Universal Insurance Holdings Inc (UVE)

Universal's Insurance Subsidiaries Complete 2026-2027 Reinsurance ProgramMay 28, 2026 4:10 PM
Business Wire Successfully secured a combined UPCIC and APPCIC catastrophe reinsurance program with no material changes to historical reinsurance partners or terms and conditions. Added $352 million of multi-year coverage, extending through the 2027-2028 treaty period, most of which sits below the FHCF attachment point. The largest private reinsurance participants all maintain a rating from AM Best of ‘A’ or higher (Nephila Capital/Markel, RenaissanceRe, Munich Re, Chubb Tempest Re, Ariel Re, Everest Re and Lloyd’s of London syndicates). Universal Insurance Holdings, Inc. (NYSE: UVE) (“Universal” or the “Company”) today announced the completion by Universal Property & Casualty Insurance Company (“UPCIC”) and American Platinum Property and Casualty Insurance Company (“APPCIC”), the Company’s wholly-owned insurance company subsidiaries, of their combined 2026-2027 reinsurance program, effective June 1, 2026. “We are pleased to announce the completion of the 2026-2027 reinsurance program for our insurance companies,” said Matthew J. Palmieri, Chief Risk Officer. “The catastrophe reinsurance market is moderating after a benign 2025 Atlantic hurricane season, as well as from sweeping property insurance reforms passed in Florida, which have meaningfully stabilized the market. We secured first and subsequent event capacity at efficient pricing with our key, long standing reinsurance relationships, some of which have spanned three decades, and added more multi-year capacity in the process.” UPCIC/APPCIC set the top of its combined reinsurance tower for a single All States (including Florida) event to $2.623 billion, an increase of approximately $50 million over the 2025-2026 treaty period. To further insulate future years, UPCIC has secured $352 million of catastrophe capacity with contractually agreed limits that extend coverage to include the 2027-2028 treaty period, of which $277 million sits below the Florida Hurricane Catastrophe Fund (FHCF) layer. As of March 31, 2026, Florida represents less than 50% of the Company’s total insured value. The insurance entities’ combined $45 million first event statutory retention remains unchanged from the prior year. 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 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. Learn more at universalinsuranceholdings.com or get an insurance quote at Clovered.com. 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 2025 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260528498655/en/ Investors/Media:
Arash Soleimani, CFA, CPA, CPCU, ARe
Chief Strategy Officer
asoleimani @harry-8874 Original: Universal's Insurance Subsidiaries Complete 2026-2027 Reinsurance Program

Universal Reports First Quarter 2026 ResultsApril 23, 2026 4:10 PM
Business Wire

Diluted GAAP earnings per common share (EPS) of $1.88; diluted adjusted* EPS of $2.00



Annualized return on average common equity (“ROCE”) of 38.2%, annualized adjusted* ROCE of 38.5%



Direct premiums written of $506.5 million, up 8.5% from the prior year quarter



Book value per share of $20.95, up 39.9% year-over-year; adjusted book value per share of $22.19, up 32.2% year-over-year



Universal Insurance Holdings (NYSE: UVE) (“Universal” or the “Company”) reported first quarter 2026 results.


“We had a fantastic start to the year, with a 38.2% annualized return on common equity,” said Stephen J. Donaghy, Chief Executive Officer. “Our top-line results were strong, with growth across our multi-state footprint, including in Florida.”


“On a separate note, I'm pleased to announce the completion of our 2026-2027 reinsurance renewal for our insurance entities, as our program is now fully supported and secured. During the renewal process in 2026, we also secured $352 million of additional multi-year coverage, taking us through the 2027-2028 treaty period.”




*Reconciliations of non-GAAP to GAAP financial measures are provided in the attached tables.







