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Universal Insurance Holdings, Inc. Reports Another Record Quarter For Third Quarter 2015

The following excerpt is from the company's SEC filing.

Reports Highest Quarterly Net Income in Company History

Fort Lauderdale, FL, October 29, 2015 - Universal Insurance Holdings, Inc. (NYSE: UVE)

(or the Company) today reported third quarter 2015 net income of $30.3 million, an increase of 42.0% ($9.0 million) over the same period in 2014 and a record in Company history. Diluted earnings per share (EPS) were $0.84 for the third quarter of 2015, an increase of 37.7% ($0.23 per share) over the same quarter in 2014, and also represented a Company record. This compares to net income of $21.3 million, or $0.61 per diluted share, for the same period in 20 14.

We are pleased to report our third consecutive quarter of achieving the highest quarterly net income in Company history, said Sean P. Downes, Universals Chairman, President and Chief Executive Officer. 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.

This quarter we announced that we received licenses to operate in Virginia, West Virginia and Alabama, expanding our presence to 15 states. Through the first nine-months of the year, our successful expansion outside of Florida has resulted in a growth in policy count of 35.6% outside Florida. Supported by a peer leading independent agency force, Universal has grown from a leading provider of homeowners insurance in Florida to one of the leading writers of homeowners insurance nationally. This expansion and top-line growth in Florida, coupled with the improvements we have made to our reinsurance program is driving our strong bottom-line performance.

Third-Quarter 2015 & Recent Highlights

Net earned premiums grew by $51.9 million, or 55.0%, to $146.2 million.

Total revenues increased by $53.5 million, or 51.7%, to $157.0 million.

Net income increased by $9.0 million, or 42.0%, to $30.3 million.

Diluted EPS grew by $0.23, or 37.7%, to $0.84 per share.

Paid dividends of $0.12 per share.

Announced $10 million share repurchase program

Received Certificates of Authority from Virginia, West Virginia and Alabama.

Third-Quarter 2015 Results

Net income for the third quarter of 2015 of $30.3 million 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 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.

Stockholders equity reached an all-time high of $283.0 million as of September 30, 2015 compared to $218.9 million (pro-forma) as of December 31, 2014.

First Nine-Months 2015 Results

For the first nine months of 2015, the Companys net income was $77.3 million, an increase of $25.3 million, or 48.7%, compared to the same period of 2014. Diluted earnings per share for the first nine months of 2015 was $2.15, an increase of...


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