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Press release content from Business Wire. The AP news staff was not involved in its creation.

Universal Insurance Holdings Reports Third Quarter 2019 Results

October 30, 2019

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Oct 30, 2019--

Universal Insurance Holdings (NYSE: UVE) (the “Company”) reported 2019 third quarter diluted EPS of $0.59 on a GAAP basis and $0.61 non-GAAP adjusted EPS. 1 Total revenue was up 11.4% from the year-ago quarter to $229.6 million. Book value per share grew to $17.13, an increase of 12.7% year-over-year, with a year-to-date annualized return on average equity of 23.9%.

“We achieved double digit revenue growth for both the third quarter and year-to-date periods, with solid profitability, resulting in a strong year-to-date total annualized return on average equity of 23.9%,” said Stephen J. Donaghy, Chief Executive Officer. “We believe these results, combined with the outstanding work our claims servicing team has done in bringing closure to prior years catastrophe events, and the launch this quarter of our multi-rater quote-to-bind platform on Clovered SM, where consumers can now receive up to five side-by-side quotes online from different carriers, positions us well to continue to deliver on our strategic priorities.”

1

Excludes net realized and unrealized gains and losses on investments as well as extraordinary reinstatement premiums and associated commissions (“non-GAAP adjusted EPS”). 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 September 30,

 

 

Nine Months Ended September 30,

 

2019

 

2018

 

Change

 

 

2019

 

2018

 

Change

(GAAP comparison)

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

229,641

 

 

$

206,155

 

 

11.4

%

 

 

$

699,949

 

 

$

607,443

 

 

15.2

%

Income before income taxes

27,896

 

 

51,167

 

 

(45.5

)%

 

 

132,570

 

 

164,114

 

 

(19.2

)%

Income before income taxes margin

12.1

%

 

24.8

%

 

(12.7

) pts

 

 

18.9

%

 

27.0

%

 

(8.1

) pts

Diluted EPS

$

0.59

 

 

$

1.04

 

 

(43.3

)%

 

 

$

2.82

 

 

$

3.45

 

 

(18.3

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized return on average equity (ROE)

14.0

%

 

28.4

%

 

(14.4

) pts

 

 

23.9

%

 

33.1

%

 

(9.2

) pts

Book value per share, end of period

17.13

 

 

15.20

 

 

12.7

%

 

 

17.13

 

 

15.20

 

 

12.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

(Non-GAAP comparison) 2

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income

28,476

 

 

66,826

 

 

(57.4

)%

 

 

125,520

 

 

189,518

 

 

(33.8

)%

Adjusted EPS

$

0.61

 

 

$

1.37

 

 

(55.5

)%

 

 

$

2.67

 

 

$

3.98

 

 

(32.9

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

2 Reconciliation of GAAP to non-GAAP financial measures are provided in the attached tables. Adjusted operating income excludes net realized and unrealized gains and losses on investments, interest expense, and extraordinary reinstatement premiums and associated commissions. Non-GAAP adjusted EPS excludes net realized and unrealized gains and losses on investments, as well as extraordinary reinstatement premiums and associated commissions.

Total revenue grew double digits for both the quarter and year-to-date periods, driven primarily by continued organic premium volume growth, pricing and investment portfolio performance. Income before income tax produced a 12.1% margin for the quarter, impacted by weather events above plan, partially offset by returns on our investment portfolio and integrated services performance. Year-to-date income before income tax produced an 18.9% margin. GAAP diluted EPS and non-GAAP adjusted EPS results for both the quarter and year-to-date reflect positive momentum from premium growth, investment performance and a reduced share count, offset by a higher core booked loss ratio (when compared to 2018), weather events above plan and a lower benefit from integrated services as prior years’ claims concluded. In addition, the year-to-date EPS decline relative to 2018 was driven by a pre-tax $6.5 million non-recurring benefit in policy acquisition costs in the second quarter of 2018. The Company produced a strong annualized year-to-date return on average equity of 23.9% and book value per share growth of 12.7% year-over-year.

