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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 26, 2023
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Universal Insurance Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware 001-33251 65-0231984
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
1110 W. Commercial Blvd., Fort Lauderdale, Florida 33309
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (954) 958-1200
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par ValueUVENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


Item 2.02Results of Operations and Financial Condition
On October 26, 2023, Universal Insurance Holdings, Inc. issued a press release announcing its financial results for the fiscal quarter ended September 30, 2023. A copy of the press release is attached hereto as Exhibit 99.1.
The information in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01Financial Statements and Exhibits
(d) Exhibits:
 
Exhibit NumberDescription
104
The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).





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: October 26, 2023UNIVERSAL INSURANCE HOLDINGS, INC.
By:/s/ Frank C. Wilcox
Name:Frank C. Wilcox
Title:Chief Financial Officer


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Exhibit 99.1
Universal Reports Third Quarter 2023 Results

•Loss per common share of $0.20; adjusted* loss per common share of $0.16
•Direct premiums written of $532.0 million, up 6.3% from the prior year quarter
•Net combined ratio of 110.7%, down 28.5 points from the prior year quarter
•Book value per share of $10.33, up 21.0% year-over-year; adjusted book value per share of $14.00, up 13.5% year-over-year
•Repurchased approximately 894 thousand shares for $12.3 million. Total capital returned to shareholders of $17.2 million, including $0.16 per share regular quarterly dividend
*Reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.

Fort Lauderdale, Fla., October 26, 2023 – Universal Insurance Holdings (NYSE: UVE) (“Universal” or the “Company”) reported third quarter 2023 results.

“The third quarter benefited from strong and improving underlying trends and I’m optimistic as I look forward,” said Stephen J. Donaghy, Chief Executive Officer. “During the quarter, Hurricane Idalia made Florida landfall, and, as always, we were there immediately to assist our policyholders in their time of need. The storm’s severity appears considerably smaller than initially anticipated and is comfortably absorbed within our retention. We continue to enhance our best-in-class claims infrastructure, which together with our reinsurance capabilities, serves to differentiate us from our peers. As we look forward, we are more confident in the Florida market, which is our largest geography, and have started to slowly increase new business in additional territories.”
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Quarterly Financial Results

Summary Financial Results
($thousands, except per share data)Three Months Ended
September 30,		Nine Months Ended
September 30,
20232022Change20232022Change
GAAP comparison
Total revenues$360,048 $312,810 15.1 %$1,016,126 $892,298 13.9 %
Operating income (loss)
$(6,246)$(91,607)(93.2)%$67,349 $(55,117)NM
Operating income (loss) margin
(1.7)%(29.3)%27.6 pts6.6 %(6.2)%
NM
Net income (loss) available to common stockholders
$(5,918)$(72,278)(91.8)%$46,816 $(47,376)NM
Diluted earnings (loss) per common share
$(0.20)$(2.36)(91.5)%$1.54 $(1.54)NM
Annualized ROCE(7.4)%NM*
NM
21.2 %(18.3)%
NM
Book value per share, end of period$10.33 $8.54 21.0 %10.33$8.54 21.0 %
Non-GAAP comparison1
Core revenue$361,764 $316,668 14.2 %$1,015,060 $909,103 11.7 %
Adjusted operating income (loss)
$(4,530)$(87,749)(94.8)%$66,283 $(38,312)NM
Adjusted operating income (loss) margin
(1.3)%(27.7)%26.4 pts6.5 %(4.2)%
NM
Adjusted net income (loss) available to common stockholders
$(4,624)$(69,369)(93.3)%$46,012 $(34,705)NM
Adjusted diluted earnings (loss) per common share
$(0.16)$(2.27)(93.0)%$1.51 $(1.12)NM
Annualized adjusted ROCE(4.4)%NM*
NM
15.4 %(11.1)%
NM
Adjusted book value per share, end of period$14.00 $12.33 13.5 %$14.00 $12.33 13.5 %
Underwriting Summary
Premiums:
Premiums in force$1,914,493 $1,833,034 4.4 %$1,914,493 $1,833,034 4.4 %
Policies in force807,553 872,926 (7.5)%807,553 872,926 (7.5)%
Direct premiums written$531,988 $500,677 6.3 %$1,489,216 $1,429,685 4.2 %
Direct premiums earned$474,311 $452,450 4.8 %$1,393,003 $1,295,858 7.5 %
Ceded premiums earned$(143,271)$(161,819)(11.5)%$(476,465)$(459,102)3.8 %
Ceded premium ratio30.2 %35.8 %(5.6) pts34.2 %35.4 %(1.2) pts
Net premiums earned$331,040 $290,631 13.9 %$916,538 $836,756 9.5 %
Net ratios:
Loss ratio87.0 %113.7 %(26.7) pts78.3 %85.5 %(7.2) pts
Expense ratio23.7 %25.5 %(1.8)pts25.2 %27.7 %(2.5)pts
Combined ratio110.7 %139.2 %(28.5) pts103.5 %113.2 %(9.7) 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.
*Not meaningful, as it implies full first event hurricane retentions in the first two quarters of 2022, which in actuality were hurricane free, and it similarly implies a full first event retention in the fourth quarter of 2022, which would instead be subject to a smaller subsequent event retention on a consolidated basis.




