Universal Provides Hurricane Ian Update

Universal Insurance Holdings (NYSE: UVE) (the “Company”) today provided an update on Hurricane Ian.

“Our thoughts are with all impacted Florida residents,” said Stephen J. Donaghy, Chief Executive Officer. “We’re focused on helping our policyholders rebuild and return to normalcy. Our claims, catastrophe response and customer service teams are on the ground and on the phone, helping our policyholders in their time of need. With our dedicated staff, our disaster preparedness planning and conservative reinsurance program, we’re well prepared for this event and maintain substantial reinsurance protection for any subsequent events. We’ve been serving the Florida market since 1998 and have experience across over a dozen hurricanes, including the highly active 2004-2005 seasons as well as recent major catastrophe events, including Hurricanes Irma and Michael in 2017 and 2018, respectively. Our strong reinsurance relationships have been formed over many years and we have access to our share of the FLOIR’s RAP layer of reinsurance coverage for the 2023-2024 renewal given that we deferred participation this year, on top of significant multi-year excess of loss catastrophe coverage that is part of next year’s program.”

To date, we’ve received approximately 18,000 claims, roughly half the number of Hurricane Irma claims received at this point. Our substantial claims infrastructure, which includes over 800 claims, litigation and support professionals, has been able to handle the majority of Hurricane Ian claims in house. While Universal’s overall Florida homeowners market share is approximately 7.9% based on the latest Florida residential industry total insured value (TIV) data, market share in Ian’s most intense wind path in the counties of Charlotte, Desoto, Lee and Sarasota is approximately 3.8%. Additionally, Universal’s exposure to policies that provide roof and external structural coverage (e.g., landlord and traditional homeowners policies) in those four counties is only approximately 2.2%, with the balance of Universal’s market share in those counties reflecting renters and condo unit owners policies (only the interior and contents are covered). Universal’s insurance companies do not provide flood insurance.