- Diluted GAAP earnings per common share (EPS) of $0.68; diluted
adjusted* EPS of $0.43
- Annualized return on average common equity (“ROCE”) of 24.9%,
annualized adjusted* ROCE of 12.4%
- Direct premiums written of $432.6 million, up 4.0% from the
prior year quarter
- Book value per share of $11.78, up 24.4% year-over-year;
adjusted book value per share of $14.34, up 11.2%
year-over-year
- Total capital returned to shareholders of $12.3 million,
including $3.6 million of share repurchases, a $0.16 per share
regular dividend and a $0.13 per share special dividend
Universal Insurance Holdings (NYSE: UVE) (“Universal” or the
“Company”) reported fourth quarter and full year 2023 results.
“We closed out both the fourth quarter and full year with
double-digit adjusted returns on common equity and I believe that
even stronger results are firmly in our future,” said Stephen J.
Donaghy, Chief Executive Officer. “2023 was a transformative year
for us and our significant efforts position us for meaningful
success in the new legislative environment. We’ve added a buffer to
our loss picks and bolstered reserves for years that predate
elimination of one way attorney fees and assignment of benefits to
what I view as the most conservative level in our history.
Importantly, we did this because we wanted to place the past in the
rearview mirror and shift our focus to the future. In 2023, we took
yet another step toward the future by commuting Hurricane Irma, the
largest and most significant storm in our history, with the Florida
Hurricane Catastrophe Fund.”
“Now that we’re past the one year anniversary date of the 2022
special legislative session and all new and renewal policies are
subject to the new legislation, the impact of the reforms is
becoming clearer - claims trends across the board are improving,
including reductions in total claims, represented claims, assigned
claims and daily claims. Our first event 2024-2025 reinsurance
tower is already 90% secured and we’ve negotiated additional
multi-year capacity for the future. Given our size, scale,
independent agency and reinsurer relationships and the recent steps
we’ve taken, we’re particularly well positioned to succeed in the
revamped Florida environment.”
* Reconciliations of GAAP to non-GAAP
financial measures are provided in the attached tables.
Summary Financial
Results
($thousands, except per share data)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
Change
2023
2022
Change
GAAP
comparison
Total revenues
$
375,456
$
330,360
13.7
%
$
1,391,582
$
1,222,658
13.8
%
Operating income (loss)
$
27,531
$
34,479
(20.2
) %
$
94,880
$
(20,638
)
NM
Operating income (loss) margin
7.3
%
10.4
%
(3.1) pts
6.8
%
(1.7
) %
NM
Net income (loss) available to common
stockholders
$
19,997
$
25,109
(20.4
) %
$
66,813
$
(22,267
)
NM
Diluted earnings (loss) per common
share
$
0.68
$
0.82
(17.1
) %
$
2.22
$
(0.72
)
NM
Annualized ROCE
24.9
%
36.6
%
(11.7) pts
21.2
%
(6.2
) %
NM
Book value per share, end of period
$
11.78
$
9.47
24.4
%
11.78
$
9.47
24.4
%
Non-GAAP
comparison1
Core revenue
$
365,705
$
326,352
12.1
%
$
1,380,765
$
1,235,455
11.8
%
Adjusted operating income (loss)
$
17,780
$
30,471
(41.6
) %
$
84,063
$
(7,841
)
NM
Adjusted operating income (loss)
margin
4.9
%
9.3
%
(4.4) pts
6.1
%
(0.6
) %
NM
Adjusted net income (loss) available to
common stockholders
$
12,645
$
22,087
(42.7
) %
$
58,657
$
(12,618
)
NM
Adjusted diluted earnings (loss) per
common share
$
0.43
$
0.72
(40.3
) %
$
1.95
$
(0.41
)
NM
Annualized adjusted ROCE
12.4
%
23.1
%
(10.7) pts
14.7
%
(3.0
) %
NM
Adjusted book value per share, end of
period
$
14.34
$
12.89
11.2
%
$
14.34
$
12.89
11.2
%
Underwriting
Summary
Premiums:
Premiums in force
$
1,934,369
$
1,856,339
4.2
%
$
1,934,369
$
1,856,339
4.2
%
Policies in force
809,932
848,856
(4.6
) %
809,932
848,856
(4.6
) %
Direct premiums written
$
432,617
$
416,101
4.0
%
$
1,921,833
$
1,845,786
4.1
%
Direct premiums earned
$
482,126
$
463,843
3.9
%
$
1,875,129
$
1,759,701
6.6
%
Ceded premiums earned
$
(146,728
)
$
(171,973
)
(14.7
) %
$
(623,193
)
$
(631,075
)
(1.2
) %
Ceded premium ratio
30.4
%
37.1
%
(6.7) pts
33.2
%
35.9
%
(2.7) pts
Net premiums earned
$
335,398
$
291,870
14.9
%
$
1,251,936
$
1,128,626
10.9
%
Net ratios:
Loss ratio
81.9
%
76.3
%
5.6 pts
79.3
%
83.2
%
(3.9) pts
Expense ratio
21.8
%
25.1
%
(3.3) pts
24.3
%
27.0
%
(2.7) pts
Combined ratio
103.7
%
101.4
%
2.3 pts
103.6
%
110.2
%
(6.6) 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.