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Net Income and Adjusted Net Income
Net loss available to common stockholders was $5.9 million, compared to a loss of $72.3 million in the prior year quarter, and adjusted net loss available to common stockholders was $4.6 million, compared to a loss of $69.4 million in the prior year quarter. The improvement in adjusted net loss available to common stockholders mostly stems from better underwriting income and net investment income.

Revenues
Revenue was $360.0 million, up 15.1% from the prior year quarter and core revenue was $361.8 million, up 14.2% from the prior year quarter. The increase in core revenue primarily stems from higher net premiums earned and net investment income, partly offset by lower commission revenue.

Direct premiums written were $532.0 million, up 6.3% from the prior year quarter. The increase stems from 4.4% growth in Florida and 14.7% growth in other states. Overall growth reflects rate increases, partly offset by lower policies in force.

Direct premiums earned were $474.3 million, up 4.8% 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 30.2%, down from 35.8% in the prior year quarter. The decrease primarily reflects efficiencies associated with the 2023-2024 reinsurance program and direct premiums earned growth associated with primary rate increases, partly offset by higher reinsurance pricing and higher reinsurance costs associated with an increase in home values.

Net premiums earned were $331.0 million, up 13.9% from the prior year quarter. The increase is primarily attributable to higher direct premiums earned and a lower ceded premium ratio, as described above.

Net investment income was $12.8 million, up from $6.1 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 $18.0 million, down 10.0% from the prior year quarter. The decrease primarily reflects the difference in pricing and structure associated with our reinsurance program when compared to the prior year and a decline in policy fees associated with lower policies in force.

Margins
The GAAP operating loss margin was 1.7%, compared to a GAAP operating loss margin of 29.3% in the prior year quarter and the adjusted operating loss margin was 1.3%, compared to an adjusted operating loss margin of 27.7% in the prior year quarter. The improvement in the adjusted operating loss margin primarily reflects a lower net combined ratio and higher net investment income.

The net loss ratio was 87.0%, down 26.7 points compared to the prior year quarter. The decrease reflects a lower current accident year net loss ratio, primarily stemming from lower weather-related losses.

The net expense ratio was 23.7%, down 1.8 points from 25.5% in the prior year quarter. The reduction primarily reflects lower renewal commission rates paid to distribution partners.

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The net combined ratio was 110.7%, down 28.5 points compared to the prior year quarter. The decrease reflects lower net loss and expense ratios, as described above.

Capital Deployment
During the third quarter, the Company repurchased approximately 894 thousand shares at an aggregate cost of $12.3 million. The Company currently has $7.8 million of share repurchase authorization remaining.

On July 20, 2023, the Board of Directors declared a quarterly cash dividend of 16 cents per share of common stock, payable on August 11, 2023, to shareholders of record as of the close of business on August 4, 2023.


Conference Call and Webcast
•Friday, October 27, 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/BIcde2db8d22eb43b9be5e115c575ebeb9. 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
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
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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 September 30, 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.



Investors:
Arash Soleimani, CFA, CPA, CPCU, ARe
Chief Strategy Officer
954-804-8874
asoleimani@universalproperty.com
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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except per share data)
September 30,December 31,
20232022
ASSETS:
Invested Assets
  Fixed maturities, at fair value$1,031,558 $1,014,626 
  Equity securities, at fair value76,995 85,469 
  Investment real estate, net5,572 5,711 
  Total invested assets1,114,125 1,105,806 
Cash and cash equivalents343,532 388,706 
Restricted cash and cash equivalents69,488 2,635 
Prepaid reinsurance premiums379,501 282,427 
Reinsurance recoverable322,986 808,850 
Premiums receivable, net88,536 69,574 
Property and equipment, net48,729 51,404 
Deferred policy acquisition costs114,590 103,654 
Goodwill2,319 2,319 
Other assets75,049 74,779 
TOTAL ASSETS$2,558,855 $2,890,154 
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Unpaid losses and loss adjustment expenses$551,007 $1,038,790 
Unearned premiums1,040,067 943,854 
Advance premium76,030 54,964 
Reinsurance payable, net388,294 384,504 
Long-term debt, net102,196 102,769 
Other liabilities99,759 77,377 
     Total liabilities2,257,353 2,602,258 
STOCKHOLDERS' EQUITY:
Cumulative convertible preferred stock ($0.01 par value)2
— — 
Common stock ($0.01 par value)3
473 472 
Treasury shares, at cost - 18,080 and 16,790(257,143)(238,758)
Additional paid-in capital115,922 112,509 
Accumulated other comprehensive income (loss), net of taxes(107,115)(103,782)
Retained earnings549,365 517,455 
     Total stockholders' equity301,502 287,896 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$2,558,855 $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 - 47,266 and 47,179 shares; Outstanding 29,186 and 30,389 shares.


