uve-20200427
0000891166false00008911662020-04-272020-04-27
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
April 27, 2020
Date of Report (Date of earliest event reported)
Universal Insurance Holdings, Inc.
(Exact name of registrant as specified in its charter)

Delaware 001-33251 65-0231984
(State or other jurisdiction
of incorporation)
 (Commission
file number)
 (IRS Employer
Identification No.)
1110 W. Commercial Blvd., Fort Lauderdale, Florida 33309
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (954958-1200
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par ValueUVENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2).
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.  




Item 2.02Results of Operations and Financial Condition
On April 27, 2020, Universal Insurance Holdings, Inc. (the "Company") issued a press release announcing its financial results for the fiscal quarter ended March 31, 2020. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.
This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 8.01 Other Events

The Company is updating its Risk Factors disclosure in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 as follows:

The COVID-19 pandemic could have material and long-term adverse consequences on our financial condition, results of operations and liquidity and capital resources

The public health crisis created by the COVID-19 pandemic and the resulting and continuing impact on the global, national and local economies, as well as on the American workforce, could significantly disrupt and materially impact our business, including:
our ability to successfully maintain operations and meet the costs associated with those operations while maintaining the safety and wellness of our employees, independent agents, policyholders and vendors;
the impact on demand for our products by agents and policyholders during the current protracted economic downturn;
the ability or willingness of policyholders to pay premiums;
prompt payment of receivables by reinsurers and policyholders;
a decline in the value of our investment securities, which make up a significant portion of our financial resources;
a decline in the credit ratings of our debt securities;
our ability to meet regulatory requirements;
our ability to attract and retain, and to effectively train and supervise, employees;
our ability to anticipate, understand and respond to potential changes in consumer or employee behaviors and preferences arising from past and future directives and guidance related to social distancing, teleworking and similar considerations; or
our ability to maintain relationships with key vendors, and those vendors’ willingness or ability to perform services for us as expected.

As a provider of services typically categorized as essential, we are required to maintain operations and continue to pay claims to policyholders. Uncertainty around claims patterns including impediments to adjusting claims in the field could negatively impact our ability to timely and properly pay claims and establish reserves. Access to capital, if needed, could be hampered, and the cost of external capital could be elevated.

Broader adverse economic consequences and losses incurred by reinsurers as a result of COVID-19 could erode capital and contribute to an increase in the cost of reinsurance as well as an increase in counterparty credit risk. Possible legislative, regulatory or judicial actions that encourage or mandate premium payment grace periods, prevent cancellations for non-payment of premium, require us to cover losses when our policies did not provide coverage or excluded coverage, or order us to provide premium refunds or make other accommodations, could reduce our liquidity and increase both our losses and operating costs. Forced liquidation of stressed investment securities could result in realized losses during periods of dysfunction and volatility in capital markets. An increase in the demand and frequency of reporting by regulators could place stress on our ability to accurately and timely meet those and existing demands, and a delay or denial in regulatory rate approvals could contribute to financial stress. While most of our workforce is continuing to work remotely, we could become more vulnerable to cyberthreats.

The extent to which COVID-19 impacts our business will depend on future developments, and while we are not able to estimate the impact that COVID-19 will have on our financial results and financial condition, it could be material. To the extent the COVID-19 pandemic adversely affects our business and financial results, it may also have the effect of heightening many of the other risks described in “Part I, Item 1A—Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.




Item 9.01Financial Statements and Exhibits
(d) Exhibits:
 
  Press Release, dated April 27, 2020
104Cover Page Interactive Data File (embedded within the Inline XBRL document)






SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: April 27, 2020UNIVERSAL INSURANCE HOLDINGS, INC.
By:/s/ Frank C. Wilcox
Name:Frank C. Wilcox
Title:Chief Financial Officer


Document
Exhibit 99.1
Universal Insurance Holdings Reports First Quarter 2020 Results

1Q20 direct premiums written (“DPW”) up 15.7% to $334.6 million
1Q20 other states (non-Florida) DPW up 19.0%
1Q20 diluted GAAP earnings per share (“EPS”) of $0.61, non-GAAP adjusted EPS1 of $0.79
Book value per share increased 0.9% to $15.26 when compared to last quarter, despite COVID-19 impacts on fair value of debt securities and equity markets in the latter half of March
1Q20 combined ratio of 94.1%
1Q20 annualized return on average equity of 16.1%
Returned $11.8 million to shareholders through share repurchases and dividends

1 Excludes net realized and unrealized gains and losses on investments as well as extraordinary reinstatement premiums and associated commissions (“non-GAAP adjusted EPS”). Reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.