Quarterly Financial Results:
Net Income and Adjusted Net
Income
Net income available to common stockholders was $20.0 million,
down from net income of $25.1 million in the prior year quarter,
and adjusted net income available to common stockholders was $12.6
million, down from adjusted net income of $22.1 million in the
prior year quarter. The decrease in adjusted net income mostly
stems from a higher net loss ratio and lower commission revenue,
partly offset by a lower net expense ratio and higher net
investment income.
Revenues
Revenue was $375.5 million, up 13.7% from the prior year quarter
and core revenue was $365.7 million, up 12.1% 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 $432.6 million, up 4.0% from the
prior year quarter. The increase stems from 0.6% growth in Florida
and 18.6% growth in other states. Overall growth reflects rate
increases, partly offset by lower policies in force.
Direct premiums earned were $482.1 million, up 3.9% 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 30.4%, down from 37.1%, in the prior
year quarter. The decrease primarily reflects efficiencies
associated with the 2023-2024 reinsurance program, the inclusion of
Hurricane Ian related reinstatement premiums in the prior year
quarter and direct premiums earned growth associated with primary
rate increases, partly offset by higher private market reinsurance
pricing and higher reinsurance costs associated with an increase in
home values.
Net premiums earned were $335.4 million, up 14.9% 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 $13.7 million, up from $10.4 million
in the prior year quarter. The increase primarily stems from higher
reinvestment yields and higher yields on cash.
Commissions, policy fees and other revenue were $16.6 million,
down 31.0% from the prior year quarter. The decrease primarily
reflects lower reinsurance brokerage commissions associated with
lower ceded premiums and the inclusion of Hurricane Ian related
reinstatement premiums in the prior year quarter.
Margins
The operating income margin was 7.3%, down from an operating
income margin of 10.4% in the prior year quarter. The adjusted
operating income margin was 4.9%, down from an adjusted operating
income margin of 9.3% in the prior year quarter. The lower adjusted
operating income margin primarily reflects a higher net combined
ratio and lower commission revenue, partly offset by higher net
investment income.
The net loss ratio was 81.9%, up 5.6 points compared to the
prior year quarter. The increase primarily reflects a higher
calendar year loss pick.
The net expense ratio was 21.8%, down 3.3 points from 25.1% in
the prior year quarter. The reduction primarily reflects lower
renewal commission rates paid to distribution partners.
The net combined ratio was 103.7%, up 2.3 points compared to the
prior year quarter. The increase reflects a higher net loss ratio
and a lower net expense ratio, as described above.
Capital Deployment
During the fourth quarter, the Company repurchased approximately
223 thousand shares at an aggregate cost of $3.6 million. The
Company’s current share repurchase authorization program has $4.1
million remaining.
On February 8, 2024, the Board of Directors declared a regular
quarterly cash dividend of 16 cents per share of common stock,
payable March 15, 2024 to shareholders of record as of the close of
business on March 8, 2024.
Conference Call and Webcast
- Friday, February 23, 2024 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/BI089faa181b7e43dbb7d5fdae69aef3bf.
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 shortly 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 in the United States through both our
appointed independent agents and our direct online distribution
channels, primarily in 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 attributable 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 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 Annual Report on Form 10-K for the year ended December
31, 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 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.
UNIVERSAL INSURANCE HOLDINGS,
INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except per
share data)
December 31,
December 31,
2023
2022
ASSETS
Invested Assets
Fixed maturities, at fair value
$
1,064,330
$
1,014,626
Equity securities, at fair value
80,495
85,469
Other investments, at fair value
10,434
—
Investment real estate, net
5,525
5,711
Total invested assets
1,160,784
1,105,806
Cash and cash equivalents
397,306
388,706
Restricted cash and cash equivalents
2,635
2,635
Prepaid reinsurance premiums
236,254
282,427
Reinsurance recoverable
219,102
808,850
Premiums receivable, net
77,064
69,574
Property and equipment, net
47,628
51,404
Deferred policy acquisition costs
109,985
103,654
Goodwill
2,319
2,319
Other assets
63,484
74,779
TOTAL ASSETS
$
2,316,561
$
2,890,154
LIABILITIES AND STOCKHOLDERS'
EQUITY
LIABILITIES:
Unpaid losses and loss adjustment
expenses
$
510,117
$
1,038,790
Unearned premiums
990,559
943,854
Advance premium
48,660
54,964
Reinsurance payable, net
191,850
384,504
Long-term debt, net
102,006
102,769
Other liabilities
132,072
77,377
Total liabilities
1,975,264
2,602,258
STOCKHOLDERS' EQUITY:
Cumulative convertible preferred stock
($0.01 par value)2
—
—
Common stock ($0.01 par value)3
472
472
Treasury shares, at cost - 18,303 and
16,790
(260,779
)
(238,758
)
Additional paid-in capital
115,086
112,509
Accumulated other comprehensive income
(loss), net of taxes
(74,172
)
(103,782
)
Retained earnings
560,690
517,455
Total stockholders' equity
341,297
287,896
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$
2,316,561
$
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 - 47,269 and 47,179 shares;
Outstanding - 28,966 and 30,389 shares.