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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
REVENUES
Net premiums earned$331,040 $290,631 $916,538 $836,756 
Net investment income12,755 6,074 34,735 15,337 
Net realized gains (losses) on investments(431)292 (337)(375)
Net change in unrealized gains (losses) of equity securities(1,285)(4,150)1,403 (16,430)
Commission revenue10,830 12,592 43,098 35,157 
Policy fees5,111 5,272 14,662 15,991 
Other revenue2,028 2,099 6,027 5,862 
     Total revenues360,048 312,810 1,016,126 892,298 
EXPENSES
Losses and loss adjustment expenses287,972 330,444 717,853 715,854 
Policy acquisition costs53,180 54,609 156,877 163,432 
Other operating expenses25,142 19,364 74,047 68,129 
     Total operating costs and expenses366,294 404,417 948,777 947,415 
Interest and amortization of debt issuance costs1,631 1,630 4,896 4,969 
Income (loss) before income tax expense (benefit)
(7,877)(93,237)62,453 (60,086)
     Income tax expense (benefit)
(1,962)(20,962)15,629 (12,718)
NET INCOME (LOSS)
$(5,915)$(72,275)$46,824 $(47,368)


UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
SHARE AND PER SHARE INFORMATION
(in thousands, except per share data)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Weighted average common shares outstanding - basic29,617 30,604 30,087 30,858 
Weighted average common shares outstanding - diluted29,617 30,604 30,378 30,858 
Shares outstanding, end of period29,186 30,513 29,186 30,513 
Basic earnings (loss) per common share
$(0.20)$(2.36)$1.56 $(1.54)
Diluted earnings (loss) per common share
$(0.20)$(2.36)$1.54 $(1.54)
Cash dividend declared per common share$0.16 $0.16 $0.48 $0.48 
Book value per share, end of period$10.33 $8.54 $10.33 $8.54 
Annualized return on average common equity (ROCE)(7.4)%NM*21.2 %(18.3)%
*Not meaningful, as it implies full first event hurricane retentions in the first two quarters of 2022, which in actuality were hurricane free, and it similarly implies a full first event retention in the fourth quarter of 2022, which would instead be subject to a smaller subsequent event retention on a consolidated basis.



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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
SUPPLEMENTARY INFORMATION
(in thousands, except for Policies In Force data)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Premiums
     Direct premiums written - Florida$430,946 $412,588 $1,225,295 $1,200,193 
     Direct premiums written - Other States101,042 88,089 263,921 229,492 
Direct premiums written - Total$531,988 $500,677 $1,489,216 $1,429,685 
Direct premiums earned$474,311 $452,450 $1,393,003 $1,295,858 
Net premiums earned$331,040 $290,631 $916,538 $836,756 
Underwriting Ratios - Net
Loss and loss adjustment expense ratio87.0 %113.7 %78.3 %85.5 %
  Policy acquisition cost ratio16.1 %18.8 %17.1 %19.5 %
  Other operating expense ratio7.6 %6.7 %8.1 %8.2 %
Expense ratio23.7 %25.5 %25.2 %27.7 %
Combined ratio110.7 %139.2 %103.5 %113.2 %
As of
September 30,
20232022
Policies in force
Florida570,339 636,883 
Other States237,214 236,043 
Total807,553 872,926 
Premiums in force
Florida$1,571,600 $1,529,632 
Other States342,893 303,402 
Total$1,914,493 $1,833,034 
Total Insured Value
Florida$190,299,057 $203,957,272 
Other States130,281,463 120,648,594 
Total$320,580,520 $324,605,866 








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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 EndedNine Months Ended
September 30,September 30,
2023202220232022
GAAP revenue$360,048 $312,810 $1,016,126 $892,298 
less: Net realized gains (losses) on investments(431)292 (337)(375)
less: Net change in unrealized gains (losses) of equity securities(1,285)(4,150)1,403 (16,430)
Core revenue$361,764 $316,668 $1,015,060 $909,103 