Summary Financial Results




($ in thousands, except per share data)






Three Months Ended March 31,








 






2026






 






2025






 






Change








GAAP comparison






 






 






 






 






 








Total revenues






$






393,565






 






 






$






394,867






 






 






(0.3






)%








Operating income (loss)






$






73,287






 






 






$






57,068






 






 






28.4






%








Operating income (loss) margin






 






18.6






%






 






 






14.5






%






 






4.1 pts








 






 






 






 






 






 








Net income (loss) available to common stockholders






$






54,288






 






 






$






41,436






 






 






31.0






%








Diluted earnings (loss) per common share






$






1.88






 






 






$






1.44






 






 






30.6






%








 






 






 






 






 






 








Annualized ROCE






 






38.2






%






 






 






41.7






%






 






(3.5) pts








Book value per share, end of period






$






20.95






 






 






$






14.98






 






 






39.9






%








 






 






 






 






 






 








Non-GAAP comparison1






 






 






 






 






 








Core revenue






$






398,162






 






 






$






394,871






 






 






0.8






%








Adjusted operating income (loss)






$






77,884






 






 






$






57,072






 






 






36.5






%








Adjusted operating income (loss) margin






 






19.6






%






 






 






14.5






%






 






5.1 pts








 






 






 






 






 






 








Adjusted net income (loss) available to common stockholders






$






57,754






 






 






$






41,439






 






 






39.4






%








Adjusted diluted earnings (loss) per common share






$






2.00






 






 






$






1.44






 






 






38.9






%








 






 






 






 






 






 








Annualized adjusted ROCE






 






38.5






%






 






 






36.4






%






 






2.1 pts








Adjusted book value per share, end of period






$






22.19






 






 






$






16.79






 






 






32.2






%








 






 






 






 






 






 








Underwriting Summary






 






 






 






 






 








Premiums:






 






 






 






 






 








Premiums in force






$






2,178,427






 






 






$






2,094,505






 






 






4.0






%








Policies in force






 






915,306






 






 






 






864,817






 






 






5.8






%








 






 






 






 






 






 








Direct premiums written






$






506,547






 






 






$






467,078






 






 






8.5






%








Direct premiums earned






$






531,421






 






 






$






513,257






 






 






3.5






%








Ceded premiums earned






$






(174,519






)






 






$






(157,536






)






 






10.8






%








Ceded premium ratio






 






32.8






%






 






 






30.7






%






 






2.1 pts








Net premiums earned






$






356,902






 






 






$






355,721






 






 






0.3






%








 






 






 






 






 






 








Net ratios:






 






 






 






 






 








Loss ratio






 






63.9






%






 






 






70.5






%






 






(6.6) pts








Expense ratio






 






25.8






%






 






 






24.5






%






 






1.3 pts








Combined ratio






 






89.7






%






 






 






95.0






%






 






(5.3) pts








1 Reconciliation of non-GAAP to GAAP financial measures are provided in the attached tables. Adjusted net income (loss) available to common stockholders, adjusted diluted earnings (loss) per common share and core revenue exclude net realized gains (losses) on investments and net change in unrealized gains (losses) on investments. Adjusted operating income (loss) excludes the items above and interest and amortization of debt issuance costs. Adjusted book value per share excludes accumulated other comprehensive income (loss), net of taxes. Adjusted ROCE is calculated by dividing annualized adjusted net income (loss) 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) on investments.







Net Income and Adjusted Net Income


Net income available to common stockholders was $54.3 million, compared to net income of $41.4 million in the prior year quarter, and adjusted net income available to common stockholders was $57.8 million, compared to adjusted net income of $41.4 million in the prior year quarter. The higher adjusted net income available to common stockholders mostly stems from a lower net loss ratio and higher net investment income.


Revenues


Revenue was $393.6 million, down 0.3% from the prior year quarter and core revenue was $398.2 million, up 0.8% from the prior year quarter. The increase in core revenue primarily stems from higher net investment income and net premiums earned.


Direct premiums written were $506.5 million, up 8.5% from the prior year quarter. The increase stems from 4.9% growth in Florida and 18.3% growth in other states. Overall growth mostly reflects higher policies in force and inflation adjustments across our multi-state footprint.


Direct premiums earned were $531.4 million, up 3.5% from the prior year quarter. The increase stems from direct premiums written growth over the past twelve months.


The ceded premium ratio was 32.8%, up from 30.7%, in the prior year quarter. The increase primarily reflects the purchase of additional reinsurance coverage relative to the prior year quarter.


