UVE - Earnings call transcript Q4 2018 | Universal Insurance Holdings, Inc.

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Operator

Good morning, ladies and gentlemen, and welcome to UVE Fourth Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only-mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to Rob Luther, Vice President of Corporate Strategy and Investor Relations.

Rob Luther

you. Thank everyone. morning, good And to our conference quarter earnings our discussion which we on results fourth reported XXXX Welcome yesterday.

Risk Springer, On the and and Operating Jon Chairman Frank Wilcox, Sean is Donaghy, Chief Chief Officer President Financial and call wit Chief me Executive today Officer, Chief Steve Officer. Downes, Officer,

today's may forward-looking begin and statements we Before discussion non-GAAP please note contain financial measures.

from risks cause actual differ materially Forward-looking could results that statements those and involve uncertainties assumptions, statements. to

presentation release, turn For Investor FEC GAAP and of press more comparable at measures to earnings With please the all information reconciliation Sean are section the website. financial over on SECs quarterly website UVEs releases. that, press all on the is it you. which the our of UniversalInsuranceHoldings.com to included filings and measures the I'll non-GAAP A new see available of in

Sean Downes

everyone. you, you Thank for good joining and Thank today. Rob, morning, us

a Let of up initiatives me results, XXXX at to I'll financial touching We This solicitation year's of GAAP benefits states. associated accident to premium impacted of Hurricane Florida dynamics into an and quarterly net as report frequency severity unrealized This $X.XX. increased on. quarter and development. claims of prior companion an in and marketplace not and extraordinary then reinstatement $X.XX of EPS loss attributable from go operations realized carried with in growth in increase adjusted high by reopen claims strong exciting claims, values. due premiums the our resulting propagated on the ended in fourth the and base, representation litigation direct of a level the start trends been working spanning was newly the loss years, non-cat investments, claims, and by on in are written prior environment. non-GAAP increased claims, gains core primarily which commissions, into in business, XX.X%, new and which as claims some including reflects the and our Florida year several we've prior of Irma losses On excluding systemic non-cat of adjusted Florida, settlements reported others increase and EPS we EPS an assignment above increased strengthening a post-Irma claims well strategic resulted

of take We the steps to monitor Florida continue Florida dynamics. to continue assignment legislation AOB to benefits address and market in

our equitable our reduction going Over claims Board, changes and Officer Legal including from year, new pool, with accelerated future. manner. Chief claims in structure the the and most Lewis our efforts operational in customer's the digital new resolving in resolutions, we implemented, a past well the we Darryl resulted our as to in experience. on a litigation fourth importantly forward increasing our timely, particularly claims, non-cat, claims quarter, have earnings These talent focus outstanding as appointing Enabled fair a reduction improve the creating litigated inbound for our in have stability outstanding

on of we position and These for to to improve average EPS value experience. customer growth better a digital On and was XX% Return with which XX.X% and our strong consecutive share XX.X% year was on premium XX.X% initiatives, X.X% equity pre-tax adjusted GAAP GAAP per transformation $X.XX based integrated strategic all year our customer-facing income grew EPS full Book to equity. sixth a the and customers provide key our business. For margin return announced XX.X%, supported of the our future. our average grew marks online us $X.XX. service presence the volume afternoon, value-added plus pricing by our to changes a yesterday services the

capabilities. lines subsidiaries formally investor to our integrated service website launched all-new provide primary suite revitalized distinction and to brand have our insurance We of company parent and

claim have we that our policy presence loss enables brand track addition, consumers to the for American a and policy. created in download certain Property refreshed documents, Platinum, new a Universal and for Universal Property online types In buying

the online proof-of-concept Donaghy, Under growing of the Direct. our Universal couple and entire an of have which portfolio, of of fastest COO, our distribution over agent years, one in supervision the developed we called past Lastly, is all Steve of our largest partners. agency our

online enable learn distribution recover build from the to credibility have excited the channel. prepare, how digital live our protect resources. insurance with Clovered in today to to are is We of all-new consumers execution to distribution Clovered, announce going and unexpected educational and today

also enabled new consumer intermediary thought-provoking policy company best-in-class new experience for been Clovered a OakXX. with Clovered our subsidiary business. and managing overall quality consumers autonomy creation streamline content and high with XXXX continuum. online. insurance our quickly a is In the content, of respecting UVE's process a our focus holding Clovered to for Toward across on a strategic the creating the customers has be established addition the in of providing as will to purchase