Fort Lauderdale, Fla., April 27, 2020 – Universal Insurance Holdings (NYSE: UVE) (the “Company”) reported 2020 first quarter diluted EPS of $0.61 on a GAAP basis and $0.79 non-GAAP adjusted EPS1. Quarterly direct premiums written were up 15.7% from the year-ago quarter to $334.6 million. Annualized return on average equity was 16.1%.

“The circumstances of the past few months in all of our communities have been both difficult and inspiring. Our hearts go out to all those affected directly and indirectly by the COVID-19 pandemic. We are inspired by the health care providers, the first responders, the ingenuity of our communities, our businesses, and governments,” said Stephen J. Donaghy, Chief Executive Officer.

“We commenced business operations more than 20 years ago, intent on protecting and serving our consumers in their most critical time, in some of the most challenging coastal areas in the U.S. for natural disasters. We have remained highly proficient and steadfast in that commitment. We enter this critical time in a position of strength with a debt-to-equity ratio less than 2.0%, currently accruing more reserves than at any point in the company’s history, and with a highly experienced rapid response disaster preparedness team. We are off to a good start to 2020 with solid first quarter results, including an annualized return on average equity of 16.1% and progress on our reinsurance renewals for June 1st. In this dynamic environment, we continue to support our consumers, whether they are shopping for new policies, submitting claims, refinancing, or extending terms, while having substantially all of our employees in our rapid response virtual protocol. We do not have exposure to many lines of business directly impacted by COVID-19, but continue to monitor the currently unknowable longer tail impacts to the housing and rental markets. We believe we remain well positioned for 2020 and remain resolute in serving our consumers and creating value for our stakeholders.”
1


Summary Financial Results

($thousands, except per share data)Three Months Ended March 31,
20202019Change
(GAAP comparison)
Total revenue$235,275  $236,586  (0.6)%
Income before income taxes27,584  53,744  (48.7)%
Income before income taxes margin11.7 %22.7 %(11.0)pts
Diluted EPS$0.61  $1.14  (46.5)%
Annualized return on average equity (ROE)16.1 %30.4 %(14.3)pts
Book value per share, end of period15.26  15.57  (2.0)%
(Non-GAAP comparison)2
Adjusted operating income35,361  47,315  (25.3)%
Adjusted EPS$0.79  $1.00  (21.0)%
2 Reconciliation of GAAP to non-GAAP financial measures are provided in the attached tables. Adjusted operating income excludes net realized and unrealized gains and losses on investments, interest expense, and extraordinary reinstatement premiums and associated commissions. Non-GAAP adjusted EPS excludes net realized and unrealized gains and losses on investments, as well as extraordinary reinstatement premiums and associated commissions.

Total revenue decreased 0.6% for the quarter, driven primarily by higher reinsurance costs and unrealized losses on investments, partially offset by higher organic premium pricing and volume and our integrated services. Income before income tax produced an 11.7% margin for the quarter, which was primarily impacted by accruing incremental reserves and our investment portfolio’s volatility from COVID-19, partially offset by a reduced impact from weather events during the quarter. GAAP diluted EPS results for the quarter were driven by the aforementioned factors, in addition to a 2.0 point increase in the effective tax rate due to an increase in permanent items and a lower benefit from discrete items when compared to the prior year’s quarter, partially offset by a reduced share count. The Company produced a strong annualized return on average equity of 16.1%.