Underwriting

($thousands, except policies in force)

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

2019

 

2018

 

Change

 

 

2019

 

2018

 

Change

Policies in force (as of end of period)

872,603

 

 

818,493

 

 

6.6

%

 

 

872,603

 

 

818,493

 

 

6.6

%

Premiums in force (as of end of period)

$

1,267,681

 

 

$

1,168,372

 

 

8.5

%

 

 

$

1,267,681

 

 

$

1,168,372

 

 

8.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct premiums written

$

342,872

 

 

$

309,176

 

 

10.9

%

 

 

$

990,066

 

 

$

921,941

 

 

7.4

%

Direct premiums earned

313,065

 

 

288,404

 

 

8.6

%

 

 

911,550

 

 

824,692

 

 

10.5

%

Net premiums earned

206,599

 

 

188,938

 

 

9.3

%

 

 

626,683

 

 

563,787

 

 

11.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense ratio 3

33.5

%

 

36.5

%

 

(3.0

) pts

 

 

33.2

%

 

33.9

%

 

(0.7

) pts

Loss & LAE ratio

64.3

%

 

45.5

%

 

18.8

pts

 

 

57.3

%

 

44.6

%

 

12.7

pts

Combined ratio

97.8

%

 

82.0

%

 

15.8

pts

 

 

90.5

%

 

78.6

%

 

11.9

pts

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Expense ratio excludes interest expense.

Direct premiums written were up double digits for the quarter, led by the full quarter’s impact of rate increases in Florida and other states taking effect, as well as strong direct premium growth of 27.6% in Other States (non-Florida). Year-to-date, direct premiums written were up 7.4% led by the rate increases, as well as strong direct premium growth of 29.1% in Other States.

On the expense side, the combined ratio increased 15.8 points for the quarter and 11.9 points year-to-date. The increases were driven primarily by increased losses in connection with the diversified growth in the Company’s underlying business, increased core booked loss ratio at the start of 2019, weather events above plan and a reduced benefit from our claims adjusting business, partially offset by a reduction in the expense ratio as set forth below.

Services

($thousands)

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

2019

 

2018

 

Change

 

 

2019

 

2018

 

Change

Commission revenue

$

7,380

 

 

$

5,658

 

 

30.4

%

 

 

$

18,933

 

 

$

16,638

 

 

13.8

%

Policy fees

5,569

 

 

5,204

 

 

7.0

%

 

 

16,587

 

 

15,743

 

 

5.4

%

Other revenue

1,929

 

 

1,783

 

 

8.2

%

 

 

5,369

 

 

5,258

 

 

2.1

%

Total

$

14,878

 

 

$

12,645

 

 

17.7

%

 

 

$

40,889

 

 

$

37,639

 

 

8.6

%

Total services revenue increased 17.7% for the quarter and 8.6% year-to-date. The increase was driven by commission revenue earned on ceded premiums and an increase in policy fees and other revenue related to volume.

Investments

($thousands)

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

2019

 

2018

 

Change

 

 

2019

 

2018

 

Change

Net investment income

$

7,613

 

 

$

6,642

 

 

14.6

%

 

 

$

23,165

 

 

$

17,213

 

 

34.6

%

Realized gains (losses)

(22

)

 

403

 

 

NM

 

 

(13,152

)

 

(2,093

)

 

NM

Unrealized gains (losses)

573

 

 

(2,473

)

 

NM

 

 

22,364

 

 

(9,103

)

 

NM

NM = Not Meaningful

 

Net investment income increased 14.6% for the quarter and 34.6% year-to-date, primarily due to increased assets under management and an asset mix shift to higher yielding investment grade bonds during 2018 and 2019 which are having a greater impact on net investment income. Yields from the fixed income portfolio are dependent on future market forces, monetary policy and interest rate policy from the Federal Reserve. The Company continually monitors the current Federal Reserve interest rate trends, which has impacted effective yields on new fixed income and overnight cash purchases in 2019, but the impact has been somewhat limited, due to prudent duration strategies and asset mix shifts. Realized losses for the year-to-date period were primarily the result of liquidating underperforming equity securities. Unrealized gains were driven by market fluctuations in equity securities, resulting in a favorable outcome for the quarter and year-to-date periods.

