News Column

Universal Insurance Holdings, Inc. Reports Second Quarter 2014 Financial Results

August 22, 2014

By a News Reporter-Staff News Editor at Insurance Weekly News -- Universal Insurance Holdings, Inc. (NYSE: UVE) (or the "Company") reported net income of $17.1 million, or $0.49 per diluted share, an increase of $0.05, for the second quarter of 2014, compared to net income of $17.0 million, or $0.44 per diluted share, for the same period in 2013.

"We are pleased to report strong second quarter operational and financial results, demonstrating the merits of our strategy and our prudent and disciplined approach to underwriting," said Sean P. Downes, the Company's Chairman, President and Chief Executive Officer. "The reduction in costs that we were able to secure for our 2014-2015 reinsurance program have allowed us to write more high quality, rate adequate business. As a result, we are seeing increasing momentum in direct premiums written, with a year-over-year increase in both new and renewal policy submissions in Florida during the second quarter. In addition, we have continued to increase our geographic diversity, growing our policy count for new business in states outside of Florida by over 40 percent year-over-year. Looking ahead, we will continue to maintain disciplined pricing analytics, and continue to make investments in personnel to improve our processes and continue our entry into new markets. We believe we are well positioned to grow organically and drive shareholder returns as we enter the second half of the year."

Second-Quarter 2014 & Recent Highlights

-- Net income and diluted EPS grew by $97 thousand and $0.05, respectively,

Keywords for this news article include: Industry, Financial Companies, Property and Casualty Insurance Companies.

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Source: Insurance Weekly News

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