(Mark One)

☒
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~June 30, ~~2017~~

2021

☐
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-33251

UNIVERSAL INSURANCE HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

________________________________________________________

~~Delaware~~	~~65-0231984~~
Delaware		65-0231984
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1110 W. Commercial Blvd., Fort Lauderdale, Florida 33309

(Address of principal executive offices)

(Zip Code)

(954) 958-1200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 Par Value	UVE	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically ~~and posted on its corporate Web site, if any,~~ every Interactive Data File required to be submitted ~~and posted~~ pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit ~~and post~~ such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” ~~“smaller~~

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“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

☒

Accelerated filer

☐

☒

Non-accelerated filer

☐

☐ ~~(Do not check if a smaller reporting company)~~

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: ~~34,443,288~~31,269,070 shares of common stock, par value $0.01 per share, outstanding on ~~November 3, 2017~~.

July 26, 2021.

Table of Contents

UNIVERSAL INSURANCE HOLDINGS, INC.

TABLE OF CONTENTS

~~PART I – FINANCIAL INFORMATION~~

~~Page No.~~

PART I – FINANCIAL INFORMATION

Page No.

Item 1.

Financial Statements:

Condensed Consolidated Balance ~~Sheets~~Shee ts as of ~~September~~June 30, ~~2017~~2021 and December 31, ~~2016 (unaudited)~~2020 (u

naudited)

Condensed Consolidated Statements of Income for thethree and ~~nine-month~~six-month periods ended ~~September~~June 30, ~~2017~~2021 and ~~2016~~2020 (unaudited)

Condensed Consolidated Statements of Comprehensive Income for the three and six-month periods ended June 30, 2021 and 2020(unaudited)

Condensed Consolidated Statements of Stockholders’ Equity for the three and ~~nine-month~~six-month periods ended ~~September~~June 30, ~~2017~~ 2021 and ~~2016~~2020 (unaudited)

Condensed Consolidated Statements of Cash Flows for the ~~nine-month~~six-month periods ended ~~September~~ June 30, ~~2017~~ 2021 and ~~2016~~2020 (unaudited)

Notes to Condensed Consolidated Financial Statements (unaudited)

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative ~~Disclosure~~Disclosures about Market Risk

Item 4.

Controls and Procedures

PART II – OTHER INFORMATION

Unregistered Sales of Equity Securities and Use of Proceeds

~~Item 6.~~

	~~Exhibits~~		47


~~Signatures~~				48

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To ~~The~~the Board of Directors and Stockholders of

Universal Insurance Holdings, Inc. ~~and Subsidiaries~~

Fort Lauderdale, Florida

RESULTS OF REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

We have reviewed the accompanying condensed consolidated balance sheet of Universal Insurance Holdings, Inc. and its wholly-owned subsidiaries (the “Company”) as of ~~September~~June 30, ~~2017~~2021 and the related condensed consolidated statements of income, comprehensive income, and stockholders’ equity, for the ~~three~~three-month and ~~nine-month~~six-month periods ended ~~September~~June 30, ~~2017~~2021 and ~~2016~~2020 and the related condensed consolidated ~~statements~~statement of cash flows for the ~~nine-month~~six-month periods ended ~~September~~June 30, ~~2017~~2021 and ~~2016. These interim financial statements are the responsibility of the Company’s management.~~

We conducted our review in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

2020. Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheet of Universal Insurance Holdings, Inc. ~~and Subsidiaries~~ as of December 31, ~~2016~~2020 and the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for the year then ended (not presented herein) and we expressed an unqualified audit opinion on those consolidated financial statements in our report dated February ~~23, 2017.~~26, 2021. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, ~~2016,~~2020, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

BASIS FOR REVIEW RESULTS

These interim financial statements are the responsibility of the Company’s management. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

/s/ Plante & Moran, PLLC

Chicago, Illinois

July 30, 2021

Table of Contents

~~/s/ Plante & Moran, PLLC~~

~~Chicago, Illinois~~

~~November 9, 2017~~

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands, except per share data)


	As of
	June 30,		December 31,
	2021		2020
ASSETS
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $118 and $186 (amortized cost: $929,191 and $815,647)	$	921,800	$	819,861

Equity securities, at fair value (cost: $94,778 and $84,667)	95,690		84,887
Assets held for sale	7,053		0
Investment real estate, net	5,981		15,176
Total invested assets	1,030,524		919,924

Cash and cash equivalents	286,493		167,156
Restricted cash and cash equivalents	6,134		12,715
Prepaid reinsurance premiums	532,308		215,723
Reinsurance recoverable	196,294		160,417

Premiums receivable, net	74,072		66,883
Property and equipment, net	53,023		53,572
Deferred policy acquisition costs	115,971		110,614
Income taxes recoverable	24,733		30,576
Deferred income tax asset, net	0		6,284
Other assets	21,983		14,877
Total assets	$	2,341,535	$	1,758,741
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Unpaid losses and loss adjustment expenses	$	278,658	$	322,465
Unearned premiums	853,896		783,135
Advance premium	68,287		49,562

Book overdraft	0		59,399
Reinsurance payable, net	581,818		10,312
Commission payable	28,710		23,809
Deferred income tax liability, net	4,494		0
Other liabilities and accrued expenses	37,109		52,341
Long-term debt	7,721		8,456
Total liabilities	1,860,693		1,309,479

Commitments and Contingencies (Note 12)	0		0

STOCKHOLDERS’ EQUITY:
Cumulative convertible preferred stock, $0.01 par value	0		0
Authorized shares - 1,000
Issued shares - 10 and 10
Outstanding shares - 10 and 10
Minimum liquidation preference, $9.99 and $9.99 per share
Common stock, $0.01 par value	470		468
Authorized shares - 55,000
Issued shares - 46,964 and 46,817
Outstanding shares - 31,269 and 31,137
Treasury shares, at cost - 15,695 and 15,680	(225,751)		(225,506)
Additional paid-in capital	105,904		103,445
Accumulated other comprehensive income (loss), net of taxes	(5,571)		3,343
Retained earnings	605,790		567,512
Total stockholders’ equity	480,842		449,262
Total liabilities and stockholders’ equity	$	2,341,535	$	1,758,741

As of

September 30,

December 31,

2017

2016

ASSETS

Fixed maturities, at fair value
$
609,179

$
584,361

Equity securities, at fair value

26,075

50,803

Short-term investments, at fair value

—

5,002

Investment real estate, net

16,324

11,435

Total invested assets

651,578

651,601

Cash and cash equivalents

366,176

105,730

Restricted cash and cash equivalents

2,635

2,635

Prepaid reinsurance premiums

212,489

124,385

Reinsurance recoverable

412,697

106

Premiums receivable, net

66,687

53,833

Property and equipment, net

32,959

32,162

Deferred policy acquisition costs

75,934

64,912

Income taxes recoverable

19,174

3,262

Deferred income tax asset, net

5,300

10,674

Other assets

11,432

10,707

Total assets
$
1,857,061

$
1,060,007

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES:

Unpaid losses and loss adjustment expenses
$
440,443

$
58,494

Unearned premiums

556,299

475,756

Advance premium

28,667

17,796

Accounts payable

3,999

3,187

Reinsurance payable, net

341,356

80,891

Dividends payable

4,846

—

Other liabilities and accrued expenses

47,659

37,665

Long-term debt

13,235

15,028

Total liabilities

1,436,504

688,817

Commitments and Contingencies (Note 12)

STOCKHOLDERS' EQUITY:

Cumulative convertible preferred stock, $.01 par value

—

—

Authorized shares - 1,000

Issued shares - 10 and 10

Outstanding shares - 10 and 10

Minimum liquidation preference, $9.99 and $9.99 per share

Common stock, $.01 par value

455

453

Authorized shares - 55,000

Issued shares - 45,473 and 45,324

Outstanding shares - 34,440 and 35,052

Treasury shares, at cost - 11,033 and 10,272

(104,866
)

(86,982
)
Additional paid-in capital

89,429

82,263

Accumulated other comprehensive income (loss), net of taxes

(2,207
)

(6,408
)
Retained earnings

437,746

381,864

Total stockholders' equity

420,557

371,190

Total liabilities and stockholders' equity
$
1,857,061

$
1,060,007

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.

