# UNIVERSAL INSURANCE HOLDINGS, INC. (UVE)

Informational only - not investment advice.

CIK: 0000891166
SIC: 6331 Fire, Marine & Casualty Insurance
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Insurance Carriers](/major-group/63/) > [SIC 6331 Fire, Marine & Casualty Insurance](/industry/6331/)
Latest 10-K filed: 2026-02-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=891166
Filing source: https://www.sec.gov/Archives/edgar/data/891166/000089116626000010/uve-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0000891166-26-000010 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000891166.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,603,915,000 USD | 2025 | verified |
| Net income | 182,951,000 USD | 2025 | verified |
| Assets | 2,839,695,000 USD | 2025 | verified |
| Free cash flow | 377,055,000 USD | 2025 | computed |
| Net margin | 11.41% | 2025 | computed |
| Revenue YoY | +5.48% | 2025 | computed |
| ROE | 33.20% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | UVE | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 11.4% | 12.9% | 40 | 53 |
| Revenue growth | 5.5% | 9.4% | 35 | 53 |
| FCF margin | 23.5% | 19.9% | 63 | 36 |
| ROE | 33.2% | 15.9% | 87 | 53 |
| ROA | 6.4% | 3.9% | 75 | 53 |
| Liabilities / equity | 4.15 | 3.04 | 81 | 53 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6331 Fire, Marine & Casualty Insurance, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1603915000 | USD | 2025 | 2026-02-27 |
| Net income | 182951000 | USD | 2025 | 2026-02-27 |
| Assets | 2839695000 | USD | 2025 | 2026-02-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000891166.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 685,289,000 | 751,916,000 | 823,816,000 | 939,351,000 | 1,072,770,000 | 1,121,851,000 | 1,222,658,000 | 1,391,582,000 | 1,520,536,000 | 1,603,915,000 |
| Net income |  | 99,410,000 | 106,935,000 | 117,051,000 | 46,514,000 | 19,105,000 | 20,407,000 | -22,257,000 | 66,823,000 | 58,928,000 | 182,951,000 |
| Diluted EPS |  | 2.79 | 2.99 | 3.27 | 1.36 | 0.60 | 0.65 | -0.72 | 2.22 | 2.01 | 6.32 |
| Operating cash flow | 156,959,000 |  | 245,010,000 | 230,105,000 | 84,598,000 | 29,348,000 | 234,378,000 | 324,515,000 | 70,971,000 | 137,358,000 | 381,493,000 |
| Capital expenditures |  | 8,223,000 | 4,618,000 | 6,731,000 | 11,314,000 | 17,216,000 | 7,226,000 | 4,899,000 | 4,019,000 | 7,368,000 | 4,438,000 |
| Dividends paid |  | 24,192,000 | 24,001,000 | 25,508,000 | 26,106,000 | 24,547,000 | 24,191,000 | 23,774,000 | 23,279,000 | 22,316,000 | 22,165,000 |
| Share buybacks |  | 8,510,000 | 18,141,000 | 25,276,000 | 66,186,000 | 28,921,000 | 1,609,000 | 11,643,000 | 22,021,000 | 21,914,000 | 22,370,000 |
| Assets |  | 1,060,007,000 | 1,454,999,000 | 1,858,390,000 | 1,719,852,000 | 1,758,741,000 | 2,056,141,000 | 2,890,154,000 | 2,316,561,000 | 2,841,861,000 | 2,839,695,000 |
| Liabilities |  | 688,817,000 | 1,015,011,000 | 1,356,757,000 | 1,225,951,000 | 1,309,479,000 | 1,626,439,000 | 2,602,258,000 | 1,975,264,000 | 2,468,611,000 | 2,288,660,000 |
| Stockholders' equity |  | 371,190,000 | 439,988,000 | 501,633,000 | 493,901,000 | 449,262,000 | 429,702,000 | 287,896,000 | 341,297,000 | 373,250,000 | 551,035,000 |
