South Florida-based insurer sheds policies, reports $25 million quarterly profit

It has been a challenging two years for Florida's property insurers, but at least one South Florida-based company, is showing signs of bouncing back.

In February, Universal Insurance Holdings Inc. (UVE) - parent company of Universal Property & Casualty Insurance Co. – reported an increase in net income over the third quarter to $25.1 million on revenues of $330.4 million.

In a statement, the company's CEO - Stephen Donaghy – said, "The Florida homeowners insurance market has faced significant challenges, but we remain committed to our home state and continue to write new and renewal business. We're grateful to state officials for passing meaningful reforms at the recent special legislative session, including elimination of one-way attorney fees and assignment-of-benefits, shortening the claims filing deadline to one year and taking steps to reduce the competitiveness of Citizens, among other measures."

Last year, Universal shed policies among steps it took to improve results. According to report by the Insurance Journal, the company had 848,856 policies at the end of 2022, 10 percent less than in 2021.

Universal is carrying about 80,000 less Florida policies than last year, now insuring 615,796 Florida properties.

Direct premiums increased to $416 million, a modest increase over 2021.

For the complete Insurance Journal report, click here.