Table of Contents

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,							Three Months Ended June 30,				Six Months Ended June 30,
	2017			2016			2017			2016				2021		2020		2021		2020
PREMIUMS EARNED AND OTHER REVENUES													PREMIUMS EARNED AND OTHER REVENUES
Direct premiums written	$	274,744		$	241,888		$	816,350		$	741,782		Direct premiums written	$	473,627	$	404,685	$	838,941	$	739,238
Change in unearned premium		(19,935	)		(7,388	)		(80,543	)		(59,211	)	Change in unearned premium	(81,053)		(67,046)		(70,761)		(75,648)
Direct premium earned		254,809			234,500			735,807			682,571		Direct premium earned	392,574		337,639		768,180		663,590
Ceded premium earned		(80,292	)		(74,966	)		(230,722	)		(214,128	)	Ceded premium earned	(136,402)		(111,269)		(268,703)		(216,391)
Premiums earned, net		174,517			159,534			505,085			468,443		Premiums earned, net	256,172		226,370		499,477		447,199
Net investment income (expense)		3,085			2,304			9,012			6,051
Net investment income													Net investment income	2,858		6,179		5,844		13,013
Net realized gains (losses) on investments		803			101			2,450			1,344		Net realized gains (losses) on investments	496		168		1,038		467
Net change in unrealized gains (losses) of equity securities													Net change in unrealized gains (losses) of equity securities	1,229		3,871		735		(4,153)
Commission revenue		5,304			4,603			14,546			12,927		Commission revenue	9,860		7,758		18,986		14,773
Policy fees		4,861			4,226			14,594			13,093		Policy fees	6,575		6,546		11,962		12,086
Other revenue		1,673			1,668			4,917			4,827		Other revenue	1,991		1,812		3,896		4,594
Total premiums earned and other revenues		190,243			172,436			550,604			506,685		Total premiums earned and other revenues	279,181		252,704		541,938		487,979
OPERATING COSTS AND EXPENSES													OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses		116,375			73,548			267,129			199,749		Losses and loss adjustment expenses	167,221		151,345		311,184		286,393
General and administrative expenses		57,269			54,725			171,582			166,780		General and administrative expenses	81,901		73,921		164,344		146,564
Total operating costs and expenses		173,644			128,273			438,711			366,529		Total operating costs and expenses	249,122		225,266		475,528		432,957
INCOME BEFORE INCOME TAXES		16,599			44,163			111,893			140,156		INCOME BEFORE INCOME TAXES	30,059		27,438		66,410		55,022
Income tax expense		6,635			17,281			41,354			54,400		Income tax expense	8,118		7,556		18,061		15,073
NET INCOME	$	9,964		$	26,882		$	70,539		$	85,756		NET INCOME	$	21,941	$	19,882	$	48,349	$	39,949
Basic earnings per common share	$	0.29		$	0.77		$	2.02		$	2.46		Basic earnings per common share	$	0.70	$	0.62	$	1.55	$	1.23
Weighted average common shares outstanding - Basic		34,686			35,042			34,927			34,878		Weighted average common shares outstanding - Basic	31,240		32,102		31,224		32,347
Diluted earnings per common share	$	0.28		$	0.75		$	1.96		$	2.41		Diluted earnings per common share	$	0.70	$	0.62	$	1.54	$	1.23
Weighted average common shares outstanding - Diluted		35,615			35,723			35,917			35,594		Weighted average common shares outstanding - Diluted	31,310		32,170		31,292		32,440
Cash dividend declared per common share	$	0.14		$	0.14		$	0.42		$	0.42		Cash dividend declared per common share	$	0.16	$	0.16	$	0.32	$	0.32

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

	Three Months Ended					Nine Months Ended
	September 30,					September 30,					Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016			2017		2016			2021		2020		2021		2020
Net income	$	9,964	$	26,882		$	70,539	$	85,756	Net income	$	21,941	$	19,882	$	48,349	$	39,949
Other comprehensive income (loss), net of taxes		251		(491	)		4,201		5,631	Other comprehensive income (loss), net of taxes	7,996		26,068		(8,914)		17,122
Comprehensive income	$	10,215	$	26,391		$	74,740	$	91,387
Comprehensive income (loss)										Comprehensive income (loss)	$	29,937	$	45,950	$	39,435	$	57,071

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.

Table of Contents

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF ~~CASH FLOWS~~STOCKHOLDERS’ EQUITY

FOR THE THREE AND SIX MONTHS ENDED June 30, 2021 AND 2020 (unaudited)

(in ~~thousands)~~

thousands, except per share data)

Nine Months Ended September 30,

2017

2016

Cash flows from operating activities:

Net cash provided by (used in) operating activities
$
286,195

$
178,637

Cash flows from investing activities:

Proceeds from sale of property and equipment

17

31

Purchases of property and equipment

(3,655
)

(6,041
)
Purchases of equity securities

(47,070
)

(46,414
)
Purchases of fixed maturities

(114,593
)

(278,961
)
Purchases of investment real estate, net

(5,023
)

(4,400
)
Proceeds from sales of equity securities

75,027

46,819

Proceeds from sales of fixed maturities

19,643

78,966

Maturities of fixed maturities

75,770

38,111

Maturities of short-term investments

5,000

25,000

Net cash provided by (used in) investing activities

5,116

(146,889
)
Cash flows from financing activities:

Preferred stock dividend

(8
)

(7
)
Common stock dividend

(9,803
)

(9,828
)
Purchase of treasury stock

(17,884
)

(8,415
)
Sale of treasury stock

—

2,965

Payments related to tax withholding for share-based compensation

(1,367
)

(4,905
)
Excess tax benefits (shortfall) from share-based compensation

—

(1,563
)
Repayment of debt

(1,803
)

(1,768
)
Net cash provided by (used in) financing activities

(30,865
)

(23,521
)
Net increase (decrease) in cash and cash equivalents

260,446

8,227

Cash and cash equivalents at beginning of period

105,730

197,014

Cash and cash equivalents at end of period
$
366,176

$
205,241


	Treasury Shares		Common Shares Issued	Preferred Shares Issued	Common Stock Amount		Preferred Stock Amount		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Shares, at Cost		Total Stockholders’ Equity
Balance, December 31, 2020	(15,680)		46,817	10	$	468	$	0	$	103,445	$	567,512	$	3,343	$	(225,506)	$	449,262


Vesting of performance share units	(16)	(1)	62	—	—		—		—		—		—		(241)		(241)
Vesting of restricted stock units	(17)	(1)	65	—	1		—		(1)		—		—		(254)		(254)

Retirement of treasury shares	33	(1)	(33)	—	—		—		(495)		—		—		495		0
Purchases of treasury stock	(15)		—	—	—		—		—		—		—		(245)		(245)
Share-based compensation	—		—	—	—		—		1,675		—		—		—		1,675
Net income	—		—	—	—		—		—		26,408		—		—		26,408
Other comprehensive loss, net of taxes	—		—	—	—		—		—		—		(16,910)		—		(16,910)
Declaration of dividends ($0.16 per common share and $0.25 per preferred share)	—		—	—	—		—		—		(5,030)		—		—		(5,030)
Balance, March 31, 2021	(15,695)		46,911	10	469		0		104,624		588,890		(13,567)		(225,751)		454,665
Vesting of restricted stock units	(20)	(1)	73	—	1		—		(1)		—		—		(288)		(288)

Retirement of treasury shares	20	(1)	(20)	—	—		—		(288)		—		—		288		0

Share-based compensation	—		—	—	—		—		1,569		—		—		—		1,569
Net income	—		—	—	—		—		—		21,941		—		—		21,941
Other comprehensive income, net of taxes	—		—	—	—		—		—		—		7,996		—		7,996
Declaration of dividends ($0.16 per common share and $0.25 per preferred share)	—		—	—	—		—		—		(5,041)		—		—		(5,041)

Balance, June 30, 2021	(15,695)		46,964	10	$	470	$	0	$	105,904	$	605,790	$	(5,571)	$	(225,751)	$	480,842


(1)			All shares acquired represent shares tendered to cover the strike price for options and tax withholdings on the intrinsic value of options exercised, restricted stock vested, performance share units vested, or restricted stock units vested. These shares have been cancelled by the Company.

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.