Capital Deployment

During the third quarter, the Company repurchased approximately 964 thousand shares at an aggregate cost of $25.7 million. Year-to-date, the Company repurchased approximately 1.8 million shares at an aggregate cost of $49.9 million. The $49.9 million returned to shareholders through opportunistic share repurchases year-to-date is the largest amount of capital deployed for share repurchases over any other corresponding nine-month period in the Company’s history.

On June 5, 2019, the Board of Directors of the Company declared a quarterly cash dividend of 16 cents per share, which was paid in the third quarter on July 17, 2019, to shareholders of record as of the close of business on July 3, 2019.

Conference Call and Webcast

About Universal Insurance Holdings, Inc.

Universal Insurance Holdings, Inc. (“UVE”) is a holding company offering 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 sell insurance products through both our appointed independent agents and through our direct online distribution channels in the United States across 18 states (primarily Florida). Learn more at UniversalInsuranceHoldings.com.

Non-GAAP Financial Measures

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 adjusted earnings per diluted share, which excludes the impact of the net realized and unrealized gains and losses on investments as well as extraordinary reinstatement premiums and associated commissions. Extraordinary reinstatement premiums are not covered by reinstatement premium protection and attach just below the Florida Hurricane Catastrophe Fund (“FHCF”) reinsurance layer. Adjusted operating income excludes the impact of the net realized and unrealized gains and losses on investments, as well as interest expense and extraordinary reinstatement premiums and associated commissions. 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, when considered together with the GAAP financial measures, 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 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.

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. 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.

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except per share data)

 

 

 

September 30,

 

December 31,

 

 

2019

 

2018

ASSETS:

 

 

 

 

Invested Assets

 

 

 

 

Fixed maturities, at fair value

 

$

878,567

 

 

$

820,438

 

Equity securities, at fair value

 

43,141

 

 

63,277

 

Investment real estate, net

 

15,688

 

 

24,439

 

Total invested assets

 

937,396

 

 

908,154

 

Cash and cash equivalents

 

159,638

 

 

166,428

 

Restricted cash and cash equivalents

 

2,635

 

 

2,635

 

Prepaid reinsurance premiums

 

280,297

 

 

142,750

 

Reinsurance recoverable

 

217,301

 

 

418,603

 

Premiums receivable, net

 

70,388

 

 

59,858

 

Property and equipment, net

 

41,016

 

 

34,991

 

Deferred policy acquisition costs

 

94,820

 

 

84,686

 

Goodwill

 

2,319

 

 

2,319

 

Other assets

 

23,468

 

 

37,966

 

TOTAL ASSETS

 

$

1,829,278

 

 

$

1,858,390

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

LIABILITIES:

 

 

 

 

Unpaid losses and loss adjustment expenses

 

$

166,342

 

 

$

472,829

 

Unearned premiums

 

680,195

 

 

601,679

 

Advance premium

 

40,669

 

 

26,222

 

Reinsurance payable, net

 

300,094

 

 

93,306

 

Long-term debt

 

10,294

 

 

11,397

 

Other liabilities

 

62,703

 

 

151,324

 

Total liabilities

 

1,260,297

 

 

1,356,757

 

STOCKHOLDERS' EQUITY:

 

 

 

 

Cumulative convertible preferred stock ($0.01 par value) 4

 

 

 

 

Common stock ($0.01 par value) 5

 

467

 

 

465

 

Treasury shares, at cost - 13,502 and 11,731

 

(180,331

)

 

(130,399

)

Additional paid-in capital

 

93,546

 

 

86,353

 

Accumulated other comprehensive income (loss), net of taxes

 

21,089

 

 

(8,010

)

Retained earnings

 

634,210

 

 

553,224

 

Total stockholders' equity

 

568,981

 

 

501,633

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

1,829,278

 

 

$

1,858,390

 

 

 

 

 

 

Notes:

 

 

 

 

4 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.

5 Common stock ($0.01 par value): Authorized - 55,000 shares; Issued - 46,713 and 46,514 shares; Outstanding 33,211 and 34,783 shares.

