0000891166false00008911662024-05-302024-05-30


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) May 30, 2024

Universal Insurance Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3325165-0231984
(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 8.01Other Events
Universal Property & Casualty Insurance Company (“UPCIC”) and American Platinum Property and Casualty Insurance Company (“APPCIC” and together with UPCIC, the “Insurance Entities”), each a wholly-owned subsidiary of Universal Insurance Holdings, Inc. (the “Company”), have completed the placement of their combined 2024-2025 reinsurance program, effective June 1, 2024.
The Insurance Entities are responsible for insured losses related to catastrophic events in excess of coverage provided by their reinsurance programs. The Insurance Entities also remain responsible for insured losses notwithstanding the failure of any reinsurer to make payments otherwise due to the Insurance Entities. The Insurance Entities’ inability to satisfy valid insurance claims resulting from catastrophic events could have a material adverse effect on the Company’s results of operations, financial condition and liquidity.
UPCIC/APPCIC 2024-2025 All States Reinsurance Program
•First event All States retention of $45 million.
•All States first event tower extends to $2.404 billion with no co-participation in any of the layers, no limitation on loss adjustment expenses and no accelerated deposit premiums.
•Assuming a first event completely exhausts the $2.404 billion tower, the second event exhaustion point would be $1.134 billion.
•Full reinstatement available on $1.023 billion of non-FHCF first event catastrophe coverage for guaranteed second event coverage, an increase of $177 million in reinstateable, aggregate capacity over the 2023-2024 period. For all layers purchased between $45 million and the projected attachment point of the FHCF layer, to the extent that all of our coverage or a portion thereof is exhausted in a catastrophic event and reinstatement premium is due, we have purchased enough reinstatement premium protection ("RPP") limit to pay the premium necessary for the reinstatement of these coverages or have secured a specific second event contract.
•First event layer of 100% of $66 million in excess of $45 million established by UIH in captive insurance arrangement.
•Specific 2nd event private market excess of loss coverage of $66 million in excess of $45 million sitting behind captive arrangement, resulting in a $66 million reduction in retention on a consolidated basis for a 2nd event.
•Specific 3rd and 4th event private market catastrophe excess of loss coverage of $86 million in excess of $25 million provides frequency protection for multiple events during the treaty period including an incremental $20 million reduction in retention for a 3rd and 4th event.
•For the FHCF Reimbursement Contracts effective June 1, 2024, both UPCIC and APPCIC have continued the election of the 90% coverage level. We estimate the total mandatory FHCF layer will provide approximately $1.251 billion of coverage for UPCIC, which inures to the benefit of the open market coverage secured from private reinsurers and we estimate the total mandatory FHCF layer will provide approximately $19.4 million of coverage for APPCIC, which inures to the benefit of the open market coverage secured from private reinsurers.
•To further insulate future years, UPCIC and APPCIC has secured $240 million of catastrophe capacity with contractually agreed limits that extend coverage to include the 2025-2026 treaty year, of which $165 million of the capacity sits below the Florida Hurricane Catastrophe Fund and $75 million sits above the Florida Hurricane Catastrophe Fund.
The total cost of the 2024-25 reinsurance programs for UPCIC and APPCIC is projected to be $676 million, representing approximately 33% of projected direct earned premium for the 12-month treaty period.
Press Release
The Company has issued a press release announcing the placement of the 2024-2025 reinsurance programs. Such press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.


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.
Item 9.01Financial Statements and Exhibits
(d) Exhibits:
Exhibit NumberDescription
104The 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: May 30, 2024
UNIVERSAL INSURANCE HOLDINGS, INC.
By:/s/ Stephen J. Donaghy
Name:Stephen J. Donaghy
Title:Chief Executive Officer

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Exhibit 99.1
Universal's Insurance Subsidiaries Complete 2024-2025 Reinsurance Program

•Successfully secured a combined UPCIC and APPCIC catastrophe reinsurance program with no material changes to historical reinsurance partners or terms and conditions.

•Replaced $217M of cost-free Reinsurance to Assist Policyholders (RAP) coverage and $150M of expiring catastrophe bond coverage in the traditional reinsurance market.

•Total cost of the 2024-2025 reinsurance program for UPCIC and APPCIC projected to be approximately 33.0% of estimated direct earned premium for the 12-month treaty period, compared to 31.8% at this time last year, reflecting a modest 1.2-point year over year increase despite our demand for private market capacity increasing significantly.

•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).


Fort Lauderdale, Fla., May 30, 2024 – 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 2024-2025 reinsurance program, effective June 1, 2024.

“We are pleased to announce the completion of the 2024-2025 reinsurance program for both of our insurance companies,” said Matthew J. Palmieri, Chief Risk Officer. “Reinsurance serves as the fulcrum of our insurance entities’ ability to absorb multiple catastrophic events in a given year, protecting policyholders and allowing operations to continue smoothly. For this renewal, we approached the market with considerably more private market catastrophe capacity demand and the Company executed efficiently with our long-standing reinsurance partners ahead of the upcoming 2024 Atlantic Hurricane Season. We also added new multi-year coverage extending through the 2025-2026 reinsurance period in the process.”

UPCIC’s in force wind-covered policy count in Florida declined by 25,266 from March 31, 2023 to March 31, 2024, resulting in a year over year reduction to the top end of the combined first event reinsurance tower for our insurance subsidiaries. UPCIC and APPCIC set the top of their combined reinsurance tower for a single All States (including Florida) event to $2.404 billion. $1.023 billion of this coverage has limits that automatically reinstate to guarantee a certain level of protection in multi-event scenarios, an increase of $177 million in aggregate limit available for subsequent events over the 2023-2024 period.

To further insulate future years, UPCIC and APPCIC secured $240 million of catastrophe capacity with contractually agreed limits that extend coverage to include the 2025-2026 treaty year, of which $165 million of the capacity sits below the Florida Hurricane Catastrophe Fund and $75 million sits above the Florida Hurricane Catastrophe Fund.

The insurance entities’ combined $45 million All States (including Florida) first event retention loss is 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 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 or get an insurance quote at clovered.com.

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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.

Investors/Media:
Arash Soleimani, CFA, CPA, CPCU, ARe
Chief Strategy Officer
asoleimani@universalproperty.com
954-804-8874
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v3.24.1.1.u2
Cover Page
May 30, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date May 30, 2024
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
Entity Central Index Key 0000891166
Amendment Flag false
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