Table of Contents

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)

(in thousands, except per share data)


	Treasury Shares		Common Shares Issued	Preferred Shares Issued	Common Stock Amount		Preferred Stock Amount		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Shares, at Cost		Total Stockholders’ Equity
Balance, December 31, 2019	(14,069)		46,707	10	$	467	$	0	$	96,036	$	573,619	$	20,364	$	(196,585)	$	493,901
Cumulative effect of change in accounting principle (ASU 2016-13)	—		—	—	—		—		—		(597)		597		—		—
Balance, January 1, 2020	(14,069)		46,707	10	$	467	$	0	$	96,036	$	573,022	$	20,961	$	(196,585)	$	493,901
Vesting of performance share units	(25)	(1)	83	—	1		—		(1)		—		—		(646)		(646)
Grant and issue of stock award	—	(1)	1	—	—		—		30		—		—		—		30

Retirement of treasury shares	25	(1)	(25)	—	—		—		(646)		—		—		646		0
Purchases of treasury stock	(312)		—	—	—		—		—		—		—		(6,587)		(6,587)
Share-based compensation	—		—	—	—		—		1,691		—		—		—		1,691
Net income	—		—	—	—		—		—		20,067		—		—		20,067
Other comprehensive loss, net of taxes	—		—	—	—		—		—		—		(8,946)		—		(8,946)

Declaration of dividends ($0.16 per common share and $0.25 per preferred share)	—		—	—	—		—		—		(5,222)		—		—		(5,222)
Balance, March 31, 2020	(14,381)		46,766	10	468		0		97,110		587,867		12,015		(203,172)		494,288

Vesting of restricted stock units	(25)	(1)	65	—	—		—		—		—		—		(424)		(424)
Retirement of treasury shares	25	(1)	(25)	—	—		—		(424)		—		—		424		0
Purchases of treasury stock	(572)		—	—	—		—		—		—		—		(10,029)		(10,029)
Share-based compensation	—		—	—	—		—		3,082		—		—		—		3,082
Net income	—		—	—	—		—		—		19,882		—		—		19,882
Other comprehensive income, net of taxes	—		—	—	—		—		—		—		26,068		—		26,068
Declaration of dividends ($0.16 per common share and $0.25 per preferred share)	—		—	—	—		—		—		(5,166)		—		—		(5,166)

Balance, June 30, 2020	(14,953)		46,806	10	$	468	$	0	$	99,768	$	602,583	$	38,083	$	(213,201)	$	527,701


(1)			All shares acquired represent shares tendered to cover the strike price for options and tax withholdings on the intrinsic value of options exercised, restricted stock vested, performance share units vested, or restricted stock units vested. These shares have been cancelled by the Company.

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.

Table of Contents

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

(in thousands)


	Six Months Ended
	June 30,
	2021		2020
Cash flows from operating activities:
Net cash provided by operating activities	$	257,120	$	190,847
Cash flows from investing activities:
Proceeds from sale of property and equipment	28		22
Purchases of property and equipment	(3,024)		(10,213)
Purchases of equity securities	(14,192)		(10,145)
Purchases of available-for-sale debt securities	(237,353)		(91,445)

Proceeds from sales of equity securities	5,165		0
Proceeds from sales of available-for-sale debt securities	60,978		28,468
Proceeds from sales of investment real estate	2,591		0
Maturities of available-for-sale debt securities	53,313		71,214

Net cash provided by (used in) investing activities	(132,494)		(12,099)
Cash flows from financing activities:
Preferred stock dividend	(5)		(5)
Common stock dividend	(10,101)		(10,405)

Purchase of treasury stock	(245)		(16,616)
Payments related to tax withholding for share-based compensation	(784)		(1,070)
Repayment of debt	(735)		(735)
Net cash provided by (used in) financing activities	(11,870)		(28,831)
Cash and cash equivalents, and restricted cash and cash equivalents:
Net increase (decrease) during the period	112,756		149,917
Balance, beginning of period	179,871		184,744
Balance, end of period	$	292,627	$	334,661

The following table summarizes our cash and cash equivalents and restricted cash and cash equivalents within the Condensed Consolidated Balance Sheets (in thousands):


	June 30,		December 31,
	2021		2020
Cash and cash equivalents	$	286,493	$	167,156
Restricted cash and cash equivalents (1)	6,134		12,715
Total cash and cash equivalents and restricted cash and cash equivalents	$	292,627	$	179,871

(1)See “—Note 5 (Insurance Operations)” for a discussion of the nature of the restrictions for restricted cash and cash equivalents and “—Note 14 (Variable Interest Entities)” for a discussion of restricted cash held in a trust account.

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.

Table of Contents

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. Nature of Operations and Basis of Presentation

Nature of Operations

Universal Insurance Holdings, Inc. (“UVE”, and together with its wholly-owned subsidiaries, “the Company”) is a Delaware corporation incorporated in 1990. ~~UVE with its wholly-owned subsidiaries (the “Company”)~~The Company is a vertically integrated insurance holding company performing all aspects of insurance underwriting, distribution and claims. Through its wholly-owned insurance company subsidiaries, Universal Property & Casualty Insurance Company (“UPCIC”) and American Platinum Property and Casualty Insurance Company (“APPCIC”), and together ~~referred to as~~with UPCIC, the “Insurance ~~Entities,”~~Entities”), the Company is principally engaged in the property and casualty insurance business offered primarily through aits network of independent agents. Risk from catastrophic losses is managed through the use of reinsurance agreements. The Company’s primary product is residential homeowners’ insurance ~~currently~~ offered in ~~fifteen~~19 states as of ~~September~~June 30, ~~2017,~~2021, including Florida, which comprises the ~~vast~~ majority of the Company’s ~~in-force policies.~~policies in force. See “—Note 5 (Insurance Operations)” for more information regarding the Company’s insurance operations.

The Company generates revenues primarily from the collection of premiums and ~~invests~~investment returns on funds invested on cash flows in excess of those retained and used for claims-paying obligations and insurance operations. Other significant sources of revenue include brokerage commissions collected from reinsurers on certain reinsurance programs placed byon behalf of the Insurance Entities, policy fees collected from policyholders by ~~our~~the Company’s wholly-owned managing general ~~agency~~agent subsidiary and payment plan fees charged to policyholders who choose to pay their premiums in installments.

The Company’s wholly-owned adjusting company receives claims-handling fees from the Insurance Entities. The Insurance Entities are reimbursed for these fees on claims that are subject to recovery under the Insurance Entities’ respective reinsurance programs. These fees, after expenses, are recorded in the Condensed Consolidated Financial Statements as an adjustment to losses and loss adjustment expense (“LAE”).

Basis of Presentation

The Company has prepared the accompanying unaudited Condensed Consolidated Financial Statements (“Financial Statements”) in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, the Financial Statements do not include all of the information and footnotes required by United States Generally Accepted Accounting Principles (“U.S. GAAP”) for annual financial statements. Therefore, the Financial Statements should be read in conjunction with the audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, ~~2016,~~2020, filed with the SEC on February ~~24, 2017.~~26, 2021. The ~~condensed consolidated balance sheet~~Condensed Consolidated Balance Sheet at December 31, ~~2016,~~2020 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The results for interim periods do not necessarily indicate the results that may be expected for any other interim period or for the full year.

To conform to the current period presentation, certain amounts in the prior periods’ condensed consolidated financial statements and notes have been reclassified. Such reclassifications were of an immaterial amount and had no effect on net income or stockholders’ equity.

The Financial Statements include the accounts of ~~UVE~~the Company and its wholly-owned ~~subsidiaries.~~subsidiaries, as well as variable interest entities (“VIE”) in which the Company is determined to be the primary beneficiary. All material intercompany balances and transactions have been eliminated in consolidation.

~~Management must~~

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts ~~reported in the Company’s Financial Statements~~of assets and ~~in disclosures~~liabilities and disclosure of contingent assets and ~~liabilities.~~liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s primary use of estimates is in the recognition of liabilities for unpaid losses, loss adjustment expenses, subrogation recoveries and reinsurance recoveries. Actual results could differ from those estimates.

Table of Contents

2. Significant Accounting Policies

The Company reported Significant Accounting Policies in its Annual Report on Form 10-K for the year ended December 31, ~~2016.~~2020. The following are new or revised disclosures or disclosures required on a quarterly basis.

