FORT LAUDERDALE, Fla.—Sean P. Downes, Executive Chairman of Universal Insurance Holdings, Inc. (NYSE:UVE), recently sold 50,000 shares of the company's common stock. The transactions, conducted on December 30, 2024, were executed at a weighted average price of $20.5119 per share, totaling approximately $1.03 million. The insurance provider, with a market capitalization of $598 million, currently trades at $21.06 and offers a 3.75% dividend yield, having maintained dividend payments for 19 consecutive years.
Following this sale, Downes retains direct ownership of 985,320 shares. Additionally, he holds 2,000 shares indirectly through his spouse and 18,000 shares through his children.
These transactions were detailed in a Form 4 filing with the Securities and Exchange Commission.
In other recent news, Universal Insurance Holdings Inc (NYSE:UVE). reported a significant adjusted loss per common share of $0.73 in its third-quarter financial results, a decrease from the previous year. Despite being impacted by recent hurricanes, the company remains hopeful about its non-catastrophe underwriting trends and expansion into new markets, including Wisconsin. Direct premiums written showed an increase of 8%, with significant growth outside of Florida. However, the net combined ratio deteriorated to 116.9%, primarily due to higher net loss and expense ratios.
The company also repurchased 226,000 shares for $4.4 million and declared a quarterly dividend of $0.16 per share. Despite the increased net loss ratio due to higher weather-related losses, primarily from Hurricane Helene, the core revenue is up by 5.4% year-over-year. This increase is driven by higher net premiums earned and commission revenue.
Furthermore, Universal Insurance has made its presence known in 19 states with its latest business opening in Wisconsin. The company expects this expansion to diversify its book of business. These are the recent developments for Universal Insurance Holdings Inc., which remains cautiously optimistic about the future, noting improvements in underwriting results.
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