| Cash and cash equivalents |  | 105,730,000 | 213,486,000 | 166,428,000 | 182,109,000 | 167,156,000 | 250,508,000 | 388,706,000 | 397,306,000 | 259,441,000 | 408,868,000 |
| Free cash flow |  |  | 240,392,000 | 223,374,000 | 73,284,000 | 12,132,000 | 227,152,000 | 319,616,000 | 66,952,000 | 129,990,000 | 377,055,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 14.51% | 14.22% | 14.21% | 4.95% | 1.78% | 1.82% | -1.82% | 4.80% | 3.88% | 11.41% |
| Return on equity |  | 26.78% | 24.30% | 23.33% | 9.42% | 4.25% | 4.75% | -7.73% | 19.58% | 15.79% | 33.20% |
| Return on assets |  | 9.38% | 7.35% | 6.30% | 2.70% | 1.09% | 0.99% | -0.77% | 2.88% | 2.07% | 6.44% |
| Liabilities / equity |  | 1.86 | 2.31 | 2.70 | 2.48 | 2.91 | 3.79 | 9.04 | 5.79 | 6.61 | 4.15 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000891166.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -2.36 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.79 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.93 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 360,048,000 | -5,918,000 | -0.20 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 375,456,000 | 19,997,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 367,959,000 | 33,654,000 | 1.14 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 380,214,000 | 35,414,000 | 1.21 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 387,554,000 | -16,166,000 | -0.57 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 384,809,000 | 6,016,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 394,867,000 | 41,436,000 | 1.44 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 400,141,000 | 35,091,000 | 1.21 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 400,981,000 | 39,827,000 | 1.38 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 407,926,000 | 66,587,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 393,565,000 | 54,288,000 | 1.88 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 427,033,000 | 59,186,000 | 2.04 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from UVE's latest 10-K: [/company/UVE/business/](/company/UVE/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from UVE's latest 10-K: [/company/UVE/risk-factors/](/company/UVE/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/891166/000089116626000088/uve-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Unless the context otherwise requires, all references to “we,” “us,” “our,” and “Company” refer to Universal Insurance Holdings, Inc. (“UVE”) and its wholly-owned subsidiaries. You should read the following discussion together with our unaudited condensed consolidated financial statements (“Financial Statements”) and the related notes thereto included in “Part I, Item 1—Financial Statements,” and our audited consolidated financial statements and the related notes thereto included in “Part II, Item 8—Financial Statements and Supplementary Data” in our Annual Report on Form 10-K for the year ended December 31, 2025. Operating results for any one quarter are not necessarily indicative of results to be expected for any quarter or for the year.