~~Recently Adopted~~

Accounting ~~Pronouncements~~

~~In March 2016,~~Policies

Assets Held for Sale. The Company considers properties, including land, to be assets held for sale when (1) management commits to a plan to sell the ~~Financial Accounting Standards Board (“FASB”) issued guidance which simplifies several aspects~~property; (2) it is unlikely that the disposal plan will be significantly modified or discontinued; (3) the property is available for immediate sale in its present condition; (4) actions required to complete the sale of the ~~accounting~~property have been initiated; (5) sale of the property is probable and the Company expects the completed sale will occur within one year; and (6) the property is actively being marketed for ~~share-based payment transactions. The new guidance requires excess income tax benefits (windfalls)~~sale at a price that is reasonable given our estimate of current market value. Upon designation of a property as an asset held for sale, we record the property’s value at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and ~~deficiencies (shortfalls) to be recognized~~the Company ceases depreciation. Assets held for sale are stated separately in the income statement as income tax benefits or charges when the awards vest or are settled. The former guidance required the recognition of excess tax benefits or deficiencies in stockholders’ equity. In addition, all income tax-related cash flows resulting from share-based payments will be reported as operating activities in the statement of cash flows under the new guidance. The guidance also allows us to repurchase more of an employee's shares for tax withholding purposes without triggering liability accounting; clarifies that all cash payments for tax withholdings made on an employee’s behalf should be presented as a financing activity on the Company’s statement of cash flows; and provides an accounting policy election to account for forfeitures as they occur. The guidance is effective for fiscal years and interim periods beginning after December 15, 2016, with early adoption permitted. The Company adopted this guidance effective January 1, 2017.

~~The adoption of the new standard resulted in the recognition of excess tax benefit of $0.8 million reflected in the Company’s~~accompanying Condensed Consolidated ~~Statements~~Balance Sheets.

Table of Income as an income tax benefit for the nine months ended September 30, 2017. Additionally, excess tax benefits on the Company’s Condensed Consolidated Statement of Cash Flows are presented as an operating activity on a prospective basis. The presentation requirement for cash flows related to employee taxes paid for withheld shares did not impact any of the periods presented in the Company’s Condensed Consolidated Statement of Cash Flows since these cash flows have historically been presented as a financing activity. The Company will continue to account for forfeitures as they occur. The standard also modifies the calculation of dilutive earnings per share to no longer use proceeds from tax benefits or deficiencies.

Contents

3. Investments

Available-for-Sale Securities ~~Available for Sale~~

The following table provides the ~~cost or~~ amortized cost and fair value of available-for-sale debt securities ~~available for sale~~ as of the dates presented (in thousands):

	September 30, 2017
	Cost or		Gross		Gross						June 30, 2021
	Amortized		Unrealized		Unrealized						Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Cost		Gains		Losses			Fair Value
Fixed Maturities:
Debt Securities:										Debt Securities:
U.S. government obligations and agencies	$	55,519	$	21	$	(524	)	$	55,016	U.S. government obligations and agencies	$	37,323	$	0	$	110	$	(279)	$	37,154
Corporate bonds		215,455		883		(507	)		215,831	Corporate bonds	547,259		(89)		2,040		(5,944)		543,266
Mortgage-backed and asset-backed securities		219,321		110		(1,333	)		218,098	Mortgage-backed and asset-backed securities	321,322		0		656		(3,887)		318,091
Municipal bonds		106,926		706		(1,342	)		106,290	Municipal bonds	14,925		(1)		12		(175)		14,761
Redeemable preferred stock		13,336		631		(23	)		13,944	Redeemable preferred stock	8,362		(28)		195		(1)		8,528
Equity Securities:
Common stock		5,992		—		(309	)		5,683
Mutual funds		22,316		143		(2,067	)		20,392
Total	$	638,865	$	2,494	$	(6,105	)	$	635,254	Total	$	929,191	$	(118)	$	3,013	$	(10,286)	$	921,800

~~Our annual~~loss. Quota-share reinsurance ~~program, which~~ is ~~segmented into layers~~where the primary insurer and the reinsurer share proportionally or pro-rata in the direct premiums and losses of ~~coverage, as is industry practice, protects us against~~the insurer. Excess-of-loss reinsurance indemnifies the direct insurer or reinsurer for all or a portion of the loss in excess ~~property catastrophe losses. Our 2017-2018~~of an agreed upon amount or retention.

~~Above the first layer, for losses exceeding $90 million, we have purchased a second layer~~•Specific 3rd and 4th event private market catastrophe excess of loss coverage ~~for losses up to $445 million – in other words, for the next $355 million~~ of ~~losses. This coverage has been obtained from two contracts as follows:~~

Direct premium earned increased by $54.9 million, or 16.3%, for the ~~three months~~quarter ended ~~September~~June 30, ~~2016, as a result~~2021, reflecting the earning of ~~the decrease in net income. A more detailed discussion of this and other factors follows the table below.~~

(in thousands)

Three Months Ended

September 30,

Change

2017

2016

$

%

PREMIUMS EARNED AND OTHER REVENUES

Direct premiums written
$
274,744

$
241,888

$
32,856

13.6
%
Change in unearned premium

(19,935
)

(7,388
)

(12,547
)

169.8
%
Direct premium earned

254,809

234,500

20,309

8.7
%
Ceded premium earned

(80,292
)

(74,966
)

(5,326
)

7.1
%
Premiums earned, net

174,517

159,534

14,983

9.4
%
Net investment income (expense)

3,085

2,304

781

33.9
%
Net realized gains (losses) on investments

803

101

702

695.0
%
Commission revenue

5,304

4,603

701

15.2
%
Policy fees

4,861

4,226

635

15.0
%
Other revenue

1,673

1,668

5

0.3
%
Total premiums earned and other revenues

190,243

172,436

17,807

10.3
%
OPERATING COSTS AND EXPENSES

Losses and loss adjustment expenses

116,375

73,548

42,827

58.2
%
General and administrative expenses

57,269

54,725

2,544

4.6
%
Total operating costs and expenses

173,644

128,273

45,371

35.4
%
INCOME BEFORE INCOME TAXES

16,599

44,163

(27,564
)

-62.4
%
Income tax expense

6,635

17,281

(10,646
)

-61.6
%
NET INCOME
$
9,964

$
26,882

$
(16,918
)

-62.9
%
Other comprehensive income (loss), net of taxes

251

(491
)

742

NM

COMPREHENSIVE INCOME
$
10,215

$
26,391

$
(16,176
)

-61.3
%

For the three months ended September 30, 2017, our growth in written premium in Florida increased 10.5% to $238.3 million and in states outside Florida increased 38.8% to $36.4 million. Premiums earned, net in the current period reflect premiums written over the past 12 months ~~and any~~including positive changes in rates ~~or policy count~~and changes in policies in force during that time.

See “Item ~~1 —~~1—Condensed Consolidated Statements of Cash Flows” and “Item 1—Note 3 (Investments)” for explanations ofon changes in investments.

Other liabilities and accrued expenses ~~increased $10.0~~decreased by $15.2 million to $37.1 million as of June 30, 2021, primarily driven from a ~~result~~decrease in other liabilities due to the timing of payments.

The Insurance Entities are responsible for losses related to catastrophic events in excess of coverage provided by the Insurance Entities’ reinsurance programs and retentions before our reinsurance protection commences. Also, the Insurance Entities are responsible for all other losses that otherwise may not be covered by the reinsurance ~~programs.~~programs and any amounts arising in the event of a reinsurer default. Losses or a default by reinsurers may have a material adverse effect on either of the Insurance Entities, oron our business, financial condition, results of operations and liquidity.

The following table represents our contractual obligations for which cash flows are fixed or determinable as of ~~September~~June 30, ~~2017~~2021 (in thousands):

Less than

Over

Total

1 year

1-3 years

3-5 years

5 years

Unpaid losses and LAE, direct (1)
$
440,443

$
281,884

$
127,288

$
22,903

$
8,368

Long-term debt

14,624

1,322

5,100

3,233

4,969

Total contractual obligations
$
455,067

$
283,206

$
132,388

$
26,136

$
13,337

~~(1)~~

There are generally no notional or stated amounts related to unpaid losses and LAE. Both the amounts and timing of future loss and LAE payments are estimates and subject to the inherent variability of legal and market conditions affecting the obligations and making the timing of cash outflows uncertain. The ultimate amount and timing of unpaid losses and LAE could differ materially from the amounts in the table above. Further, the unpaid losses and LAE do not represent all the obligations that will arise under the contracts, but rather only the estimated liability incurred through September 30, 2017.


	Total		Less than 1 year		1-3 years		3-5 years		Over 5 years
Reinsurance payable and multi-year commitments (1)	$	886,462	$	581,818	$	304,644	$	—	$	—
Unpaid losses and LAE, direct (2)	278,658		168,867		80,811		22,014		6,966
Long-term debt	8,088		1,199		4,650		2,239		—
Total contractual obligations	$	1,173,208	$	751,884	$	390,105	$	24,253	$	6,966

~~Critical Accounting Policies~~

(1)The amount in less than 1 year includes reinsurance payable reflected in the Condensed Consolidated Balance Sheet and ~~Estimates~~

~~Other than as disclosed~~reinsurance premiums payable under multi-year commitments. The 1-3 years solely represents the payment of reinsurance premiums payable under multi-year commitments. See “Item 1—Note 12 (Commitments and Contingencies).”

(2)There are generally no notional or stated amounts related to unpaid losses and LAE. Both the amounts and timing of future loss and LAE payments are estimates and subject to the inherent variability of legal and market conditions affecting the obligations and make the timing of cash outflows uncertain. The ultimate amount and timing of unpaid losses and LAE could differ materially from the amounts in the table above. Further, the unpaid losses and LAE do not represent all the obligations that will arise under the contracts, but rather only the estimated liability incurred through June 30, 2021. Unpaid losses and LAE are net of estimated subrogation recoveries. In addition, these balances exclude amounts recoverable from the Company’s reinsurance program. See “Item ~~1 —~~ 1—Note ~~2 (Significant Accounting Policies),~~4 (Reinsurance).” ~~there~~

Arrangements with Variable Interest Entities

We entered into a reinsurance captive arrangement with a VIE in the normal course of business, and consolidated the VIE since we are the primary beneficiary.

For a further discussion of our involvement with the VIE, see “Item 1—Note 14 (Variable Interest Entities).”

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

There have been no material changes during the period covered by this Quarterly Report on Form 10-Q to Critical Accounting Policies and Estimates previously disclosed in ~~Part~~“Part II, Item ~~7, “Management’s~~7—Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, ~~2016.~~

~~Recent Accounting Pronouncements Not Yet Adopted~~

In March 2017, the Financial Accounting Standards Board (“FASB”) issued guidance to amend the amortization period for certain purchased callable debt securities held at a premium. Current GAAP excludes certain callable debt securities from consideration of early repayment of principal even if the holder is certain that the call will be exercised. Thus, the exercise of a call on a callable debt security held at a premium can result in the unamortized premium recorded at a loss in earnings. The guidance shortens the amortization period of certain purchased callable debt securities to the earliest call date. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. Under the current guidance, you could consider the call dates and estimate if you had a large number of similar securities and you were basing your judgment on actual experience. Our service provider (who processes the accounting for our investment transactions) has many similar securities on their system and can make that type of determination. As a result, we currently account for the amortization under the proposed guidance and there will be no impact to our results of operations, financial position or liquidity.

In November 2016, the FASB issued guidance intended to reduce diversity in the classification and presentation of changes in restricted cash in the statement of cash flows. The new standard requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Entities will also be required to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The balance of restricted cash is currently not material and is not expected to be material and we will comply with the new guidance requirements at the time of adoption. The adoption of this guidance will result in a change in the presentation only in the statement of cash flows and will impact our results of operations, financial position or liquidity.

In August 2016, the FASB issued guidance intended to reduce diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The new guidance will apply to: 1) debt prepayment or debt extinguishment costs, 2) settlement of zero-coupon debt instruments, 3) contingent consideration payments made after business combination, 4) proceeds from the settlement of insurance claims, 5) proceeds from the settlement of corporate-owned life insurance policies, 6) distributions received from equity method investments, 7) beneficial interests in securitization transactions, and 8) separately identifiable cash flows and application of the predominance principle. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Historically, the items outlined above have not been applicable to the Company. Should they occur in the future, we will address them in accordance with the new guidance upon and subsequent to adoption.

In June 2016, the FASB issued guidance that introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new guidance will apply to: 1) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, 2) loan commitments and certain other off-balance sheet credit exposures, 3) debt securities and other financial assets measured at fair value through other comprehensive income, and 4) beneficial interests in securitized financial assets. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently evaluating the impact that this standard will have on our consolidated financial statements.

In January 2016, the FASB issued guidance on recognition and measurement of financial instruments. The new guidance requires certain equity investments to be measured at fair value with changes in fair value reported in earnings and requires changes in instrument-specific credit risk for financial liabilities recorded at fair value under the fair value option to be reported in other comprehensive income (“OCI”). The new guidance is effective for fiscal years beginning after December 15, 2017, with early adoption permitted for the provisions related to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in OCI. The adoption of this guidance will impact how we account for unrealized gains and losses for equity investments and may result in a change of presentation in the statement of cash flows and is expected to impact our results of operations.

2020.

I~~tem~~

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Market risk is the potential for economic losses due to adverse changes in fair market value of ~~fixed maturities,~~available-for-sale debt securities, equity securities ~~and short-term investments~~ (“Financial Instruments”) and investment real estate. We carry all of our Financial Instruments at fair market value and investment real estate at net book value in our statement of financial condition. Our investment portfolio as of ~~September~~June 30, ~~2017~~2021 is comprised of ~~fixed maturities~~available-for-sale debt securities and ~~equities,~~equity securities, carried at fair market value, which ~~thereby~~ expose us to ~~changes in~~changing market conditions, specifically interest rates and equity ~~prices.~~

price changes.

The primary objectives of the investment portfolio are the preservation of capital and providing adequate liquidity for ~~claims~~potential claim payments and other cash needs. The portfolio’s secondary investment objective is to provide a total rate of return with an emphasis on investment income. None of our investments in risk-sensitive Financial Instruments were entered into for trading purposes.

See “Item ~~1 –~~ 1—Note 3 (Investments)” for more information about our Financial Instruments.

Table of Contents

Interest Rate Risk

Interest rate risk is the sensitivity of the fair market value of a ~~fixed-rate~~fixed rate Financial Instrument to changes in interest rates. ~~When~~Generally, when interest rates rise, the fair value of our ~~fixed-rate~~fixed rate Financial Instruments declines.

The following ~~table provides~~tables provide information about our fixed income Financial Instruments as of June 30, 2021 compared to December 31, 2020, which are sensitive to changes in interest rates. The ~~table presents~~tables present the expected cash flows of ~~principal amounts and related weighted average interest rates by expected maturity dates for fixed income~~ Financial Instruments ~~available for sale as of~~based on years to effective maturity using amortized cost compared to fair market value and the ~~dates presented (in~~related book yield compared to coupon yield (dollars in thousands):

September 30, 2017

Amortized Cost

Fair Value

2017

2018

2019

2020

2021

Thereafter

Other (1)

Total

Total

Fixed income Financial
    Instruments
$
5,063

$
45,502

$
84,654

$
57,499

$
59,236

$
125,946

$
232,657

$
610,557

$
609,179

Weighted average
    interest rate

2.10
%

2.36
%

1.95
%

2.16
%

2.19
%

4.16
%

3.06
%

2.90
%

2.90
%

December 31, 2016

Amortized Cost

Fair Value

2017

2018

2019

2020

2021

Thereafter

Other (1)

Total

Total

Fixed income Financial
    Instruments
$
48,919

$
46,183

$
84,855

$
41,500

$
57,071

$
88,861

$
229,072

$
596,461

$
589,363

Weighted average
    interest rate

2.03
%

2.41
%

1.87
%

2.15
%

2.26
%

4.53
%

2.96
%

2.79
%

2.78
%


	June 30, 2021
	2021			2022			2023			2024			2025			Thereafter			Other			Total
Amortized cost	$	13,195		$	82,586		$	131,470		$	105,321		$	219,736		$	376,718		$	165		$	929,191
Fair market value	$	13,319		$	82,843		$	131,780		$	105,191		$	217,677		$	370,778		$	212		$	921,800
Coupon rate	2.90		%	1.61		%	2.13		%	3.08		%	2.55		%	2.56		%	7.50		%	2.48		%
Book yield	1.64		%	6.90		%	0.78		%	1.09		%	1.17		%	1.62		%	6.31		%	1.25		%
* Years to effective maturity - 5.5 years

~~(1)~~

~~Comprised of mortgage-backed and asset-backed securities that have multiple maturity dates, and perpetual maturity securities, and are presented separately for~~
December 31, 2020
2021 2022 2023 2024 2025 Thereafter Other Total
Amortized cost $ 31,333 $ 58,790 $ 107,735 $ 179,872 $ 133,872 $ 303,880 $ 165 $ 815,647
Fair market value $ 31,578 $ 58,868 $ 108,412 $ 180,111 $ 134,740 $ 306,041 $ 211 $ 819,961
Coupon rate 2.75 % 1.88 % 2.15 % 3.12 % 2.51 % 2.41 % 7.50 % 2.52 %
Book yield 2.12 % 0.59 % 0.84 % 0.71 % 1.07 % 1.59 % 6.31 % 1.16 %
* Years to effective maturity - 5.4 years

All securities, except those with perpetual maturities, were categorized in the ~~purposes of this table.~~

~~The~~ tables above ~~represent average contract rates~~utilizing years to effective maturity. Effective maturity takes into consideration all forms of potential prepayment, such as call features or prepayment schedules, that ~~differ from~~shorten the ~~book yield~~lifespan of the fixed maturities. The fixed income Financial Instruments in our available for sale portfolio are comprised of United States government and agency securities, corporate bonds, redeemable preferred stock, mortgage-backed and asset-backed securities, municipal securities and certificates of deposit. Duration is a measure of interest rate sensitivity expressed as a number of years. The weighted average duration of the fixedcontractual maturity ~~Financial Instruments in our available for sale portfolio at September 30, 2017 was~~ ~~2.9~~ ~~years~~.

