Universal Insurance Holdings Files 8-K

TL;DR

Universal Insurance Holdings filed an 8-K, likely containing routine updates or financial disclosures.

AI Summary

Universal Insurance Holdings, Inc. filed an 8-K on May 30, 2024, to report other events and financial statements. The filing does not contain specific financial figures or details about the 'other events' beyond its classification.

Why It Matters

This 8-K filing indicates Universal Insurance Holdings, Inc. is providing updates or disclosures to the SEC, which could be relevant for investors monitoring the company's regulatory compliance and operational status.

Risk Assessment

Risk Level: low — The filing is a standard 8-K for 'Other Events' and 'Financial Statements and Exhibits' without immediate disclosed material changes, suggesting low immediate risk.

Key Players & Entities

• UNIVERSAL INSURANCE HOLDINGS, INC. (company) — Registrant
• May 30, 2024 (date) — Date of Report
• 1110 W. Commercial Blvd. (address) — Principal Executive Offices
• Fort Lauderdale, Florida (location) — Principal Executive Offices Location

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 Par Value UVE New York Stock Exchange
• $45 million — am First event All States retention of $45 million. All States first event tower extends
• $2.404 billion — All States first event tower extends to $2.404 billion with no co-participation in any of the
• $1.134 billion — second event exhaustion point would be $1.134 billion. Full reinstatement available on $1.02
• $1.023 billion — llion. Full reinstatement available on $1.023 billion of non-FHCF first event catastrophe cov
• $177 million — d second event coverage, an increase of $177 million in reinstateable, aggregate capacity ov
• $66 million — contract. First event layer of 100% of $66 million in excess of $45 million established by
• $86 million — catastrophe excess of loss coverage of $86 million in excess of $25 million provides frequ
• $25 million — ss coverage of $86 million in excess of $25 million provides frequency protection for multi
• $20 million — treaty period including an incremental $20 million reduction in retention for a 3 rd and 4
• $1.251 billion — y FHCF layer will provide approximately $1.251 billion of coverage for UPCIC, which inures to
• $19.4 million — y FHCF layer will provide approximately $19.4 million of coverage for APPCIC, which inures to
• $240 million — ure years, UPCIC and APPCIC has secured $240 million of catastrophe capacity with contractua
• $165 million — ude the 2025-2026 treaty year, of which $165 million of the capacity sits below the Florida
• $75 million — Florida Hurricane Catastrophe Fund and $75 million sits above the Florida Hurricane Catast

Filing Documents

• uve-20240530.htm (8-K) — 41KB
• ex991_reinsurancerenewal20.htm (EX-99.1) — 12KB
• image_0a.jpg (GRAPHIC) — 26KB
• 0000891166-24-000030.txt ( ) — 216KB
• uve-20240530.xsd (EX-101.SCH) — 2KB
• uve-20240530_lab.xml (EX-101.LAB) — 21KB
• uve-20240530_pre.xml (EX-101.PRE) — 12KB
• uve-20240530_htm.xml (XML) — 3KB

01 Other Events

Item 8.01 Other Events Universal Property & Casualty Insurance Company ("UPCIC") and American Platinum Property and Casualty Insurance Company ("APPCIC" and together with UPCIC, the "Insurance Entities"), each a wholly-owned subsidiary of Universal Insurance Holdings, Inc. (the "Company"), have completed the placement of their combined 2024-2025 reinsurance program, effective June 1, 2024. The Insurance Entities are responsible for insured losses related to catastrophic events in excess of coverage provided by their reinsurance programs. The Insurance Entities also remain responsible for insured losses notwithstanding the failure of any reinsurer to make payments otherwise due to the Insurance Entities. The Insurance Entities' inability to satisfy valid insurance claims resulting from catastrophic events could have a material adverse effect on the Company's results of operations, financial condition and liquidity. UPCIC/APPCIC 2024-2025 All States Reinsurance Program First event All States retention of $45 million. All States first event tower extends to $2.404 billion with no co-participation in any of the layers, no limitation on loss adjustment expenses and no accelerated deposit premiums. Assuming a first event completely exhausts the $2.404 billion tower, the second event exhaustion point would be $1.134 billion. Full reinstatement available on $1.023 billion of non-FHCF first event catastrophe coverage for guaranteed second event coverage, an increase of $177 million in reinstateable, aggregate capacity over the 2023-2024 period. For all layers purchased between $45 million and the projected attachment point of the FHCF layer, to the extent that all of our coverage or a portion thereof is exhausted in a catastrophic event and reinstatement premium is due, we have purchased enough reinstatement premium protection ("RPP") limit to pay the premium necessary for the reinstatement of these coverages or have secured a specific second event contract. First e

Forward-Looking Statements

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 2023 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.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits: Exhibit Number Description 99.1 Press Release dated May 30, 2024. 104 The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: May 30, 2024 UNIVERSAL INSURANCE HOLDINGS, INC. By: /s/ Stephen J. Donaghy Name: Stephen J. Donaghy Title: Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR