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UVE

Universal Insurance

$28.34

-0.26 (-0.91%)

09:20
05/31/19
05/31
09:20
05/31/19
09:20

Universal Insurance subsidiaries complete 2019-2020 reinsurance programs

Universal Insurance Holdings announced the completion by Universal Property & Casualty Insurance Company and American Platinum Property and Casualty Insurance Company, the company's wholly-owned insurance company subsidiaries, of their 2019-2020 reinsurance programs, effective June 1, 2019. UPCIC expanded the top of its reinsurance tower for a single Florida event to $3,.28B an increase of $134M over the final 2018-2019 program. Importantly, $1.3B of this coverage has limits that automatically reinstate to ensure a certain level of protection in multi-event scenarios. To further insulate for future years, UPCIC secured $222.6M of new catastrophe capacity with contractually agreed limits that extend coverage to the 2020 wind season or beyond. In total, UPCIC now has $382.6M of this multi-year capacity, all of which is below the Florida Hurricane Catastrophe Fund layer, where reinsurance costs are the highest. UPCIC increased its first event catastrophe retention for a Florida loss from $35M to $43M. This change in Florida retention is the first since 2015 and comes following several years of growing total insured value. A $43M retention loss would still represent less than 6% on an after-tax basis of UVE's stockholder's equity as of March 31, 2019. UPCIC also increased its first event catastrophe retention for a loss involving states other than Florida from $5M to $10M.

  • 13

    Jun

UVE Universal Insurance
$28.34

-0.26 (-0.91%)

07/27/18
KBWI
07/27/18
DOWNGRADE
Target $44
KBWI
Market Perform
Universal Insurance downgraded to Market Perform at Keefe Bruyette
Keefe Bruyette analyst Arash Soleimani downgraded Universal Insurance to Market Perform from Outperform while raising his price target for the shares to $44 from $39. The analyst cites valuation for the downgrade.

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EONGY

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RWEOY

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UUGRY

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EGFEY

EFG Eurobank

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NBG

National Bank of Greece

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NGG

National Grid

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TEL

TE Connectivity

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ST

Sensata

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APH

Amphenol

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SAP

SAP

$127.69

-1.11 (-0.86%)

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E

Eni SpA

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EQNR

Equinor

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ROYMY

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DOW

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NRDBY

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KMI

Kinder Morgan

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SYMC

Symantec

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-0.22 (-1.12%)

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OGE

OGE Energy

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