Our to across business our leverages our to focus experience. our with insurance chain with customers end-market streamlined a companies strategy an capabilities primary provide support insurance value differentiated the

ways are earning and foundation our As geographic improve excited sheet customer consumers, for can strengthen by what high programs inversely correlated In reinsurance strong our combined provide quality the and which we part stakeholders. taking and our strategy, short, experience, our of disciplined our diversification, or about backed underwriting, a means it in balance continue in to steps evaluate to maintain we through stability maximize we our earnings streams. complementary businesses

to now me through to financial it Let turn Frank results. walk over our

Frank Wilcox

Thank you, and morning good Sean, everyone.

loss are from on and on investments grew basis the Adjusted and and by X.X% income and losses gains As non-GAAP excludes also the bolstered basis GAAP the $X.XX commissions. non-GAAP volume quarter, and realized by X.X% revenue and XX.X% share unrealized XX.X% the primarily for a our was average and the integrated reminder, book by gain the businesses. income premium for reinstatement on an losses. a year Return and margin partially a premiums XX.X% for discussions per adjusted Pretax adjusted for service $X.XX impacts a interest and Total income for and respectively. expense. EPS today operating organic offset higher - and exclude a EPS on unrealized equity EPS related rate on $X.XX driven year. for increases, basis was the value year was $X.XX a adjusted operating full on quarter year, grew

up grew states. prior led Turning our Florida, premium the the results. in to by for written In-force XX.X% quarter, growth XX.X% underwriting from of an increase Direct billion, in approximately of to were other year. premiums X.X% XX.X% and $X.X

were in by Florida digits, Underlying of expansion and and points and approved X.X% wide the average other growth was states. geographic strong. premiums premium double rate in in a For for be year. was written excluding mix, led state percent in Florida continues X.X while direct policy strengthened XX.X% the to the also up as year, XXXX Ceded for of direct by down XX.X% premium increase the our late to reinstatement points other premium, to X.X quarter earned states declined XX.X% X.X%

to the XX the prior the expense partially adjusting to combined basis by XXX.X% rewards, and points ratio in XX.X to ratio points points the XX business driven development, by expense ratio year side, by improved other policy increase XX.X%, following. an expense for relatively related in the by in increase On The partially driven increased decreases our ratio X.X quarter in the to for for improvement ratio operating basis offset in flat acquisition the expense XX%. performance XX in the XX.X%, cost basis points a set year to forth XX.X%, offset as quarter points to

XX.X%, for XX the acquisition and in the an include, points of This partially the XX basis XX.X%. increase cost other year year, Quarterly the ratio full or drivers expense in policy for our year. year by reflects XXXX to the net adjusting $XX.X operating for prior and improvement losses quarter adjustment a catastrophe-related development XX.X%, basis in million offset increase business. $XX.X points correlated for basis XX points improved generated and to driven prior partially million XX XX.X The the and in losses, For reported year development year the to reserve inversely points XX.X%. for by X or and points LAE XX.X%, expense increased expense earnings offset XX.X ratio ratio the losses loss by ratio points quarter was points by to to

million from were reinsurance the Hurricane quarter fourth or XXXX directly X benefit program a X.X of or Weather $X.X from Irma. million Michael, million to for recoveries in $X.X For $XX.X comparison, included fourth year in XXXX and or reserve excess points plan year points XX.X of in of unfavorable or million the quarter for to received the X development related compared of Hurricane events points in in our quarter related the points prior $XX.X full XXXX. to

our points. declined excess adjustment For XX.X X.X generated the and includes or the million and other XX.X All points of to commissions services Blue commission partially prior fees, growth for a to quarter by continued intermediary as year's including $XX.X to $XXX plan benefit or year, quarter, expense offset loss premium million our the losses by the million the revenue premium Total the correlated weather $X.X were reinsurance an $XX.X of Atlantic, year, earnings reinstatement adjusting million full revenue, of in of for for in due points business. events result volume. $XX.X quarter million, inversely or incremental policy

of diminished result in revenue XX.X%, in growth to to asset Net higher year $XX.X the service assets. driven municipal securities. as effective all income tax levels the term quarter, prior categories, long-term by For by XX.X% increased XX.X three the rates, benefits. were increased volatility points million for in million invested full due $XX.X year. investment led equity improvement in from light losses liquidating of rate total XX.X% the of for the Unrealized full the for higher policy was and and the to as market over average interest mix, a short to XXXX well result of year, as were year, The service of bonds, million, premium Realized volume. an losses tax fees X.X% $X.X