UNIVERSAL INSURANCE HOLDINGS,
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
INCOME (LOSS) (UNAUDITED)
(in thousands)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2023
2022
2023
2022
REVENUES
Net premiums earned
$
335,398
$
291,870
$
1,251,936
$
1,128,626
Net investment income
13,714
10,448
48,449
25,785
Net realized gains (losses) on
investments
(892
)
723
(1,229
)
348
Net change in unrealized gains (losses) on
investments
10,643
3,285
12,046
(13,145
)
Commission revenue
10,960
18,011
54,058
53,168
Policy fees
4,219
4,191
18,881
20,182
Other revenue
1,414
1,832
7,441
7,694
Total revenues
375,456
330,360
1,391,582
1,222,658
EXPENSES
Losses and loss adjustment expenses
274,783
222,545
992,636
938,399
Policy acquisition costs
51,134
50,827
208,011
214,259
Other operating expenses
22,008
22,509
96,055
90,638
Total operating costs and
expenses
347,925
295,881
1,296,702
1,243,296
Interest and amortization of debt issuance
costs
1,635
1,640
6,531
6,609
Income (loss) before income tax expense
(benefit)
25,896
32,839
88,349
(27,247
)
Income tax expense (benefit)
5,897
7,728
21,526
(4,990
)
NET INCOME (LOSS)
$
19,999
$
25,111
$
66,823
$
(22,257
)
UNIVERSAL INSURANCE HOLDINGS,
INC. AND SUBSIDIARIES
SHARE AND PER SHARE
INFORMATION
(in thousands, except per
share data)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2023
2022
2023
2022
Weighted average common shares outstanding
- basic
29,064
30,434
29,829
30,751
Weighted average common shares outstanding
- diluted
29,487
30,535
30,147
30,751
Shares outstanding, end of period
28,966
30,389
28,966
30,389
Basic earnings (loss) per common share
$
0.69
$
0.83
$
2.24
$
(0.72
)
Diluted earnings (loss) per common
share
$
0.68
$
0.82
$
2.22
$
(0.72
)
Cash dividend declared per common
share
$
0.29
$
0.29
$
0.77
$
0.77
Book value per share, end of period
$
11.78
$
9.47
$
11.78
$
9.47
Annualized return on average common equity
(ROCE)
24.9
%
36.6
%
21.2
%
(6.2
) %
UNIVERSAL INSURANCE HOLDINGS,
INC. AND SUBSIDIARIES
SUPPLEMENTARY
INFORMATION
(in thousands, except for
Policies In-Force data)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2023
2022
2023
2022
Premiums
Direct premiums written - Florida
$
339,902
$
337,950
$
1,565,197
$
1,538,143
Direct premiums written - Other States
92,715
78,151
356,636
307,643
Direct premiums written - Total
$
432,617
$
416,101
$
1,921,833
$
1,845,786
Direct premiums earned
$
482,126
$
463,843
$
1,875,129
$
1,759,701
Net premiums earned
$
335,398
$
291,870
$
1,251,936
$
1,128,626
Underwriting Ratios - Net
Loss and loss adjustment expense ratio
81.9
%
76.3
%
79.3
%
83.2
%
General and administrative expense
ratio
21.8
%
25.1
%
24.3
%
27.0
%
Policy acquisition cost ratio
15.2
%
17.4
%
16.6
%
19.0
%
Other operating expense ratio
6.6
%
7.7
%
7.7
%
8.0
%
Combined ratio
103.7
%
101.4
%
103.6
%
110.2
%
As of
December 31,
2023
2022
Policies in force
Florida
567,893
615,796
Other States
242,039
233,060
Total
809,932
848,856
Premiums in force
Florida
$
1,577,210
$
1,547,383
Other States
357,159
308,956
Total
1,934,369
1,856,339
Total Insured Value
Florida
$
188,516,949
$
201,237,145
Other States
134,939,758
121,005,995
Total
323,456,707
322,243,140
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 Ended
Twelve Months Ended
December 31,
December 31,
2023
2022
2023
2022
GAAP revenue
$
375,456
$
330,360
$
1,391,582
$
1,222,658
less: Net realized gains (losses) on
investments
(892
)
723
(1,229
)
348
less: Net change in unrealized gains
(losses) on investments
10,643
3,285
12,046
(13,145
)
Core revenue
$
365,705
$
326,352
$