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2019

 

2018

 

 

2019

 

2018

REVENUES

 

 

 

 

 

 

 

 

 

Net premiums earned

 

$

206,599

 

 

$

188,938

 

 

 

$

626,683

 

 

$

563,787

 

Net investment income

 

7,613

 

 

6,642

 

 

 

23,165

 

 

17,213

 

Net realized gains/(losses) on investments

 

(22

)

 

403

 

 

 

(13,152

)

 

(2,093

)

Net change in unrealized gains/(losses) of equity securities

 

573

 

 

(2,473

)

 

 

22,364

 

 

(9,103

)

Commission revenue

 

7,380

 

 

5,658

 

 

 

18,933

 

 

16,638

 

Policy fees

 

5,569

 

 

5,204

 

 

 

16,587

 

 

15,743

 

Other revenue

 

1,929

 

 

1,783

 

 

 

5,369

 

 

5,258

 

Total revenues

 

$

229,641

 

 

$

206,155

 

 

 

$

699,949

 

 

$

607,443

 

 

 

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses

 

$

132,571

 

 

$

85,947

 

 

 

$

358,961

 

 

$

251,715

 

Policy acquisition costs

 

45,131

 

 

42,745

 

 

 

132,863

 

 

114,333

 

Other operating expenses

 

23,986

 

 

26,207

 

 

 

75,352

 

 

77,023

 

Interest expense

 

57

 

 

89

 

 

 

203

 

 

258

 

Total expenses

 

$

201,745

 

 

$

154,988

 

 

 

$

567,379

 

 

$

443,329

 

 

 

 

 

 

 

 

 

 

 

Income before income tax expense

 

$

27,896

 

 

$

51,167

 

 

 

$

132,570

 

 

$

164,114

 

Income tax expense

 

$

7,750

 

 

$

13,787

 

 

 

$

34,983

 

 

$

40,595

 

NET INCOME

 

$

20,146

 

 

$

37,380

 

 

 

$

97,587

 

 

$

123,519

 

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

SHARE AND PER SHARE INFORMATION

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2019

 

2018

 

 

2019

 

2018

Weighted average common shares outstanding - basic

 

33,649

 

 

34,861

 

 

 

34,230

 

 

34,870

 

Weighted average common shares outstanding - diluted

 

33,930

 

 

35,919

 

 

 

34,565

 

 

35,754

 

Shares outstanding, end of period

 

33,211

 

 

34,933

 

 

 

33,211

 

 

34,933

 

Basic earnings per common share

 

$

0.60

 

 

$

1.07

 

 

 

$

2.85

 

 

$

3.54

 

Diluted earnings per common share

 

$

0.59

 

 

$

1.04

 

 

 

$

2.82

 

 

$

3.45

 

Cash dividend declared per common share

 

$

0.16

 

 

$

0.16

 

 

 

$

0.48

 

 

$

0.44

 

Book value per share, end of period

 

17.13

 

 

15.20

 

 

 

17.13

 

 

15.20

 

Annualized return on average equity (ROE)

 

14.0

%

 

28.4

%

 

 

23.9

%

 

33.1

%

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

SUPPLEMENTARY INFORMATION

(in thousands, except for Policies In Force data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2019

 

2018

 

 

2019

 

2018

Premiums

 

 

 

 

 

 

 

 

 

Direct premiums written - Florida

 

$

280,141

 

 

$

260,024

 

 

 

$

819,185

 

 

$

789,539

 

Direct premiums written - Other States

 

62,731

 

 

49,152

 

 

 

170,881

 

 

132,402

 

Direct premiums written - Total

 

$

342,872

 

 

$

309,176

 

 

 

$

990,066

 

 

$

921,941

 

Direct premiums earned

 

$

313,065

 

 

$

288,404

 

 

 

$

911,550

 

 

$

824,692

 

Net premiums earned

 

$

206,599

 

 

$

188,938

 

 

 

$

626,683

 

 

$

563,787

 

 

 

 

 

 

 

 

 

 

 

Underwriting Ratios - Net

 

 

 

 

 

 

 

 

 

Loss and loss adjustment expense ratio

 

64.3

%

 

45.5

%

 

 

57.3

%

 

44.6

%

Policy acquisition cost ratio

 

21.8

%

 

22.6

%

 

 

21.2

%

 

20.3

%

Other operating expense ratio 6

 

11.6

%

 

13.9

%

 

 

12.0

%

 

13.7

%

General and administrative expense ratio 6

 

33.5

%

 

36.5

%

 

 