GAAP operating income (loss) to adjusted operating income (loss)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
GAAP income (loss) before income tax expense (benefit)
$(7,877)$(93,237)$62,453 $(60,086)
add: Interest and amortization of debt issuance costs1,631 1,630 4,896 4,969 
GAAP operating income (loss)
(6,246)(91,607)67,349 (55,117)
less: Net realized gains (losses) on investments(431)292 (337)(375)
less: Net change in unrealized gains (losses) of equity securities(1,285)(4,150)1,403 (16,430)
Adjusted operating income (loss)
$(4,530)$(87,749)$66,283 $(38,312)

GAAP operating income (loss) margin to adjusted operating income (loss) margin
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
GAAP operating income (loss) (a)
$(6,246)$(91,607)$67,349 $(55,117)
GAAP revenue (b)360,048 312,810 1,016,126 892,298 
GAAP operating income (loss) margin (a÷b)
(1.7)%(29.3)%6.6 %(6.2)%
Adjusted operating income (loss) (c)
(4,530)(87,749)66,283 (38,312)
Core revenue (d)361,764 316,668 1,015,060 909,103 
Adjusted operating income (loss) margin (c÷d)
(1.3)%(27.7)%6.5 %(4.2)%

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GAAP net income (loss) (NI) to adjusted NI (loss) available to common stockholders
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
GAAP NI (loss)
$(5,915)$(72,275)$46,824 $(47,368)
less: Preferred dividends3 3 8 8 
GAAP NI (loss) available to common stockholders (e)
(5,918)(72,278)46,816 (47,376)
less: Net realized gains (losses) on investments(431)292 (337)(375)
less: Net change in unrealized gains (losses) of equity securities(1,285)(4,150)1,403 (16,430)
add: Income tax effect on above adjustments(422)(949)262 (4,134)
Adjusted NI (loss) available to common stockholders (f)
$(4,624)$(69,369)$46,012 $(34,705)
Weighted average diluted common shares outstanding (g)29,617 30,604 30,378 30,858 
Diluted earnings (loss) per common share (e÷g)
$(0.20)$(2.36)$1.54 $(1.54)
Diluted adjusted earnings (loss) per common share (f÷g)
$(0.16)$(2.27)$1.51 $(1.12)

GAAP stockholders’ equity to adjusted common stockholders’ equity
As of
September 30,September 30,December 31,
202320222022
GAAP stockholders’ equity$301,502 $260,637 $287,896 
less: Preferred equity100100100
Common stockholders’ equity (h)301,402 260,537 287,796 
less: Accumulated other comprehensive (loss), net of taxes(107,115)(115,665)(103,782)
Adjusted common stockholders’ equity (i)$408,517 $376,202 $391,578 
Shares outstanding (j)29,186 30,513 30,389 
Book value per common share (h÷j)$10.33 $8.54 $9.47 
Adjusted book value per common share (i÷j)$14.00 $12.33 $12.89 

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GAAP return on common equity (ROCE) to adjusted ROCE
Three Months EndedNine Months EndedYear Ended
September 30,September 30,December 31,
20232022202320222022
Actual or Annualized NI (loss) available to common stockholders (k)
$(23,672)$(289,112)$62,421 $(63,168)$(22,267)
Average common stockholders’ equity (l)317,987 313,494 294,599 345,070 358,699 
ROCE (k÷l)(7.4)%NM*21.2 %(18.3)%(6.2)%
Actual or Annualized adjusted NI (loss) available to common stockholders (m)
$(18,496)$(277,476)$61,349 $(46,273)$(12,618)
Adjusted average common stockholders’ equity4 (n)
420,120 416,848 399,646 417,022 423,199 
Adjusted ROCE (m÷n)(4.4)%NM*15.4 %(11.1)%(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.
*Not meaningful, as it implies full first event hurricane retentions in the first two quarters of 2022, which in actuality were hurricane free, and it similarly implies a full first event retention in the fourth quarter of 2022, which would instead be subject to a smaller subsequent event retention on a consolidated basis.
11
v3.23.3
Cover Page
Oct. 26, 2023
Cover [Abstract]  
Entity Central Index Key 0000891166
Document Type 8-K
Document Period End Date Oct. 26, 2023
Entity Registrant Name Universal Insurance Holdings, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-33251
Entity Tax Identification Number 65-0231984
Entity Address, Address Line One 1110 W. Commercial Blvd.
Entity Address, City or Town Fort Lauderdale
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33309
City Area Code 954
Local Phone Number 958-1200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 Par Value
Trading Symbol UVE
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
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