Excluding of of GAAP due tax apply decrease in to of offset the to the million there underlying XX.X%, reduction of discrete or an taxable the on XX.X increase Act diluted when and is share. earnings items the $XX.X effective statutory items of you which XXXX, of recorded $X.XX rate savings points, rate in a for permanent income effect both XXXX from the generated million, per $XXX.X in of X.X%, the XXXX Tax by

of fourth shares cost for the approximately company XXX,XXX a quarter, the During total $XX.X million. repurchased

XX, company's third For XXXX. quarter, the the repurchase approximately The an share. to runs we remaining at cost authorization aggregate Company million. XXst, as and the share XX% $XX.X December of In $XX.X current $X.XX normal dividend program per increased million has through repurchased XXXX full year shares XXX,XXX May our

of Board a of on quarterly of record, March per the of common the XXXX, XXXX. XX, business shareholders share Directors the to of XX, close Additionally, company payable XX, of on as $X.XX January stock of cash March dividend declared XXXX

it me over Let specifics. to Jon turn through to now some walk additional

Jon Springer

I Hurricane Irma, Florence some also from and I Thank discuss surrounding Hurricane everyone. you, good briefly to June event position, our of reserve then renewal. fourth Frank. third reinsurance on give would start on And will Michael. the the of the additional quarter color quarter Hurricane touch morning impact X update event with Irma. Hurricane the lastly, On continued upcoming and like an

We continue reported fourth claims in quarter. the to new experience

received we claims. Specifically, new X,XXX Irma

with time. for XX/XX/XX, In total book a of total Irma loss with than X,XXX million of over just outside evaluating UPCIC to Irma XX,XXX $XXX claims in elected and for loss that open received remaining we less million actuaries, gross APPCIC. this we $X.X LAE and to Hurricane had at our As

an million, incurred of $X of million loss which at under Looking on The this claims at XX gross LAE reported of nearly XX/XX/XX, the on this number XX/XX/XX and than $XXX of number $XXX LAE loss remaining had million and new our at ultimate loss where stood basis, remaining IBNR. Hurricane LAE basis, less over from Florence, just Michael. XX/XX/XX total booked total at from IBNR. we is where loss million an remained estimate incurred open On included of unchanged in ultimate time. loss million for stood that Hurricane original as X,XXX looking from $XX total in was the On $XX UPCIC. Again included

IBNR. nearly XX/XX/XX open. reported loss loss at XXX million The $XXX As of incurred approximately remained loss on at this claims million, ultimate from X,XXX total basis, LAE remaining Again had looking where UPCIC. of also included was million total for LAE we is XX/XX/XX, unchanged our estimate, booked an and $XXX stood number from $XXX of the original which and and

our part an regards of years moments and was amount older in as older XX/XX/XX litigated ago, This noted for $XX.X large across totaling recent in spread position, several the reserve year, increase by As booked as Frank million. accident of the years claims. a we driven many accident resolution few

in of a X,XXX XXXX, This new the our this lawyer of mentioned now of remarks, operational on XXXX, new claims claims fill claims allowed number since impressive companion XX% the was And Lewis as of our prior XX% years. non-cat our over particularly and level is August Officer closed. factor to creation litigated Sean position are the XX/XX/XX, has focus non-cat in of opening Irma year us addition claims with during Chief from accident resolution. As of highest of his many we qualified of is as of Legal stimulate position XXXX, comparison these universe Darryl of closure that looking Hurricane you at to which the litigated were at way reported litigated claims when end at that year-ago. stood in By to

team remaining claims outstanding are and and in We fair a that procedures his equitable have Darryl confident policies resolve manner. in to the place the timely and

As update. reinsurance a

stages the the early reinsurance renewal. We are XXXX of in

of continues any too guidance far this X. pricing June the to there is early be to give magnitude So uncertainty around real for change catastrophe It space. at in

of to catastrophe our of multi-year a need part the predetermined However, of below over back I'll FHCF. already it as at program that, costliest turn over we capacity open reminder, the This in Rob. via $XXX secured with capacity have represents million XX% market deals. pricing And - our