1,380,765
$
1,235,455
GAAP operating
income (loss) to adjusted operating income (loss)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2023
2022
2023
2022
GAAP income (loss) before income tax
expense (benefit)
$
25,896
$
32,839
$
88,349
$
(27,247
)
add: Interest and amortization of debt
issuance costs
1,635
1,640
6,531
6,609
GAAP operating income (loss)
27,531
34,479
94,880
(20,638
)
less: Net realized gains (losses) on
investments
(892
)
723
(1,229
)
348
less: Net change in unrealized gains
(losses) on investments
10,643
3,285
12,046
(13,145
)
Adjusted operating income
(loss)
$
17,780
$
30,471
$
84,063
$
(7,841
)
GAAP operating
income (loss) margin to adjusted operating income (loss)
margin
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2023
2022
2023
2022
GAAP operating income (loss)
(a)
$
27,531
$
34,479
$
94,880
$
(20,638
)
GAAP revenue (b)
375,456
330,360
1,391,582
1,222,658
GAAP operating income (loss) margin
(a÷b)
7.3
%
10.4
%
6.8
%
(1.7
) %
Adjusted operating income (loss) (c)
17,780
30,471
84,063
(7,841
)
Core revenue (d)
365,705
326,352
1,380,765
1,235,455
Adjusted operating income (loss) margin
(c÷d)
4.9
%
9.3
%
6.1
%
(0.6
) %
GAAP net income
(loss) (NI) to adjusted NI (loss) available to common
stockholders
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2023
2022
2023
2022
GAAP NI (loss)
$
19,999
$
25,111
$
66,823
$
(22,257
)
less: Preferred dividends
2
2
10
10
GAAP NI (loss) available to common
stockholders (e)
19,997
25,109
66,813
(22,267
)
less: Net realized gains (losses) on
investments
(892
)
723
(1,229
)
348
less: Net change in unrealized gains
(losses) on investments
10,643
3,285
12,046
(13,145
)
add: Income tax effect on above
adjustments
2,399
986
2,661
(3,148
)
Adjusted NI (loss) available to common
stockholders (f)
$
12,645
$
22,087
$
58,657
$
(12,618
)
Weighted average diluted common shares
outstanding (g)
29,487
30,535
30,147
30,751
Diluted earnings (loss) per common share
(e÷g)
$
0.68
$
0.82
$
2.22
$
(0.72
)
Diluted adjusted earnings (loss) per
common share (f÷g)
$
0.43
$
0.72
$
1.95
$
(0.41
)
GAAP
stockholders’ equity to adjusted common stockholders’
equity
As of
December 31,
December 31,
December 31,
2023
2022
2021
GAAP stockholders’ equity
$
341,297
$
287,896
$
429,702
less: Preferred equity
100
100
100
Common stockholders’ equity (h)
341,197
287,796
429,602
less: Accumulated other comprehensive
(loss), net of taxes
(74,172
)
(103,782
)
(15,568
)
Adjusted common stockholders’ equity
(i)
$
415,369
$
391,578
$
445,170
Common shares outstanding (j)
28,966
30,389
31,221
Book value per common share (h÷j)
$
11.78
$
9.47
$
13.76
Adjusted book value per common share
(i÷j)
$
14.34
$
12.89
$
14.26
GAAP return on
common equity (ROCE) to adjusted ROCE
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2023
2022
2023
2022
2021
Actual or Annualized NI (loss)
attributable to common stockholders (k)
$
79,988
$
100,436
$
66,813
$
(22,267
)
$
20,397
Average common stockholders’ equity
(l)
321,300
274,167
314,497
358,699
439,382
ROCE (k÷l)
24.9
%
36.6
%
21.2
%
(6.2
) %
4.6
%
Annualized adjusted NI (loss) attributable
to common stockholders (m)
$
50,580
$
88,348
$
58,657
$
(12,618
)
$
18,959
Adjusted average common stockholders’
equity4 (n)
408,267
382,379
399,396
423,199
444,776
Adjusted ROCE (m÷n)
12.4
%
23.1
%
14.7
%
(3.0
) %
4.3
%
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240222181297/en/
Investors: Arash Soleimani, CFA, CPA, CPCU, ARe Chief
Strategy Officer 954-804-8874 asoleimani@universalproperty.com
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