Net premiums earned were $356.9 million, up 0.3% from the prior year quarter. The increase is primarily attributable to higher direct premiums earned, partly offset by a higher ceded premium ratio, as described above.


Net investment income was $19.5 million, up from $16.1 million in the prior year quarter. The increase stems from higher fixed income reinvestment yields and higher invested assets.


Commissions, policy fees and other revenue were $21.8 million, down 5.7% from the prior year quarter. The decrease primarily reflects commissions earned on reinstatements in the prior year quarter.


Margins


The operating income margin was 18.6%, compared to an operating income margin of 14.5% in the prior year quarter. The adjusted operating income margin was 19.6%, compared to an adjusted operating income margin of 14.5% in the prior year quarter. The higher adjusted operating income margin primarily stems from a lower net loss ratio and higher core revenue.


The net loss ratio was 63.9%, down 6.6 points compared to the prior year quarter. The decrease reflects better current accident year results.


The net expense ratio was 25.8%, up 1.3 points from 24.5% in the prior year quarter. The increase was primarily driven by a higher ceded premium ratio and higher policy acquisition costs associated with growth outside Florida.


The net combined ratio was 89.7%, down 5.3 points compared to the prior year quarter. The decrease reflects a lower net loss ratio, partly offset by a higher net expense ratio, as described above.


Capital Deployment


During the first quarter, the Company repurchased approximately 210 thousand shares at an aggregate cost of $7.1 million. The Company’s current share repurchase authorization program has approximately $13.1 million remaining.


On April 10, 2026, the Board of Directors declared a quarterly cash dividend of 16 cents per share of common stock, payable on May 15, 2026, to shareholders of record as of the close of business on May 8, 2026.


Conference Call and Webcast



Friday, April 24, 2026 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-conf.media-server.com/register/BIf7338475e3b6498088eb9078ae971a72. 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 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. Learn more at universalinsuranceholdings.com or get an insurance quote at Clovered.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 (loss) 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) on investments. Adjusted operating income (loss) and adjusted operating income (loss) margin exclude the impact of net realized gains (losses) on investments and net change in unrealized gains (losses) on investments and interest and amortization of debt issuance costs. Adjusted common stockholders’ equity and adjusted book value per share exclude accumulated other comprehensive income (loss) (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) on investments 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) on investments 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.


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, other business developments, projections, and estimates, and assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Important factors that could cause our actual results or performance to differ materially from those contained in or implied by our forward-looking statements include, but are not limited to, the following:



we may face significant losses, and our financial results may vary from period to period, due to exposure to catastrophic events and severe weather conditions, the frequency and severity of which could be affected by climate change;



if we fail to adequately price the risks we underwrite and/or the estimates we make, or if emerging trends outpace our ability to adjust prices timely, or if we lose desirable exposures to competitors by overpricing our risks, we may experience underwriting losses depleting surplus at our risk-bearing insurance subsidiaries and capital at the holding company;



unanticipated increases in the severity or frequency of claims adversely affect our profitability and financial condition;



the failure of the risk mitigation strategies we utilize could have a material adverse effect on our financial condition or results of operations; and



the risks and uncertainties, as they may be amended from time to time, set forth in our filings with the U.S. Securities and Exchange Commission, including under the heading “Risk Factors” and “Liquidity and Capital Resources” in our most recent Annual Report on Form 10-K, and supplemented in our subsequent Quarterly Reports on Form 10-Q.



Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results or outcomes could differ materially from those projected or assumed in any of our forward-looking statements. There may be other factors not presently known to us or which we currently consider to be immaterial that could cause our actual results to differ materially from those projected in any forward-looking statements we make. 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








(in thousands, except per share data)











 



 






 






March 31,






 






December 31,








 






 






2026






 






2025








 






 






(unaudited)






 






 








ASSETS:






 






 






 






 








Invested Assets






 






 






 






 








Fixed maturities, at fair value, net






 






$






1,421,952






 






 






$






1,431,028






 








Equity securities, at fair value






 






 






98,624






 






 






 






85,420






 








Other investments, at fair value






 






 






10,693






 