To a lesser extent, we also have exposure to interest on our debt obligation which is in the form of a surplus note. The surplus note accrues interest at an adjustable rate based on the 10-year Constant Maturity Treasury rate.

dates.

The following table provides information about the Financial Instruments in our ~~available for sale~~investment portfolio subject to price risk as of the dates presented (in thousands):


	December 31, 2020
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities:
U.S. government obligations and agencies	$	59,529	$	0	$	157	$	(55)	$	59,631
Corporate bonds	416,758		(148)		3,571		(337)		419,844
Mortgage-backed and asset-backed securities	319,377		0		1,175		(615)		319,937
Municipal bonds	11,990		0		138		0		12,128
Redeemable preferred stock	7,993		(38)		424		(58)		8,321
Total	$	815,647	$	(186)	$	5,465	$	(1,065)	$	819,861

	September 30, 2017					December 31, 2016
			% of Total					% of Total				June 30, 2021				December 31, 2020
Comparable Ratings	Fair Value		Fair Value			Fair Value		Fair Value
Equivalent S&P Credit Ratings											Equivalent S&P Credit Ratings	Fair Value		% of Total Fair Value		Fair Value		% of Total Fair Value
AAA	$	130,119		21.4	%	$	131,260		22.3	%	AAA	$	316,826	34.4	%	$	337,462	41.2	%
AA		268,056		44.0	%		275,480		46.7	%	AA	130,445		14.1	%	89,681		10.9	%
A		122,808		20.2	%		107,418		18.2	%	A	275,345		29.9	%	230,290		28.1	%
BBB		79,950		13.1	%		67,263		11.4	%	BBB	197,939		21.5	%	160,662		19.6	%
BB+ and Below		3,738		0.6	%		3,444		0.6	%
BB and Below											BB and Below	0		0	%	233		0	%
No Rating Available		4,508		0.7	%		4,498		0.8	%	No Rating Available	1,245		0.1	%	1,533		0.2	%
Total	$	609,179		100.0	%	$	589,363		100.0	%	Total	$	921,800	100.0	%	$	819,861	100.0	%

	September 30, 2017				December 31, 2016
	Cost or				Cost or
	Amortized				Amortized					June 30, 2021				December 31, 2020
	Cost		Fair Value		Cost		Fair Value			Amortized Cost		Fair Value		Amortized Cost		Fair Value
Mortgage-backed Securities:									Mortgage-backed Securities:
Agency	$	119,469	$	118,387	$	110,724	$	109,022	Agency	$	153,303	$	150,677	$	153,937	$	153,758
Non-agency		15,418		15,334		19,408		19,265	Non-agency	58,051		57,250		54,231		54,666
Asset-backed Securities:									Asset-backed Securities:
Auto loan receivables		36,989		36,959		37,390		37,429	Auto loan receivables	67,907		67,984		68,188		68,440
Credit card receivables		35,869		35,846		38,640		38,568	Credit card receivables	4,771		4,771		7,878		7,891
Other receivables		11,576		11,572		10,517		10,492	Other receivables	37,290		37,409		35,143		35,182
Total	$	219,321	$	218,098	$	216,679	$	214,776	Total	$	321,322	$	318,091	$	319,377	$	319,937


	Corporate Bonds		Municipal Bonds		Redeemable Preferred Stock		Total
Balance, December 31, 2019	$	0	$	0	$	0	$	0
Cumulative effect adjustment as of January 1, 2020	665		0		126		791
Increase (decrease)	(517)		0		(88)		(605)
Balance, December 31, 2020	148		0		38		186
Increase (decrease)	(59)		1		(10)		(68)
Balance, June 30, 2021	$	89	$	1	$	28	$	118

	September 30, 2017
	Cost or					June 30, 2021
	Amortized Cost		Fair Value			Amortized Cost		Fair Value
Due in one year or less	$	42,233	$	42,233	Due in one year or less	$	13,195	$	13,319
Due after one year through five years		229,841		229,898	Due after one year through five years	539,113		537,491
Due after five years through ten years		47,716		47,879	Due after five years through ten years	353,906		347,811
Due after ten years		58,110		57,127	Due after ten years	22,812		22,967
Mortgage-backed and asset-backed securities		219,321		218,098
Perpetual maturity securities		13,336		13,944	Perpetual maturity securities	165		212
Total	$	610,557	$	609,179	Total	$	929,191	$	921,800

	Nine Months Ended September 30,
	2017			2016
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	286,195		$	178,637
Cash flows from investing activities:
Proceeds from sale of property and equipment		17			31
Purchases of property and equipment		(3,655	)		(6,041	)
Purchases of equity securities		(47,070	)		(46,414	)
Purchases of fixed maturities		(114,593	)		(278,961	)
Purchases of investment real estate, net		(5,023	)		(4,400	)
Proceeds from sales of equity securities		75,027			46,819
Proceeds from sales of fixed maturities		19,643			78,966
Maturities of fixed maturities		75,770			38,111
Maturities of short-term investments		5,000			25,000
Net cash provided by (used in) investing activities		5,116			(146,889	)
Cash flows from financing activities:
Preferred stock dividend		(8	)		(7	)
Common stock dividend		(9,803	)		(9,828	)
Purchase of treasury stock		(17,884	)		(8,415	)
Sale of treasury stock		—			2,965
Payments related to tax withholding for share-based compensation		(1,367	)		(4,905	)
Excess tax benefits (shortfall) from share-based compensation		—			(1,563	)
Repayment of debt		(1,803	)		(1,768	)
Net cash provided by (used in) financing activities		(30,865	)		(23,521	)
Net increase (decrease) in cash and cash equivalents		260,446			8,227
Cash and cash equivalents at beginning of period		105,730			197,014
Cash and cash equivalents at end of period	$	366,176		$	205,241


	June 30, 2021
	Less Than 12 Months					12 Months or Longer
	Number of Issues	Fair Value		Unrealized Losses		Number of Issues	Fair Value		Unrealized Losses
Debt Securities:
U.S. government obligations and agencies	8	$	34,227	$	(279)	0	$	0	$	0
Corporate bonds	178	255,550		(3,967)		1	1,099		(2)
Mortgage-backed and asset-backed securities	102	228,270		(3,885)		1	415		(2)
Municipal bonds	4	8,929		(152)		0	0		0
Redeemable preferred stock	0	0		0		0	0		0
Total	292	$	526,976	$	(8,283)	2	$	1,514	$	(4)

~~(1)~~
(1)						Includes interest earned on ~~cash and cash equivalents and~~ restricted cash and cash equivalents. ~~Also includes~~
(2)						Includes investment income earned on real estate investments.


