Universal Insurance Holdings, Inc. Files 10-Q for Period Ending March 31, 2024

Ticker: UVE · Form: 10-Q · Filed: Apr 30, 2024 · CIK: 891166

Sentiment: neutral

Topics: 10-Q, Financials, Insurance, Quarterly Report, Universal Insurance Holdings

Related Tickers: UVE

TL;DR

<b>Universal Insurance Holdings, Inc. has filed its Q1 2024 10-Q report detailing financial performance and position.</b>

AI Summary

UNIVERSAL INSURANCE HOLDINGS, INC. (UVE) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Universal Insurance Holdings, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business is Fire, Marine & Casualty Insurance. The filing includes detailed financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key financial statement components such as common stock, preferred stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income are reported for these dates.

Why It Matters

For investors and stakeholders tracking UNIVERSAL INSURANCE HOLDINGS, INC., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest quarterly financial information, crucial for assessing the company's performance and making informed investment decisions. The detailed breakdown of equity components allows for a deeper understanding of the company's capital structure and changes over the reported periods.

Risk Assessment

Risk Level: medium — UNIVERSAL INSURANCE HOLDINGS, INC. shows moderate risk based on this filing. The company operates in the insurance industry, which is subject to significant regulatory oversight and market volatility, as indicated by its SIC code and the nature of a 10-Q filing.

Analyst Insight

Monitor the detailed financial statements within the 10-Q for trends in revenue, net income, and equity to assess the company's financial health and operational efficiency.

Key Numbers

Key Players & Entities

FAQ

When did UNIVERSAL INSURANCE HOLDINGS, INC. file this 10-Q?

UNIVERSAL INSURANCE HOLDINGS, INC. filed this Quarterly Report (10-Q) with the SEC on April 30, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by UNIVERSAL INSURANCE HOLDINGS, INC. (UVE).

Where can I read the original 10-Q filing from UNIVERSAL INSURANCE HOLDINGS, INC.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by UNIVERSAL INSURANCE HOLDINGS, INC..

What are the key takeaways from UNIVERSAL INSURANCE HOLDINGS, INC.'s 10-Q?

UNIVERSAL INSURANCE HOLDINGS, INC. filed this 10-Q on April 30, 2024. Key takeaways: Universal Insurance Holdings, Inc. filed a 10-Q report for the period ending March 31, 2024.. The filing covers the first quarter of 2024.. The company's principal business is Fire, Marine & Casualty Insurance..

Is UNIVERSAL INSURANCE HOLDINGS, INC. a risky investment based on this filing?

Based on this 10-Q, UNIVERSAL INSURANCE HOLDINGS, INC. presents a moderate-risk profile. The company operates in the insurance industry, which is subject to significant regulatory oversight and market volatility, as indicated by its SIC code and the nature of a 10-Q filing.

What should investors do after reading UNIVERSAL INSURANCE HOLDINGS, INC.'s 10-Q?

Monitor the detailed financial statements within the 10-Q for trends in revenue, net income, and equity to assess the company's financial health and operational efficiency. The overall sentiment from this filing is neutral.

Risk Factors

Key Dates

Filing Stats: 4,632 words · 19 min read · ~15 pages · Grade level 16.5 · Accepted 2024-04-30 16:16:57

Key Financial Figures

Filing Documents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Page No. Item 1.

Financial Statements

Financial Statements: 4 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (unaudited) 4 Condensed Consolidated Statements of Income for the three -month periods ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Comprehensive Income fo r the three -month periods ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity for the three -month periods ended March 31, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the three -month periods ended March 31, 2024 and 2023 (unaudited) 8 Notes to Condensed Consolidated Financial Statements (unaudited) 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 58 Item 4.

Controls and Procedures

Controls and Procedures 59

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 59 Item 1A.

Risk Factors

Risk Factors 59 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60 Item 6. Exhibits 61

Signatures

Signatures 62 2 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of Universal Insurance Holdings, Inc. Fort Lauderdale, Florida RESULTS OF REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS We have reviewed the accompanying condensed consolidated balance sheet of Universal Insurance Holdings, Inc. and its wholly-owned subsidiaries (the "Company") as of March 31, 2024 and the related condensed consolidated statements of income, comprehensive income, stockholders' equity, and cash flows for the three-month periods ended March 31, 2024 and 2023. Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America. We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the consolidated balance sheet of Universal Insurance Holdings, Inc. as of December 31, 2023 and the related consolidated statements of income, comprehensive income, stockholders' equity and cash flows for the year then ended (not presented herein) and we expressed an unqualified audit opinion on those consolidated financial statements in our report dated February 28, 2024. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. BASIS FOR REVIEW RESULTS These interim financial statements are the responsibility of the Company's management. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matt

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except per share data) As of March 31, December 31, 2024 2023 ASSETS Available-for-sale debt securities, at fair value, net of allowance for credit loss of $ 600 and $ 566 (amortized cost: $ 1,209,054 and $ 1,162,919 ) $ 1,107,058 $ 1,064,330 Equity securities, at fair value (cost: $ 89,110 and $ 91,052 ) 81,659 80,495 Other investments, at fair value (cost: $ 4,794 and $ 4,794 ) 10,434 10,434 Investment real estate, net 5,479 5,525 Total invested assets 1,204,630 1,160,784 Cash and cash equivalents 396,323 397,306 Restricted cash and cash equivalents 2,635 2,635 Prepaid reinsurance premiums 88,499 236,254 Reinsurance recoverable 124,646 219,102 Premiums receivable, net 73,974 77,064 Property and equipment, net 49,416 47,628 Deferred policy acquisition costs 106,632 109,985 Deferred income tax asset, net 49,277 43,175 Other assets 24,112 22,628 Total assets $ 2,120,144 $ 2,316,561 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES: Unpaid losses and loss adjustment expenses $ 429,629 $ 510,117 Unearned premiums 954,666 990,559 Advance premium 74,370 48,660 Book overdraft — 14,597 Reinsurance payable, net 97,871 191,850 Commission payable 22,661 20,989 Income taxes payable 24,984 5,886 Other liabilities and accrued expenses 49,484 90,600 Long-term debt, net 101,815 102,006 Total liabilities 1,755,480 1,975,264 Commitments and Contingencies (Note 12) STOCKHOLDERS' EQUITY: Cumulative convertible preferred stock, $ 0.01 par value — — Authorized shares - 1,000 Issued shares - 10 and 10 Outstanding shares - 10 and 10 Minimum liquidation preference, $ 9.99 and $ 9.99 per share Common stock, $ 0.01 par value 472 472 Authorized shares - 55,000 Issued shares - 47,269 and 47,269 Outstanding shares - 28,758 and 28,966 Treasury shares, at cost - 18,511 and 18,303 ( 264,

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