Universal Insurance (UVE) Investor presentation summary

Company overview

• Vertically integrated personal residential insurer, 13th largest in the U.S. with $2.2B premiums in force and 934,371 policies across 19 states.

• Experienced leadership team with average tenure of ~15 years and deep insurance expertise.

• Wholly owned subsidiaries span underwriting, claims, reinsurance, and distribution, supporting a diversified earnings stream.

• Earnings mix includes underwriting (35%), investments (29%), commissions (25%), and policy fees/other (11%).

• Non-underwriting sources contributed 65% of operating income in 2025, smoothing results across cycles.

Market position

• Achieved 27 years of organic growth, with gross premiums written rising to $2.1B in 2025, a 16.7% CAGR since 1998.

• Operations in 19 active states, with expansion focused on diversifying risk away from severe-weather markets.

• Ranked 3rd in Florida and 13th nationally by homeowners direct premiums written in 2025.

• Florida accounts for 71% of premiums but only 47% of total insured value, reflecting higher average premiums and a large HO6 condo policy share.

• Multi-channel distribution with 9,500+ independent agents and a growing direct-to-consumer digital agency, Clovered.

Competitive landscape

• Vertically integrated model and in-house reinsurance brokerage generate $40-60M annual commission revenue, hedging underwriting volatility.

• 100% organic growth with no dependence on Citizens takeouts, ensuring a stable earnings trajectory.

• Large, experienced in-house claims and legal teams provide catastrophe response and reduce reliance on third parties.

• Florida Senate Bill 2A has reduced litigation and claims inflation, improving the operating environment and stabilizing margins.