 






 






10,693






 








Investment real estate, net






 






 






5,419






 






 






 






5,463






 








Total invested assets






 






 






1,536,688






 






 






 






1,532,604






 








Cash and cash equivalents






 






 






595,771






 






 






 






408,868






 








Restricted cash and cash equivalents






 






 






2,635






 






 






 






68,970






 








Prepaid reinsurance premiums






 






 






116,996






 






 






 






291,031






 








Reinsurance recoverables






 






 






201,921






 






 






 






232,918






 








Premiums receivable, net






 






 






75,962






 






 






 






75,721






 








Property and equipment, net






 






 






49,346






 






 






 






49,349






 








Deferred policy acquisition costs






 






 






126,159






 






 






 






128,564






 








Deferred income tax asset, net






 






 






37,809






 






 






 






27,658






 








Goodwill






 






 






2,319






 






 






 






2,319






 








Other assets






 






 






23,783






 






 






 






21,693






 








TOTAL ASSETS






 






$






2,769,389






 






 






$






2,839,695






 








 






 






 






 






 








LIABILITIES AND STOCKHOLDERS' EQUITY






 






 






 






 








LIABILITIES:






 






 






 






 








Unpaid losses and loss adjustment expenses






 






$






668,723






 






 






$






680,712






 








Unearned premiums






 






 






1,067,085






 






 






 






1,091,959






 








Advance premium






 






 






86,907






 






 






 






61,847






 








Income taxes payable






 






 






53,614






 






 






 






28,554






 








Reinsurance payable, net






 






 






135,791






 






 






 






257,242






 








Commission payable






 






 






28,260






 






 






 






26,307






 








Debt, net of issuance costs






 






 






100,290






 






 






 






100,481






 








Other liabilities and accrued expenses






 






 






43,975






 






 






 






41,558






 








Total liabilities






 






 






2,184,645






 






 






 






2,288,660






 








STOCKHOLDERS' EQUITY:






 






 






 






 








Cumulative convertible preferred stock2






 






 






—






 






 






 






—






 








Common stock3






 






 






483






 






 






 






482






 








Treasury shares, at cost - 20,436 and 20,226, respectively






 






 






(312,213






)






 






 






(305,064






)








Additional paid-in capital






 






 






123,910






 






 






 






124,319






 








Accumulated other comprehensive income (loss), net of taxes






 






 






(34,516






)






 






 






(26,151






)








Retained earnings






 






 






807,080






 






 






 






757,449






 








Total stockholders' equity






 






 






584,744






 






 






 






551,035






 








TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY






 






$






2,769,389






 






 






$






2,839,695






 








 






 






 






 






 








Notes:






 






 






 






 








2 Cumulative convertible preferred stock ($0.01 par value): Authorized - 1,000 shares; 10 issued and 10 outstanding; Minimum liquidation preference - $9.99 and $9.99 per share.








3 Common stock ($0.01 par value): Authorized - 55,000 shares; 48,341 and 48,234 issued; 27,905 and 28,008 outstanding, respectively.










 



UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES








CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)








(in thousands)









 



 






 






Three Months Ended








 






 






March 31,








 






 






2026






 






2025








REVENUES






 






 






 






 








Net premiums earned






 






$






356,902






 






 






$






355,721






 








Net investment income






 






 






19,487






 






 






 






16,060






 








Net realized gains (losses) on investments






 






 






734






 






 






 






(14






)








Net change in unrealized gains (losses) on investments






 






 






(5,331






)






 






 






10






 








Commission revenue






 






 






14,731






 






 






 






16,275






 








Policy fees






 






 






4,982






 






 






 






4,493






 








Other revenue






 






 






2,060






 






 






 






2,322






 








Total revenues






 






 






393,565






 






 






 






394,867






 








 






 






 






 






 








EXPENSES






 






 






 






 








Losses and loss adjustment expenses






 






 






228,096






 






 






 






250,555






 








Policy acquisition costs






 






 






64,473






 






 






 






60,574






 








Other operating costs and expenses






 






 






27,709






 






 






 






26,670






 








Total operating costs and expenses






 