33.2

%

 

33.9

%

Combined ratio

 

97.8

%

 

82.0

%

 

 

90.5

%

 

78.6

%

 

 

 

 

 

 

 

 

 

 

Other Items

 

 

 

 

 

 

 

 

 

(Favorable)/Unfavorable prior year reserve development

 

$

3,218

 

 

$

(39

)

 

 

$

3,703

 

 

$

2,227

 

Points on the loss and loss adjustment expense ratio

 

156

bps

 

(2

)bps

 

 

59

bps

 

40

bps

 

 

 

 

 

 

 

 

 

 

6 Expense ratio excludes interest expense.

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

September 30,

 

 

2019

 

2018

Policies in force

 

 

 

 

Florida

 

653,202

 

 

636,985

 

Other States

 

219,401

 

 

181,508

 

Total

 

872,603

 

 

818,493

 

 

 

 

 

 

Premiums in force

 

 

 

 

Florida

 

$

1,051,030

 

 

$

1,001,791

 

Other States

 

216,651

 

 

166,581

 

Total

 

$

1,267,681

 

 

$

1,168,372

 

 

 

 

 

 

Total Insured Value

 

 

 

 

Florida

 

$

161,761,450

 

 

$

154,932,275

 

Other States

 

87,516,672

 

 

67,744,874

 

Total

 

$

249,278,122

 

 

$

222,677,149

 

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands, except for per share data)

 

 

Three Months Ended

 

 

Nine Months Ended

 

September 30,

 

 

September 30,

 

2019

 

2018

 

 

2019

 

2018

Income Before Income Taxes

$

27,896

 

 

$

51,167

 

 

 

$

132,570

 

 

$

164,114

 

Adjustments:

 

 

 

 

 

 

 

 

Reinstatement premium, net of commissions 7

1,074

 

 

13,500

 

 

 

1,959

 

 

13,950

 

Net unrealized (gains)/losses on equity securities

(573

)

 

2,473

 

 

 

(22,364

)

 

9,103

 

Net realized (gains)/losses on investments

22

 

 

(403

)

 

 

13,152

 

 

2,093

 

Interest Expense

57

 

 

89

 

 

 

203

 

 

258

 

Total Adjustments

580

 

 

15,659

 

 

 

(7,050

)

 

25,404

 

Non-GAAP Adjusted Operating Income

$

28,476

 

 

$

66,826

 

 

 

$

125,520

 

 

$

189,518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Diluted EPS

$

0.59

 

 

$

1.04

 

 

 

$

2.82

 

 

$

3.45

 

Adjustments:

 

 

 

 

 

 

 

 

Reinstatement premium, net of commissions 7

0.03

 

 

0.38

 

 

 

0.06

 

 

0.39

 

Net unrealized (gains)/losses on equity securities

(0.01

)

 

0.07

 

 

 

(0.64

)

 

0.25

 

Net realized (gains)/losses on investments

 

 

(0.01

)

 

 

0.38

 

 

0.06

 

Total Pre-Tax Adjustments

0.02

 

 

0.44

 

 

 

(0.20

)

 

0.70

 

Income Tax on Above Adjustments

 

 

(0.11

)

 

 

0.05

 

 

(0.17

)

Total Adjustments

0.02

 

 

0.33

 

 

 

(0.15

)

 

0.53

 

Non-GAAP Adjusted EPS

$

0.61

 

 

$

1.37

 

 

 

$

2.67

 

 

$

3.98

 

 

 

 

 

 

 

 

 

 

7 Includes reinstatement premiums not covered by reinstatement premium protection and related commissions.

 

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20191030005602/en/

CONTACT: Investor Relations Contact:

Rob Luther, 954-958-1200 ext. 6750

VP, Corporate Development, Strategy & IR

rluther@universalproperty.comMedia Relations Contact:

Andy Brimmer / Mahmoud Siddig, 212-355-4449

Joele Frank, Wilkinson Brimmer Katcher

KEYWORD: FLORIDA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES

SOURCE: Universal Insurance Holdings

Copyright Business Wire 2019.

PUB: 10/30/2019 04:15 PM/DISC: 10/30/2019 04:15 PM

http://www.businesswire.com/news/home/20191030005602/en