	Ratings as of June 30, 2021			Due from as of
Reinsurer	AM Best Company	Standard and Poor’s Rating Services, Inc.	Moody’s Investors Service, Inc.	June 30, 2021		December 31, 2020
Florida Hurricane Catastrophe Fund (1)	n/a	n/a	n/a	$	37,341	$	121,298
Allianz Risk Transfer (Bermuda) Ltd.	A+	AA	Aa3	74,204		96,652
Allianz Risk Transfer	—	—	—	0		21,087
Renaissance Reinsurance Ltd.	A+	A+	A1	19,591		18,285
Total (2)				$	131,136	$	257,322

	Three Months Ended September 30,
	2017									2016
							Losses and Loss									Losses and Loss			Three Months Ended June 30,
	Premiums			Premiums			Adjustment			Premiums			Premiums			Adjustment			2021						2020
	Written			Earned			Expenses			Written			Earned			Expenses			Premiums Written		Premiums Earned		Losses and Loss Adjustment Expenses		Premiums Written		Premiums Earned		Losses and Loss Adjustment Expenses
Direct	$	274,744		$	254,809		$	531,268		$	241,888		$	234,500		$	73,487	Direct	$	473,627	$	392,574	$	276,302	$	404,685	$	337,639	$	162,446
Ceded		(7,303	)		(80,292	)		(414,893	)		(151,432	)		(74,966	)		61	Ceded	(568,489)		(136,402)		(109,081)		(494,174)		(111,269)		(11,101)
Net	$	267,441		$	174,517		$	116,375		$	90,456		$	159,534		$	73,548	Net	$	(94,862)	$	256,172	$	167,221	$	(89,489)	$	226,370	$	151,345


(1)			As of the dates in the table above, statutory capital and surplus for UPCIC includes a $77 million capital contribution funded in February 2021 by UVE through PSI, the Insurance Entities’ parent company, which the FLOIR permitted to be included in the statutory capital and surplus at December 31, 2020 under statutory accounting principles. This contribution was not recognized on a U.S. GAAP basis at December 31, 2020.

	Issued			Treasury			Outstanding
	Shares			Shares			Shares
Balance, as of December 31, 2016		45,324			(10,272	)		35,052
Shares repurchased		—			(761	)		(761	)
Vesting of performance share units		115			—			115
Stock option exercises		71			—			71
Common stock issued		26			—			26
Shares acquired through cashless exercise (1)		—			(63	)		(63	)
Shares cancelled		(63	)		63			—
Balance, as of September 30, 2017		45,473			(11,033	)		34,440



				Total Number of Shares				Average
				Repurchased During the		Aggregate		Price Per
		Dollar Amount		Six Months Ended June 30,		Purchase		Share
Date Authorized	Expiration Date	Authorized		2021	2020	Price		Repurchased		Plan Completed
November 3, 2020	November 3, 2022	$	20,000	15,444	0	$	245	$	15.87
November 6, 2019	December 31, 2021	$	40,000	0	884,175	$	16,616	$	18.79	November 2020

~~(1)~~
(1)						Represents the dilutive effect of unexercised stock options, unvested ~~Restricted Stock,~~performance share units, unvested ~~Performance Share Units~~restricted stock units and ~~unexercised Stock Options.~~ unvested restricted stock.

	Amounts Reclassified from Accumulated
	Other Comprehensive Income (Loss)
Details about Accumulated Other	Three Months Ended September 30,						Nine Months Ended September 30,						Affected Line Item in the Statement
Comprehensive Income (Loss) Components	2017			2016			2017			2016			Where Net Income is Presented
Unrealized gains (losses) on investments available for sale
	$	803		$	101		$	2,450		$	1,344		Net realized gains (losses) on investments
		(308	)		(39	)		(938	)		(513	)	Income taxes
	$	495		$	62		$	1,512		$	831		Net of tax


Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)								Affected Line Item in the Statement Where Net Income is Presented
	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Unrealized gains (losses) on available-for-sale debt securities
	$	(245)	$	168	$	(447)	$	467	Net realized gains (losses) on sale of securities
	59		(41)		107		(115)		Income taxes
Total reclassification for the period	$	(186)	$	127	$	(340)	$	352	Net of tax

	Fair Value Measurements
	September 30, 2017									Fair Value Measurements
	Level 1		Level 2		Level 3		Total			June 30, 2021
Fixed Maturities:
										Level 1		Level 2		Level 3		Total
Available-For-Sale Debt Securities:									Available-For-Sale Debt Securities:
U.S. government obligations and agencies	$	—	$	55,016	$	—	$	55,016	U.S. government obligations and agencies	$	0	$	37,154	$	0	$	37,154
Corporate bonds		—		215,831		—		215,831	Corporate bonds	0		543,266		0		543,266
Mortgage-backed and asset-backed securities		—		218,098		—		218,098	Mortgage-backed and asset-backed securities	0		318,091		0		318,091
Municipal bonds		—		106,290		—		106,290	Municipal bonds	0		14,761		0		14,761
Redeemable preferred stock		—		13,944		—		13,944	Redeemable preferred stock	0		8,528		0		8,528
Equity Securities:									Equity Securities:
Common stock		5,683		—		—		5,683	Common stock	7,767		0		0		7,767
Mutual funds		20,392		—		—		20,392
Mutual funds and other									Mutual funds and other	87,923		0		0		87,923
Total assets accounted for at fair value	$	26,075	$	609,179	$	—	$	635,254	Total assets accounted for at fair value	$	95,690	$	921,800	$	0	$	1,017,490

	September 30, 2017				December 31, 2016
			(Level 3)				(Level 3)
			Estimated Fair				Estimated Fair			June 30, 2021				December 31, 2020
	Carrying Value		Value		Carrying Value		Value			Carrying Value		(Level 3) Estimated Fair Value		Carrying Value		(Level 3) Estimated Fair Value
Liabilities (debt):									Liabilities (debt):
Surplus note	$	13,235	$	11,949	$	14,338	$	13,282	Surplus note	$	7,721	$	7,367	$	8,456	$	8,291
Promissory note	$	—	$	—	$	690	$	690

	For the Three Months Ended
	September 30, 2017					September 30, 2016					Growth year over year
State	Direct Written Premium		%			Direct Written Premium		%			$		%
Florida	$	238,309		86.7	%	$	215,634		89.1	%	$	22,675		10.5	%
Other states		36,435		13.3	%		26,254		10.9	%		10,181		38.8	%
Total	$	274,744		100.0	%	$	241,888		100.0	%	$	32,856		13.6	%

	For the Nine Months Ended
	September 30, 2017					September 30, 2016					Growth year over year
State	Direct Written Premium		%			Direct Written Premium		%			$		%
Florida	$	718,177		88.0	%	$	672,477		90.7	%	$	45,700		6.8	%
Other states		98,173		12.0	%		69,305		9.3	%		28,868		41.7	%
Total	$	816,350		100.0	%	$	741,782		100.0	%	$	74,568		10.1	%


	Three Months Ended June 30,				Change
	2021		2020		$		%
PREMIUMS EARNED AND OTHER REVENUES
Direct premiums written	$	473,627	$	404,685	$	68,942	17.0	%
Change in unearned premium	(81,053)		(67,046)		(14,007)		20.9	%
Direct premium earned	392,574		337,639		54,935		16.3	%
Ceded premium earned	(136,402)		(111,269)		(25,133)		22.6	%
Premiums earned, net	256,172		226,370		29,802		13.2	%
Net investment income	2,858		6,179		(3,321)		(53.7)	%
Net realized gains (losses) on investments	496		168		328		195.2	%
Net change in unrealized gains (losses) of equity securities	1,229		3,871		(2,642)		(68.3)	%
Commission revenue	9,860		7,758		2,102		27.1	%
Policy fees	6,575		6,546		29		0.4	%
Other revenue	1,991		1,812		179		9.9	%
Total premiums earned and other revenues	279,181		252,704		26,477		10.5	%
OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses	167,221		151,345		15,876		10.5	%
General and administrative expenses	81,901		73,921		7,980		10.8	%
Total operating costs and expenses	249,122		225,266		23,856		10.6	%
INCOME BEFORE INCOME TAXES	30,059		27,438		2,621		9.6	%
Income tax expense	8,118		7,556		562		7.4	%
NET INCOME	$	21,941	$	19,882	$	2,059	10.4	%
Other comprehensive income (loss), net of taxes	7,996		26,068		(18,072)		(69.3)	%
COMPREHENSIVE INCOME	$	29,937	$	45,950	$	(16,013)	(34.8)	%
DILUTED EARNINGS PER SHARE DATA:
Diluted earnings per common share	$	0.70	$	0.62	$	0.08	12.9	%
Weighted average diluted common shares outstanding	31,310		32,170		(860)		(2.7)	%

NM – Not Meaningful


	For the Three Months Ended
	June 30, 2021				June 30, 2020				Growth year over year
State	Direct Premiums Written		%		Direct Premiums Written		%		$		%
Florida	$	400,370	84.5	%	$	334,769	82.7	%	$	65,601	19.6	%
Other states	73,257		15.5	%	69,916		17.3	%	3,341		4.8	%
Total	$	473,627	100.0	%	$	404,685	100.0	%	$	68,942	17.0	%