Rob Luther

Jon. to operator to Thanks, open now I'd the like line questions. for ask the

Operator

KBW. Thank Our with you. question first [Operator from Instructions] Campbell comes Christopher

open. is line now Your

Christopher Campbell

Yes. Hi, good gentlemen. morning

Sean Downes

Chris. morning, Good

Frank Wilcox

morning. Good

Christopher Campbell

Yeah.

geography reserve is by First that? there million guess like accident to seeing you're question of and I maybe year break where the a way $XX like charge, down,

Sean Downes

being both of AOB claims the that decided prior. opened that middle quarter, see for up to there we good get point can It's plaintiffs you this I a increase cat non-cat or solicitation third we of correlated claim the started minutes but are Irma, now of claims litigation massive were vendor to right the think, We post firm to the where of our The Jon to the all, breakdown, by is ‘XX the previously that. few is make we a mentioned previously and was give that remarks. relates you get year we Hurricane that claims needed The adverse see state-wide, we Around of a non-cat directly increasing This Sean, But in the from our look us Irma a claims. the year. it Chris, have for in as to get new middle it development that to can to QX, the and firms we couple changes. and morning. being breakdown of and/or litigation areas per as started first predominance obviously his claims either companion reopened ours that Jon of mentioned, In claims is plaintiffs were it, think I affected. exact

personnel ask to alluded Darryl people. things, member I Board earlier, our Jon to and And Darryl we firm, As CLO, was in of of three hired was than our is the litigators we and one our and XXX which a assess as law the Lewis of do country did, Directors. the to of more consists who leading be to our

thought inventory, of a not decision reinsurance Darryl thousands we large settled a began individual insurance as and our conferences. the and then company, their specifically, settlement counsel, sat for successful And then we we made them between but these of We and as changes our campus claims, counsel to forward, made litigation going partners. in ourselves to adverse down was a folks communication interest which over firm parties of to that, after ourselves, the and some process circumvent we a time business part we what the both a but them effort And settle were litigation important the we decision the DC only company, claims was inventory. in costs importantly had little and and discusses processes communicates the outside very any having implemented improve outside our to that that concerted invited ask conferences those we to bring well these at reserved the highly law with assess bit vendors. our opposing most Assess the best to and claims, in way our future. the claims in settlement

And is Since vendors, improved and really open what we pre-litigation try to. counsel new outside which with directed have also and us. in number for focused communication these opposing So trend trending up to this that's with have have a a seen these been resolution the matter. the positive obviously in is our is downwards, litigation dialog we to AOB in claims we vendors find

protect we obviously, far more settlement conferences seeing those continue and incurred that put that of we having to for litigation the to had we we again. event that moneys year, success, up up, are years we had settlement so happening then put exist again conferences, this to monies still had And for money so preclude these we the to ourselves up the because to and

Jon Springer

The of roughly accident this the dig it of 'XX Chris, to would out would years and across third accident third into third Sean spread accident be roughly into prior and a breakdown remaining charge year Jon, be time XXXX, then the some is XXXX, gave numbers. at me year prior.

Christopher Campbell

you. into and it's had of the before. and I into does is just guess And development goes then looks How that adverse next question it. you ‘XX feed it like my that all given Got how you mean feeling, could you current loss expect similar this - of - year in picks? How solicitation that are in is feeding I something how year ‘XX? accident increased your And then is kind that is litigation?

Sean Downes

Sean, one, to compared back Obviously, our is review. way counsel, the is earlier the vendors ‘XX and have we two is I'll ratio pick and Chris. And which the Number we perspective, actuarial break communication loss for that other ‘XX to going a loss down position about our of opposing kind increase with outside we think, is because for that looking that the in increased for case ‘XX, spread some then we making From time at at, our performing to our and that's our that this increased we're This ‘XX a in our Florida to sitting going XX, conservative that to increase for arises or basically things mentioned I in more in point states, going good. you, future. dialog of, is per reason changed with we're are well our I we looking believe ‘XX. the a points relationship anything portfolio our in sure are

Christopher Campbell

XX, loss it. a a that or is that gross one? core And that ratio Got is net

Sean Downes

Direct...