Cautionary Note Regarding Forward-Looking Statements

In addition to historical information, this report may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The forward-looking statements anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These forward-looking statements may be identified by their use of words like “plans,” “seeks,” “expects,” “will,” “should,” “anticipates,” “estimates,” “intends,” “believes,” “likely,” “targets,” and other words with similar meanings. These statements may address, among other things, our strategy for growth, catastrophe exposure and other risk management, product development, investment results, regulatory approvals, market position, expenses, financial results, projections, estimates, litigation and reserves. 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. We believe that these statements are based on reasonable estimates, assumptions and plans. A detailed discussion of the risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is set forth below, which are a summary of those discussed in the section titled “Risk Factors” (Part I, Item 1A) of our Annual Report on Form 10-K for the year ended December 31, 2025. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

Risks and uncertainties that may affect, or have affected, our financial condition and operating results include, but are not limited to, the following:

•As a property and casualty insurer, 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.

•Because we have significant exposure to the Florida market, our financial results are affected by the regulatory, economic, and weather conditions in Florida.

•We have entered new markets and expect that we will continue to do so, but there can be no assurance that our diversification and growth strategy will be effective.

•Actual claims incurred have exceeded, and in the future may exceed, reserves established for claims, adversely affecting our operating results and financial condition.

•If we fail to adequately price the risks we underwrite, if emerging trends outpace our ability to adjust prices in a timely manner, or if we lose desirable exposures to competitors by overpricing our risks, we may experience underwriting losses, thereby depleting surplus at the Insurance Entities 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.

•Pandemics and macroeconomic conditions could impact our business, financial results, and growth.

•Because we rely on independent insurance agents, the loss of these independent agent relationships and the business they control or our ability to attract new independent agents could have an adverse impact on our business.

•We rely on models as a tool to evaluate risk, and those models are inherently uncertain and may not accurately predict existing or future losses.

•Reinsurance may be unavailable in the future at reasonable levels and prices or on reasonable terms, which may limit our ability to write new business or to adequately mitigate our exposure to loss.

•Reinsurance subjects us to the credit risk of our reinsurers, which could have a material adverse effect on our operating results and financial condition.

•Our financial condition and operating results are subject to the cyclical nature of the property and casualty insurance business.

26

Table of Contents

•An overall decline in the housing market or general economic conditions could have a material adverse effect on the financial condition and results of operations of our business.

•Our success depends, in part, on our ability to attract, retain, and develop talented employees, and the loss of any one of our key personnel could adversely impact our operations.

•We could be adversely affected if our controls designed to ensure compliance with guidelines, policies and legal and regulatory standards are not effective.

•The failure of our claims professionals to effectively manage claims could adversely affect our insurance business and financial results.

•Litigation or regulatory actions could result in material settlements, judgments, fines, or penalties and consequently have a material adverse impact on our financial condition and reputation.

•Failure to maintain or enhance our brand or damage to our reputation could adversely impact our business.

•Our future results are dependent in part on our ability to successfully operate in a highly competitive insurance industry.

•A downgrade in our financial strength or stability ratings may have an adverse effect on our competitive position, the marketability of our product offerings, and our liquidity, operating results and financial condition.

•Breaches or other failures of our information systems or denial of service on our website could have an adverse impact on our business and reputation.

•Our ability to implement or adjust to technological changes, especially regarding artificial intelligence (“AI”), may be limited, or we could introduce technology containing errors, which may trigger regulatory actions or put us at a competitive disadvantage.

•Lack of effectiveness of exclusions and other loss limitation methods in the insurance policies we write or changes in laws and/or potential regulatory approaches relating to them could have a material adverse effect on our financial condition or results of operations.

•We are subject to market risk, which may adversely affect investment income.

•Our overall financial performance depends in part on the returns on our investment portfolio.

•We are subject to extensive regulation and potential further restrictive regulation may increase our operating costs and limit our growth and profitability.

•UVE is a holding company and, consequently, its cash flow is dependent on dividends and other permissible payments from its subsidiaries.

•Regulations limiting rate changes and requiring us to participate in loss sharing or assessments may decrease our profitability.

•The amount of statutory capital and surplus that each of the Insurance Entities has and the amount of statutory capital and surplus it must hold vary and are sensitive to a number of factors outside of our control, including market conditions and the regulatory environment and rules.

•To service our debt, we will require a significant amount of cash. Our ability to generate cash depends on many factors.

•Our indebtedness could adversely affect our financial results and prevent us from fulfilling our obligations under the Notes.

27

Table of Contents

OVERVIEW

We are a vertically integrated insurance holding company focused primarily on personal residential homeowners insurance. Our insurance subsidiaries, Universal Property & Casualty Insurance Company (“UPCIC”) and American Platinum Property and Casualty Insurance Company (“APPCIC” and, together with UPCIC, the “Insurance Entities”), write homeowners and related property insurance through appointed independent agents and online distribution channels across 19 states. Our integrated operating model allows us to manage underwriting, product design, distribution, risk management and claims handling through affiliated service companies, which supports consistency in execution and provides additional fee-based revenue streams.

