Universal Insurance sees record profits in Q3
Universal Insurance Holdings enjoyed a record increase in its profits for the third quarter of the year.
The firm posted a net income of $30.3 million for the quarter, an increase of 42 percent, or $9 million, compared to the third quarter of last year.
Universal said the increase in profits reflects an improvement across multiple measures including an increase in direct premiums written, net premiums written, net earned premiums, net investment income, commissions, policy fees, other revenues and income before taxes.
The firm also said the increase in net earned premiums reflects both growth in policies in force and lower reinsurance costs, including the elimination of quota share reinsurance effective June 2015.
Universal also received licenses to operate in Virginia, West Virginia and Alabama in the quarter expanding its presence to 15 states.
Net earned premiums for Q3 2015 grew by $51.9 million or 55 percent to $146.2 million and total revenues for the quarter increased by $53.5 million, or 51.7 percent to $157 million.
“We are pleased to report our third consecutive quarter of achieving the highest quarterly net income in company history,” said Sean Downes, chairman, president and chief executive officer, Universal.
“Our results demonstrate, once again, the strength and diversity of our business model and continued execution on our strategic initiatives to write high quality, rate adequate business, expand our geographic footprint and drive enhanced value for shareholders.”