Jon Springer

Direct.

Sean Downes

the average that of basically last XX three-year our And is three years.

Christopher Campbell

that Okay. additional think correct? states to you But more be XXX XX, then, expanding in would Is know, embedded about Got That's the for conservative X% an other into trend there, it. in it? to just way the right have then Florida. the bps and

Jon Springer

in Both things of right. the embedded are those That's XX.

Christopher Campbell

I process. filing just, you terms guys know, out you are it. And rate where don't of the then Got know Okay. in

terms to to just loss you've rate know, had adverse guess or increase? you are loss in you and picks. the So your know, What's given increase, helping development of, raising counteract maybe to more you ratio the take that opportunity I

Jon Springer

rate now. of filing part definitely have is Florida the we rate answer, pending do in right Well, a

increases state the some course have year. rate So our a that areas of included - last of we the did accident filing most in and areas, claim prone prone some meaningful of

expect we'll XX something so. within So to rate we days report next have on filing this or the

Sean Downes

is also - And we again. this Sean,

that Minnesota, some Indiana, in increases the flowing Pennsylvania, through are rate and of started process Florida, some had Georgia. and other also Virginia outside states We

Christopher Campbell

renew get I then your the don't Jon, for you, still reinsurance fund renewals, question And at? a early. on it participation Great. Why probably cat you just guys

Jon Springer

XX%.

Christopher Campbell

was the that year-over-year, same And Okay. correct?

Jon Springer

Yes.

Christopher Campbell

Okay.

competitor just know, I'm sliver XX% to wondering, able Now, you XX% get participation. was there like alongside, is

the cat like at price same Just fund. the as

is calculus Like, if impression guys walk go a guess, giving, would wouldn't cover opportunity little I there? as it's more staying better price thinking that is guess, the could same that the have So is private down which just you market versus why at XX% what the coverage, your the you my fund bit on buy all-in. you XX%. state to to you I us through know

Jon Springer

enough that within something we don't on fund time and tower. fits call, cat evaluate I have if but we differently reinsurance this slightly Yeah, every know their year it's everybody's

big I misnomer. think a that's

cat at fits little attaches I reinsurance don't on not think fund a return exits every time bit same and case. the lot of and that a spend people, time same who return that's the Everybody's the at day thinks everybody's different.

So, than some people the view more funds the and will market, open other rates cat as attractive some inevitably way. the

of capacity that it's So The limit receive evaluate of each fund. to company into play. We're projecting the $X to from amount billion come cat something individually. can over has

as us you're market So other not about from It's changing XX% simple talking open to our smaller percentage companies. to XX% potentially the rather XX% to meaningful a some or that. for replace of as about purchase to think

Christopher Campbell

clearly, by Okay. every that company was this year like an particular in it Got I into flat and they or read get company a data what as different. on is for just read point the just is able are because were can't that through, what pricing. to guess, it. through seeing Irma something market, And layer impacted thoughts early you your mid

Jon Springer

and Every that data company is anything different, read wouldn't one into point. Chris, I

Christopher Campbell

luck of XXXX. Best answers. the all in for Thanks wonderful. Okay,

Sean Downes

Chris. Thanks,

Jon Springer

Thank you.

Operator

comes Capital Instructions] question Khare Samir Thank Returns you. with Management. Our next from [Operator

Your open. now is line

Samir Khare

Hi, morning. good

Sean Downes

Samir. morning, Good

Samir Khare

that it? those from reserves, break claims the revenues did ratio the on - if you out the contributed adjusting was and by I can not sorry wondering reserves, loss how to benefit can and you break catastrophe those revenues much if

Sean Downes

in number for the we Jon exact don't correlated but event well our broken fully as Michael, the revenues you're Hurricane of large were down received directly in we that to in numbers, catastrophe, we now. from mentioned, can have of as claims were front right that four. approximately getting -- our at plus some is Hurricane QX our quarter that around the that aware claims X,XXX least get us UAC Irma, from non-cat you is continued handled Florence Frank Well, as somehow But breakdown

Frank Wilcox

So Samir, fourth that's in pretty aggregate for UAC the as last the percent $XX.X $XX ‘XX million of million a and quarter year versus generated much flat.

