB
• uve-20231231_g2.jpg (GRAPHIC) — 92KB
• 0000891166-24-000013.txt (&nbsp;) — 17260KB
• uve-20231231.xsd (EX-101.SCH) — 86KB
• uve-20231231_cal.xml (EX-101.CAL) — 149KB
• uve-20231231_def.xml (EX-101.DEF) — 456KB
• uve-20231231_lab.xml (EX-101.LAB) — 1128KB
• uve-20231231_pre.xml (EX-101.PRE) — 839KB
• uve-20231231_htm.xml (XML) — 2847KB

Risk Factors

Item 1A. Risk Factors 13

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 26 Item 1C. Cybersecurity 26

Properties

Item 2. Properties 28

Legal Proceedings

Item 3. Legal Proceedings 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29

[Reserved]

Item 6. [Reserved] 30

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 65

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 66

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 108

Controls and Procedures

Item 9A. Controls and Procedures 108

Other Information

Item 9B. Other Information 108

D isclosure Regarding F oreign J urisdictions T hat P revent I nspections

Item 9C. D isclosure Regarding F oreign J urisdictions T hat P revent I nspections 108 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 109

Executive Compensation

Item 11. Executive Compensation 109

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 109

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 109

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 109 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 109

Form 10-K Summary

Item 16. Form 10-K Summary 112

Signatures

Signatures 113 3 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS In addition to historical information, this report may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The forward-looking statements anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These forward-looking statements may be identified by their use of words like "plans," "seeks," "expects," "will," "should," "anticipates," "estimates," "intends," "believes," "likely," "targets," and other words with similar meanings. These statements may address, among other things, our strategy for growth, catastrophe exposure and other risk management, product development, investment results, regulatory approvals, market position, expenses, financial results, changes in laws, judicial decisions or regulatory interpretations, litigation and reserves. We believe that these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section titled "Risk Factors" (Part I, Item 1A of this report). We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. 4 PART I

BUSINESS

ITEM 1. BUSINESS Overview Universal Insurance Holdings, Inc. ("UVE," and together with its wholly-owned subsidiaries, "we," "our," "us," or the "Company") is a holding company offering property and casualty insurance and value-added insurance services. We develop, market, and underwrite 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. Our primary insurance entities, Universal Property & Casualty Insurance Company ("UPCIC") and American Platinum Property and Casualty Insurance Company ("APPCIC" and together with UPCIC, the "Insurance Entities"), offer insurance products through both our appointed independent agent network and our online distribution channels across our multi-state footprint (primarily in Florida). The Insurance Entities seek to produce an underwriting profit (defined as earned premium minus losses, loss adjustment expense ("LAE"), policy acquisition costs and other operating costs) over the long term; maintain a conservative balance sheet to prepare for years in which the Insurance Entities are not able to achieve an underwriting profit; and generate investment income on assets. Business Strategy UVE's strategic focus is on creating a best-in-class experience for our customers and delivering strong shareholder returns across underwriting cycles. While weather-related volatility is an inherent part of property insurance, particularly in coastal markets such as Florida, our strategy includes generating non-risk bearing income that enhances returns in profitable underwriting periods, while serving as a buffer and potentially still allowing for consolidated profitability in challenging underwriting periods. We have more than 20 years of experience providing protection solutions. We continue to focus on disciplined underwriting in oppor

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