Our results are driven principally by the size, mix and profitability of our insured portfolio; the frequency and severity of weather and non-weather claims; the cost and structure of our catastrophe reinsurance program; investment income; and operating efficiency. Management’s objective is to generate long-term underwriting profitability while maintaining sufficient liquidity and capital to support policyholder obligations, catastrophe exposure and disciplined growth. We evaluate underwriting profitability based on net premiums earned less losses, loss adjustment expenses, policy acquisition costs and other operating costs and expenses.

During 2026, we continued to pursue selective growth in Florida and other states where market conditions have improved or otherwise support attractive risk-adjusted returns. In Florida, legislative reforms enacted in late 2022 have contributed to improved claim and litigation trends on policies issued or renewed after the reforms, supporting our decision to expand new homeowners writings in most territories, introduce new coverage options and adjust rates. Outside Florida, we continued to refine rates, coverage offerings and underwriting criteria in response to inflation, weather risk, reinsurance costs and other market conditions. These actions are intended to support growth while maintaining underwriting discipline and geographic diversification.

Although Florida represented approximately 72.9% of direct premiums written for the six months ended June 30, 2026, it represented approximately 47.1% of total insured value as of June 30, 2026. This difference reflects the higher premium levels associated with Florida’s catastrophe exposure, reinsurance costs and market conditions, while also demonstrating the Company’s continued diversification of insured exposure outside Florida. Management views this diversification as an important component of its long-term strategy to balance growth, underwriting profitability and catastrophe risk across its multi-state homeowners insurance platform.

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read together with the condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q, as well as the audited consolidated financial statements, related notes and MD&A included in our Annual Report on Form 10-K for the year ended December 31, 2025. This MD&A contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those discussed due to the factors described under “Cautionary Note Regarding Forward-Looking Statements,” “Risk Factor

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/891166/000089116626000010/uve-20251231.htm
Complete FY 2025 MD&A: /company/UVE/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-27
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to assist in an understanding of our financial condition and results of operations and should be read in conjunction with our consolidated financial statements and accompanying notes in “Part II—Item 8—Financial Statements and Supplementary Data” below. Except for the historical information contained herein, the discussions in this MD&A contain forward-looking statements that involve risks and uncertainties. Our future results could differ materially from those discussed herein. Factors that could cause or contribute to such differences include, but are not limited to, those discussed above under “Cautionary Note Regarding Forward-Looking Statements” and “Part I— Item 1A—Risk Factors”.

Overview

We are a vertically integrated holding company offering property and casualty insurance and value-added insurance services. In addition, we generate revenue from our investment portfolio, reinsurance brokerage services, the receipt of managing general agency fees from policy holders and from other sources of revenue (collectively “Other Revenue Sources”). We develop, market, and underwrite insurance products for consumers predominantly in the personal residential homeowners’ line of business and perform substantially all insurance-related services for our insurance entities, including risk management, claims management, and distribution. Our Insurance Entities offer insurance products through both appointed independent insurance agents and through our online distribution channel across 19 states, with licenses to write insurance in one additional state. We seek to produce an underwriting profit (defined as net premiums earned minus losses, LAE, policy acquisition costs and other operating costs and expenses) over the long term, along with growing our Other Revenue Sources.

Revenues

We generate revenue primarily from the collection of insurance premiums. Other sources of revenue include: commissions paid by our reinsurers to our reinsurance intermediary subsidiary BARC on reinsurance it places for the Insurance Entities; policy fees collected from policyholders by our managing general agent subsidiary, ERA; and financing fees charged to policyholders who choose to defer premium payments reflected in other income. In addition, our subsidiary Alder receives fees from the Insurance Entities for claims-handling services. The Insurance Entities are reimbursed for these fees on claims that are subject to recovery under the Insurance Entities’ respective reinsurance programs. These fees, after expenses, are recorded in the consolidated financial statements as an adjustment to LAE. We also generate income by investing our assets.