So the contribution is relative year’s flowing through ratios. each loss

Samir Khare

Okay. for you it And going do next minimis, Irma a these be envision know I how could you you benefit? the it from seems be quarter like quarters? coming quite few revenues in last know, but forward, said, could de

Sean Downes

obviously claims going think, are Florence. in, that We're is getting to relates cat to as and down it still continue trending specifically just I down but slowing claims Michael Irma some obviously the quarter-over-quarter.

would So it I expect right now.

from cat going Just look seeing think don't we're many because to are from forward, the that much at claims flat a be it that environment. coming I going perspective to that

Samir Khare

And on -- is down, benefiting states that some last it from but million just $X.X break the also on and there? Could you can probably said clearly and initially break retention in program. that $XX from out Okay. of that, and you I million down then think, claims Michael, revenues, quarter, if you

Frank Wilcox

sure. Yes,

the loss. Michael the that the between right, other to part exactly you're of So primarily the attributable the $X.X the recovery is $XX and states, from difference

of mention, program recovered came event We from not we so a retention drop did a play. into have outside for that to that Florida, second well. little So as down bit

that's So answer. the

Samir Khare

got Okay, it.

revenues $X.X doesn't Michael? So any million benefit from the attributed to that claims reflect

Frank Wilcox

the No. reinsurance after the coordination That the do all nothing has retention to of that. programs. just net with That's

Samir Khare

at talk of And okay. and subrogation contributed we books, what yellow strengthening? expect change all, if the see receivables, about, that to you it, from the can reserve the has if Got that any

Jon Springer

with so -- greater. predicted becomes opportunity The and outside actuary subro obviously, subro unique increase our for then losses, are increases a we as predicted losses losses it's reserves, as our the universe relationship is

same. book of up subro see the stay will be anticipated in losses to that yellow slightly, So you'll ratio the subro predicted the the will that

Samir Khare

guys available Okay. And the buybacks? that how for much have be would you capital and in entities, do unregulated it

Frank Wilcox

for that pull here. just me Let a second

Jon Springer

Well, an would I one just subro in did thing to add recoveries. Frank of that we in increase out. while pulling it always Samir, in I know, subro, is interested bring XX% you're year-over-year related

Frank Wilcox

Samir, million the we had level. company holding available at $XX in cash

Samir Khare

and me the the that Could Florence, claims? give Irma same where you detail the you Okay. before. gross had I Michael is appreciate since loss there, the detail on many on how

Frank Wilcox

sure. Yes,

So booked year just same reported million, claims at as is number, as the had at remained than gross that XX which less loss under and $XX opened we the our X,XXX end of original time.

Samir Khare

And Great. Okay. the just in here? Any XXXX left from reinstatement reinstatement if other develops quarter. amount on the premium the tower, in cat Irma

Frank Wilcox

million $XX through Yeah, so is limit $XX.X. total we the XXXX and incurred

So, just around $X million left on that.

Samir Khare

have it developed much tower? the in a, of from Okay. higher would And point that would - kind developed a would that - would loss of here or Irma it - that developed, gross if the kind

Frank Wilcox

develop cat but fund, where money the reinstatement Hurricane at no will that the a there's because Florida we're majority point which very It booked, collecting loss there. the beyond of obviously ultimate slowly from it we XXX will the this develop in we're

a So the little collecting bit just the open along we're market. from side

will for stretch amount that a time. long So,

Samir Khare

levels? Okay. there And Florence then from at a Michael any have what or developed paid adversely at and either Are similar premiums here question. to reinstatement would be that

Frank Wilcox

double Florence from incur before to the of any need at IBNR end. booked reinstatement. to XXX, And as would from probably we and includes none close XXX we would it $XXX nearly Michael million Definitely of year which

Samir Khare

very you Thank great. Okay, much.

Sean Downes

right. All you, Samir. Thank

Operator

And closing you. back to call to Chief any any turn not at questions like over Sean Officer Executive further for the I'm Downes, Thank would showing Chairman this time. I now and remarks.

Sean Downes

you. Thank

personally and continued you As insurers, Universal. our day. to our always agents for our Thank like This a the their have of concludes nice employees, conference. support in closing, thank stakeholders I at our would and all

Operator

for program, you may today's wonderful participating in conclude a and all today's thank gentlemen, have conference. day. and Everyone This does Ladies you disconnect.

Universal Insurance (UVE) 1 Mar 192018 Q4 Earnings call transcript