The following is a summary of the Universal Insurance Holdings, Inc. (UVE) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Universal Insurance delivered a strong Q1 with a 29.4% annualized adjusted return on common equity and a 35.4% YoY increase in adjusted diluted earnings per share.

• The company reported a core revenue increase by 15.4% YoY, due primarily to higher net premiums earned and net investment income.

• Direct premiums written increased by 8.8% YoY with the net combined ratio down to 95.5%, a 4.5 point drop from the previous year.

Business Progress:

• The company saw growth in quarterly direct premiums written, primarily due to policy stabilization after underwriting initiatives.

• Their reinsurance renewal for 2024-2025 is fully set with the addition of strong, new reinsurers.

• Reported a growth of 5.2% in Florida and 25.6% in other states due to higher rates, inflation adjustments, and stable policies-in-force.

• The management showed confidence in competitive markets and noted an increasing retention rate quarter-over-quarter.

More details: Universal Insurance Holdings Inc IR

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