 






320,278






 






 






 






337,799






 








Interest and amortization of debt issuance costs






 






 






1,595






 






 






 






1,612






 








Income (loss) before income tax expense (benefit)






 






 






71,692






 






 






 






55,456






 








Income tax expense (benefit)






 






 






17,401






 






 






 






14,017






 








NET INCOME (LOSS)






 






$






54,291






 






 






$






41,439






 










 



UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES








SHARE AND PER SHARE INFORMATION








(in thousands, except per share data)









 



 






 






Three Months Ended








 






 






March 31,








 






 






2026






 






2025








Weighted average common shares outstanding - basic






 






 






27,651






 






 






 






28,091






 








Weighted average common shares outstanding - diluted






 






 






28,831






 






 






 






28,779






 








Shares outstanding, end of period






 






 






27,905






 






 






 






28,190






 








Basic earnings (loss) per common share






 






$






1.96






 






 






$






1.48






 








Diluted earnings (loss) per common share






 






$






1.88






 






 






$






1.44






 








Cash dividend declared per common share






 






$






0.16






 






 






$






0.16






 








Book value per share, end of period






 






$






20.95






 






 






$






14.98






 








Annualized return on average common equity (ROCE)






 






 






38.2






%






 






 






41.7






%










 



UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES








SUPPLEMENTARY INFORMATION








(in thousands, except for Policies In Force data)









 



 






 






Three Months Ended








 






 






March 31,








 






 






2026






 






2025








Premiums






 






 






 






 








Direct premiums written - Florida






 






$






360,941






 






 






$






344,044






 








Direct premiums written - Other States






 






 






145,606






 






 






 






123,034






 








Direct premiums written - Total






 






$






506,547






 






 






$






467,078






 








Direct premiums earned






 






$






531,421






 






 






$






513,257






 








Net premiums earned






 






$






356,902






 






 






$






355,721






 








 






 






 






 






 








Underwriting Ratios - Net






 






 






 






 








Loss ratio






 






 






63.9






%






 






 






70.5






%








Expense ratio






 






 






25.8






%






 






 






24.5






%








Policy acquisition cost ratio






 






 






18.1






%






 






 






17.0






%








Other operating costs and expenses ratio






 






 






7.7






%






 






 






7.5






%








Combined ratio






 






 






89.7






%






 






 






95.0






%








 






 






 






 






 









 






 






As of








 






 






March 31,








 






 






2026






 






2025








Policies in force






 






 






 






 








Florida






 






 






579,127






 






 






562,845








Other States






 






 






336,179






 






 






301,972








Total






 






 






915,306






 






 






864,817








 






 






 






 






 








Premiums in force






 






 






 






 








Florida






 






$






1,569,627






 






$






1,592,100








Other States






 






 






608,800






 






 






502,405








Total






 






$






2,178,427






 






$






2,094,505








 






 






 






 






 








Total Insured Value






 






 






 






 








Florida






 






$






191,601,373






 






$






185,514,184








Other States






 






 






213,273,616






 






 






182,277,095








Total






 






$






404,874,989






 






$






367,791,279












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








 






March 31,








 






2026






 






2025








GAAP revenue






$






393,565






 






 






$






394,867






 








less: Net realized gains (losses) on investments






 






734






 






 






 






(14






)








less: Net change in unrealized gains (losses) on investments






 






(5,331






)






 






 






10






 








Core revenue






$






398,162






 






 






$






394,871






 









GAAP operating income (loss) to adjusted operating income (loss)








 






Three Months Ended








 






March 31,








 






2026






 






2025








GAAP income (loss) before income tax expense (benefit)






$






71,692






 






 






$






55,456






 








add: Interest and amortization of debt issuance costs






 






1,595






 






 






 






1,612






 








GAAP operating income (loss)






 






73,287






 






 






 






57,068






 








less: Net realized gains (losses) on investments






 






734






 






 






 






(14






)








less: Net change in unrealized gains (losses) on investments






 






(5,331






)






 






 






10






 








Adjusted operating income (loss)






$






77,884






 






 






$






57,072






 