The nature of our business tends to be seasonal during the year, reflecting consumer behaviors in connection with the Florida residential real estate market and the hurricane season. The amount of direct premiums written tends to be highest in the second and third quarters of our fiscal year and lowest in the first and fourth quarters.

Trends and Geographical Distribution

Florida Trends

Regulatory Environment

We seek to achieve long-term rate adequacy and earnings for the Insurance Entities while managing our risks through market cycles and looking to take advantage of what we believe to be market opportunities. We currently transact insurance in 19 states. Although the majority of our policies cover properties in Florida, our business in other states continues to grow as a percentage of our total policies in force and premium volume.

Our ability to write and retain policies is influenced by a range of local, national and global factors. Among these, the amount and types of policies we write depend on the regulatory environments in the states in which the Insurance Entities write policies. In particular, the Florida personal residential insurance market is experiencing significant transitions due to a series of law changes passed in December 2022 that were intended to address substantial market disruption.

Prior to the 2022 reforms, the Florida residential property insurance market suffered from declining availability and increasing premiums among authorized insurers. This was attributable to elevated loss and LAE levels and related impacts on reinsurance pricing and availability. During this period, Citizens, which generally is intended to be the state’s market of last resort, instead became a market of choice as insurers limited writings and state laws capped Citizens’ annual rate increases at levels well below market levels.

The overall residential property insurance market in Florida has steadily improved since 2023. Nonetheless, the ultimate long-term benefits of Florida’s statutory reforms remain unknown and difficult to predict. The Florida political environment, prevailing sentiment among policymakers or the public such as growing concerns with inflation and costs of living, and economic factors beyond insurers’ control may directly or indirectly mitigate the impact of the reforms. These influences can mask the reforms’ benefits or diminish their perceived effectiveness even when the market shows objective signs of improvement through moderating rate levels, increased product availability and competition, and reductions in Citizens’ policy count. Over time, these political or external influences can result in policymakers questioning the merits of the reforms, considering proposals to reverse them, or pursuing other law changes or interpretations that could negate improvements in the Florida market and renew concerns with rising costs and reduced availability.

28

Competition

Prior to the 2022 reforms, most residential property insurers in Florida, including the Insurance Entities, sought to limit their exposure to rising losses and LAE. Although the Insurance Entities faced little competition from authorized insurers during this period, the Insurance Entities’ own exposure management considerations led them to limit their new business intake. The Insurance Entities historically have enjoyed a high policyholder retention rate from year to year, both prior to the reforms and currently. Even so, the Company’s limited appetite for new business prior to the reforms led to a decline in their in-force Florida policy count. During this time, Citizens grew to become the largest insurer of residential property in Florida by a wide margin.

Since 2023, the Insurance Entities have gradually increased their appetite for new business in Florida. In both 2024 and 2025, the Insurance Entities filed and gained regulatory approval of statewide average rate decreases for their homeowners’ insurance programs. In addition, the Insurance Entities began to expand, and have continued to expand, the areas in Florida and the types of policies they seek to write.

Other established insurers also are expanding new business writings. In addition, a reported 17 new insurers have entered the Florida market in recent years. Unlike the Insurance Entities, some new and established insurers write business predominantly by assuming risks from Citizens. All together, renewed activity among authorized insurers has led to a decrease in Citizens’ policy count by approximately one million policies since the reforms. As a result, UPCIC is one of the largest residential property insurers in Florida. Still, as the benefits of the reforms continue to emerge, new and existing competitors in the post-reform market often remain selective as to the policy types, locations, coverage limits or other characteristics of policies they write, leading to segmentation in the market. The degree of competition the insurers face in Florida therefore varies by policy type, region, and other factors.

Other states have experienced less disruption than Florida. The Insurance Entities therefore experience a high but stable degree of competition when entering and expanding in other states. In these states, we often compete with national or regional insurers with greater experience in the specific markets. Our growth plan therefore includes developing relationships with the states’ independent agents and gradually expanding our presence as we gain familiarity with new markets. Over time, this has allowed our business outside of Florida to steadily increase as a percentage of our overall business.