	Three Months Ended September 30, 2017
	Direct		Loss Ratio			Ceded			Loss Ratio			Net		Loss Ratio
Premiums earned	$	254,809				$	80,292					$	174,517

Loss and loss adjustment expenses:
Hurricane Irma losses and loss adjustment expenses	$	452,000		177.4	%	$	415,000			516.8	%	$	37,000		21.2	%
All other losses and loss adjustment expenses		79,268		31.1	%		(107	)		(0.1	%)		79,375		45.5	%
Total losses and loss adjustment expenses	$	531,268		208.5	%	$	414,893			516.7	%	$	116,375		66.7	%


	Three Months Ended September 30, 2016																	Three Months Ended June 30, 2021
	Direct		Loss Ratio			Ceded			Loss Ratio			Net		Loss Ratio				Direct		Loss Ratio		Ceded		Loss Ratio		Net		Loss Ratio
Premiums earned	$	234,500				$	74,966					$	159,534				Premiums earned	$	392,574			$	136,402			$	256,172

Loss and loss adjustment expenses:																	Loss and loss adjustment expenses:
Core losses																	Core losses	$	159,412	40.6	%	$	(78)	(0.1)	%	$	159,490	62.3	%
Weather events*																	Weather events*	—		—	%	—		—	%	—		—	%
Prior years’ reserve development																	Prior years’ reserve development	116,890		29.8	%	109,159		80.0	%	7,731		3.0	%
Total losses and loss adjustment expenses	$	73,487		31.3	%	$	(61	)		(0.1	%)	$	73,548		46.1	%	Total losses and loss adjustment expenses	$	276,302	70.4	%	$	109,081	80.0	%	$	167,221	65.3	%

*Includes only current year weather events beyond those expected.																	*Includes only current year weather events beyond those expected.


	Three Months Ended June 30, 2020
	Direct		Loss Ratio		Ceded		Loss Ratio		Net		Loss Ratio
Premiums earned	$	337,639			$	111,269			$	226,370

Loss and loss adjustment expenses:
Core losses	$	133,894	39.7	%	$	27	—	%	$	133,867	59.2	%
Weather events*	17,000		5.0	%	—		—	%	17,000		7.5	%
Prior years’ reserve development	11,552		3.4	%	11,074		10.0	%	478		0.2	%
Total losses and loss adjustment expenses	$	162,446	48.1	%	$	11,101	10.0	%	$	151,345	66.9	%

*Includes only current year weather events beyond those expected.


	For the Six Months Ended
	June 30, 2021				June 30, 2020				Growth year over year
State	Direct Premiums Written		%		Direct Premiums Written		%		$		%
Florida	$	707,381	84.3	%	$	613,280	83.0	%	$	94,101	15.3	%
Other states	131,560		15.7	%	125,958		17.0	%	5,602		4.4	%
Total	$	838,941	100.0	%	$	739,238	100.0	%	$	99,703	13.5	%


	Nine Months Ended September 30, 2017																Six Months Ended June 30, 2021
	Direct		Loss Ratio			Ceded		Loss Ratio			Net		Loss Ratio				Direct		Loss Ratio		Ceded		Loss Ratio		Net		Loss Ratio
Premiums earned	$	735,807				$	230,722				$	505,085				Premiums earned	$	768,180			$	268,703			$	499,477

Loss and loss adjustment expenses:																Loss and loss adjustment expenses:
Hurricane Irma losses and loss adjustment expenses	$	452,000		61.4	%	$	415,000		179.9	%	$	37,000		7.3	%
All other losses and loss adjustment expenses		235,707		32.0	%		5,578		2.4	%		230,129		45.6	%
Core losses																Core losses	$	304,640	39.7	%	$	(50)	—	%	$	304,690	61.0	%
Weather events*																Weather events*	—		—		—		—		—		—
Prior years’ reserve development																Prior years’ reserve development	208,960		27.2	%	202,466		75.3	%	6,494		1.3	%
Total losses and loss adjustment expenses	$	687,707		93.4	%	$	420,578		182.3	%	$	267,129		52.9	%	Total losses and loss adjustment expenses	$	513,600	66.9	%	$	202,416	75.3	%	$	311,184	62.3	%

*Includes only current year weather events beyond those expected.																*Includes only current year weather events beyond those expected.


	Nine Months Ended September 30, 2016																	Six Months Ended June 30, 2020
	Direct		Loss Ratio			Ceded			Loss Ratio			Net		Loss Ratio				Direct		Loss Ratio		Ceded		Loss Ratio		Net		Loss Ratio
Premiums earned	$	682,571				$	214,128					$	468,443				Premiums earned	$	663,590			$	216,391			$	447,199

Loss and loss adjustment expenses:																	Loss and loss adjustment expenses:
Core losses																	Core losses	$	263,622	39.7	%	$	48	—	%	$	263,574	58.9	%
Weather events*																	Weather events*	18,000		2.7	%	—		—		18,000		4.0	%
Prior years’ reserve development																	Prior years’ reserve development	54,067		8.1	%	49,248		22.8	%	4,819		1.1	%
Total losses and loss adjustment expenses	$	198,069		29.0	%	$	(1,680	)		(0.8	%)	$	199,749		42.6	%	Total losses and loss adjustment expenses	$	335,689	50.5	%	$	49,296	22.8	%	$	286,393	64.0	%

*Includes only current year weather events beyond those expected.																	*Includes only current year weather events beyond those expected.

	September 30,		December 31,
Type of Investment	2017		2016
Fixed maturities	$	609,179	$	584,361
Equity securities		26,075		50,803
Short-term investments		—		5,002
Investment real estate, net		16,324		11,435
Total	$	651,578	$	651,601

			Less than						Over
	Total		1 year		1-3 years		3-5 years		5 years
Unpaid losses and LAE, direct (1)	$	440,443	$	281,884	$	127,288	$	22,903	$	8,368
Long-term debt		14,624		1,322		5,100		3,233		4,969
Total contractual obligations	$	455,067	$	283,206	$	132,388	$	26,136	$	13,337

					Total Number of		Maximum Number
					Shares Purchased		of Shares That
					As Part of		May Yet be
					Publicly		Purchased Under
	Total Number of		Average Price		Announced		the Plans or
	Shares Purchased		Paid per Share (1)		Plans or Programs		Programs (2)
7/1/17 - 7/31/17		—	$	—		—		—
8/1/17 - 8/31/17		306,091	$	22.91		306,091		—
9/1/17 - 9/30/17		100,175	$	19.32		100,175		873,082
Total		406,266	$	22.03		406,266		873,082

~~Exhibit No.~~	~~Exhibit~~
Exhibit No.		Exhibit
~~3.1~~
3.1		Amended and Restated Certificate of Incorporation, as amended (filed as Exhibit 3.1 to the Company’s Annual Report on Form 10‑K filed on February 24, 2017 and incorporated herein by reference)

3.2		Amended and Restated Bylaws of Universal Insurance Holdings, Inc. ~~(1)~~ (filed as Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on June 19, 2017 and incorporated herein by reference)

~~15.1~~









15.1		Accountants’ Acknowledgment

31.1		Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32		Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

~~101.INS-XBRL~~ 101.1		~~Instance Document~~ The following materials from Universal Insurance Holdings, Inc. Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2021, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Statement of Stockholders’ Equity, (v) the Condensed Consolidated Statements of Cash Flows and (vi) Notes to Condensed Consolidated Financial Statements.
104		The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, formatted in Inline XBRL (included in Exhibit 101)
~~101.SCH-XBRL~~			~~Taxonomy Extension Schema Document~~

~~101.CAL-XBRL~~


~~101.DEF-XBRL~~		~~Taxonomy Extension Definition Linkbase Document~~

~~101.LAB-XBRL~~	~~Taxonomy Extension Label Linkbase Document~~

~~101.PRE-XBRL~~	~~Taxonomy Extension Presentation Linkbase Document~~


	UNIVERSAL INSURANCE HOLDINGS, INC.

Date: ~~November 9, 2017~~ July 30, 2021		/s/ ~~Sean P. Downes~~ Stephen J. Donaghy
		~~Sean P. Downes,~~Stephen J. Donaghy, Chief Executive Officer and Principal Executive Officer

Date: ~~November 9, 2017~~ July 30, 2021		/s/ Frank C. Wilcox
		Frank C. Wilcox, Chief Financial Officer and Principal Accounting Officer