GAAP operating income (loss) margin to adjusted operating income (loss) margin








 






Three Months Ended








 






March 31,








 






2026






 






2025








GAAP operating income (loss) (a)






$






73,287






 






 






$






57,068






 








GAAP revenue (b)






 






393,565






 






 






 






394,867






 








GAAP operating income (loss) margin (a÷b)






 






18.6






%






 






 






14.5






%








Adjusted operating income (loss) (c)






 






77,884






 






 






 






57,072






 








Core revenue (d)






 






398,162






 






 






 






394,871






 








Adjusted operating income (loss) margin (c÷d)






 






19.6






%






 






 






14.5






%









GAAP net income (NI) (loss) to adjusted NI available to common stockholders








 






Three Months Ended








 






March 31,








 






2026






 






2025








GAAP NI (loss)






$






54,291






 






 






$






41,439






 








less: Preferred dividends






 






3






 






 






 






3






 








GAAP NI (loss) available to common stockholders (e)






 






54,288






 






 






 






41,436






 








less: Net realized gains (losses) on investments






 






734






 






 






 






(14






)








less: Net change in unrealized gains (losses) on investments






 






(5,331






)






 






 






10






 








add: Income tax effect on above adjustments






 






(1,131






)






 






 






(1






)








Adjusted NI (loss) available to common stockholders (f)






$






57,754






 






 






$






41,439






 








 






 






 






 








Weighted average diluted common shares outstanding (g)






 






28,831






 






 






 






28,779






 








Diluted earnings (loss) per common share (e÷g)






$






1.88






 






 






$






1.44






 








Diluted adjusted earnings (loss) per common share (f÷g)






$






2.00






 






 






$






1.44






 









GAAP stockholders’ equity to adjusted common stockholders’ equity








 






As of








 






March 31,






 






 






December 31,








 






2026






 






2025






 






 






2025








GAAP stockholders’ equity






$






584,744






 






 






$






422,387






 






 






 






$






551,035






 








less: Preferred equity






 






100






 






 






 






100






 






 






 






 






100






 








Common stockholders’ equity (h)






 






584,644






 






 






 






422,287






 






 






 






 






550,935






 








less: Accumulated other comprehensive (loss), net of taxes






 






(34,516






)






 






 






(51,072






)






 






 






 






(26,151






)








Adjusted common stockholders’ equity (i)






$






619,160






 






 






$






473,359






 






 






 






$






577,086






 








 






 






 






 






 






 






 








Common shares outstanding (j)






 






27,905






 






 






 






28,190






 






 






 






 






28,008






 








Book value per common share (h÷j)






$






20.95






 






 






$






14.98






 






 






 






$






19.67






 








Adjusted book value per common share (i÷j)






$






22.19






 






 






$






16.79






 






 






 






$






20.60






 









GAAP return on common equity (ROCE) to adjusted ROCE








 






Three Months Ended






 






 






Year Ended








 






March 31,






 






 






December 31,








 






2026






 






2025






 






 






2025








Actual or Annualized NI (loss) available to common stockholders (k)






$






217,152






 






 






$






165,744






 






 






 






$






182,941






 








Average common stockholders’ equity (l)






 






567,790






 






 






 






397,719






 






 






 






 






462,043






 








Actual or Annualized ROCE (k÷l)






 






38.2






%






 






 






41.7






%






 






 






 






39.6






%








Annualized adjusted NI (loss) available to common stockholders (m)






$






231,016






 






 






$






165,756






 






 






 






$






179,532






 








 






 






 






 






 






 






 








Adjusted average common stockholders’ equity4 (n)






 






599,856






 






 






 






454,839






 






 






 






 






504,997






 








Actual or Annualized Adjusted ROCE (m÷n)






 






38.5






%






 






 






36.4






%






 






 






 






35.6






%








 






 






 






 






 






 






 








4 Adjusted average common stockholders’ equity excludes current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) on investments.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423332219/en/
Investors/Media:

Arash Soleimani, CFA, CPA, CPCU, ARe

Chief Strategy Officer

954-804-8874

asoleimani@universalproperty.com


Original: Universal Reports First Quarter 2026 Results