Claims

The Insurance Entities’ loss and LAE experience on Florida claims has improved significantly for policies written after the statutory reforms. This is attributable to reduced incentives for policyholders, vendors and their representatives to pursue questionable, inflated and litigated claims. In addition, the Company’s own initiatives, coupled with enhanced claim-handling standards included in the reforms, have resulted in faster claims-handling times, process improvements and greater customer satisfaction.

The Company continues to experience higher costs associated with claims that pre-date the reforms. The remaining pre-reform claims typically are litigated claims that have resisted formal and informal efforts at dispute resolution. Although the number of claims subject to pre-reform laws continues to decline, it may be several years before all of them are resolved.

The Company has increasingly used video and other technology to facilitate reviews of damaged property and improve efficiency in the claims process. As technologies evolve, the Company continually evaluates and implements enhancements to streamline workflows and enhance customer experience. The Company also regularly monitors regulatory developments pertaining to uses of technology, including oversight of AI in claims processes and other aspects of our operations.

Economic Conditions

Our business is affected by evolving domestic, national or global economic conditions, including the potential impact from tariffs and other inflationary pressures. Increased costs of labor and materials can adversely affect our claims costs. This can lead to direct effects on our business, such as increasing the values of properties we insure and the corresponding premium levels, as well as indirect effects such as offsetting and diminishing the perceived benefits of the statutory reforms. We will continue to monitor our business model and strategy as these events develop.

We also rely on global reinsurance markets to mitigate exposures under policies we write. The availability and pricing of reinsurance can be influenced by global economic conditions such as inflation. Our ability to purchase desired levels of reinsurance at competitive prices also can be influenced by severe weather in Florida and elsewhere. Florida did not suffer a landfalling hurricane in 2025, which is a favorable consideration as we prepare for the mid-year renewal of our catastrophe reinsurance program. However, this benefit might be offset by reinsurers’ assessments of past and potential future events.

Across the United States, third-party financing contributes to expansion of claims litigation and vendors’ efforts to solicit claims. Some states have enacted laws intended to curtail or require disclosure of litigation financing. The largest state in which we write business, Florida, does not currently have any such laws. It is difficult to quantify the impact on losses, LAE and ultimately premium attributable to vendor-related financing and litigation financing.

29

Summary of Recent Rate Changes

In 2024, for Florida, UPCIC implemented new homeowners policy rates, resulting in an average rate decrease of 1.5% compared to previous rates, effective for new policies August 15, 2024 and renewal policies May 17, 2025. These Florida rate changes were implemented under use and file rating laws and subsequently received regulatory approval. In October 2025, UPCIC implemente

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/UVE/mda/fy2025/
All MD&A years: /company/UVE/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/UVE/mda/fy2024/): filed 2025-02-28; accession 0000891166-25-000025 (https://www.sec.gov/Archives/edgar/data/891166/000089116625000025/uve-20241231.htm)
- [FY 2023 MD&A](/company/UVE/mda/fy2023/): filed 2024-02-28; accession 0000891166-24-000013 (https://www.sec.gov/Archives/edgar/data/891166/000089116624000013/uve-20231231.htm)
- [FY 2022 MD&A](/company/UVE/mda/fy2022/): filed 2023-02-28; accession 0000891166-23-000022 (https://www.sec.gov/Archives/edgar/data/891166/000089116623000022/uve-20221231.htm)
- [FY 2021 MD&A](/company/UVE/mda/fy2021/): filed 2022-02-28; accession 0000891166-22-000018 (https://www.sec.gov/Archives/edgar/data/891166/000089116622000018/uve-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6331 Fire, Marine & Casualty Insurance) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/UVE.md · JSON record: /company/UVE.json · verified financials: /company/UVE/financials.json / /company/UVE/financials.csv · machine TOC for the whole site: /llms.txt