Underwriting

($thousands, except policies in force)Three Months Ended March 31,
20202019Change
Policies in force (as of end of period)910,579  840,770  8.3 %
Premiums in force (as of end of period)$1,340,321  $1,212,093  10.6 %
Direct premiums written$334,553  $289,234  15.7 %
Direct premiums earned325,951  295,377  10.4 %
Net premiums earned220,829  209,727  5.3 %
Expense ratio3
32.9 %33.2 %(0.3)pts
Loss & LAE ratio61.2 %53.9 %7.3 pts
Combined ratio94.1 %87.1 %7.0 pts
3 Expense ratio excludes interest expense.

2

Direct premiums written were up double digits for the quarter, led by strong direct premium growth of 19.0% in Other States (non-Florida), and 15.0% in Florida.

On the expense side, the combined ratio increased 7.0 points for the quarter. The increases were driven primarily by increased losses in connection with the continued diversification in the Company’s underlying business to states outside Florida, an increased core loss pick for 2020, and increased prior year adverse development, partially offset by a lower level of weather events in 2020 and a reduction in the expense ratio as set forth below.

The expense ratio improved by 30 basis points for the quarter, primarily related to an 80 basis point improvement in the other operating expense ratio due to economies of scale and executive compensation reductions. The policy acquisition cost ratio increased by 50 basis points for the quarter as a result of continued geographic expansion into states outside Florida, which typically have higher commission rates.

The net loss and loss adjustment expense (“LAE”) ratio increased 7.3 points for the quarter. Quarterly drivers include:

Weather events in excess of plan of $1 million or 0.5 points ($5.0 million in 1Q19) for the quarter.

Prior year reserve development of $4.3 million or 2.0 points for the quarter (immaterial in 1Q19) were IBNR related to prior year’s catastrophe events.

All other losses and loss adjustment expense of $129.7 million or 58.7 points for the quarter were primarily related to diversified growth, and accruing incremental reserves for the current accident year.


Services

($thousands)Three Months Ended March 31,
20202019Change
Commission revenue$7,015  $5,505  27.4 %
Policy fees5,540  5,021  10.3 %
Other revenue2,782  1,684  65.2 %
Total$15,337  $12,210  25.6 %

Total services revenue increased 25.6% for the quarter driven primarily by commission revenue earned on ceded premiums.


Investments

($thousands)Three Months Ended March 31,
20202019Change
Net investment income$6,834  $8,142  (16.1)%
Realized gains (losses)299  (11,525) NM  
Unrealized gains (losses)(8,024) 18,032  NM  
NM = Not Meaningful
3


Net investment income decreased 16.1% for the quarter, primarily due to significantly lower yields on cash and short term investments during the first quarter of 2020 when compared to the first quarter of 2019. The prior year also included one-time income benefits from a special dividend received and a one-time reduction in investment expenses. The Company continually monitors the Federal Reserve’s actions, which has impacted effective yields on new fixed income and overnight cash purchases. During March of this year, as a result of the COVID-19 pandemic, we saw extreme instability in the fixed income market prior to the Federal Reserve providing liquidity into that market in mid-March. As a result of the instability in the fixed income market, we had a decline in the amount of unrealized gains in our fixed income portfolio (balance sheet impact only), but still ended the quarter with an overall unrealized gain in our fixed income portfolio of $15.4 million, which has further improved subsequent to the end of the first quarter. The credit rating on our fixed income securities was A+ at the end of the first quarter, with a duration of 3.6 years, which we feel gives us a strong foundation to weather the current market conditions. Unrealized losses on our equity securities were again driven by market volatility related to the COVID-19 pandemic, resulting in an unfavorable outcome for the quarter. In response to the pandemic, the Board’s Investment Committee has approved measures to continue building our portfolio’s cash position to preserve capital for both risk and opportunities.


Capital Deployment

During the first quarter, the Company repurchased approximately 312 thousand shares at an aggregate cost of $6.6 million.

On April 16th 2020 the Board of Directors declared a quarterly cash dividend of 16 cents per share, payable on May 21, 2020, to shareholders of record as of the close of business on May 14, 2020.



Conference Call and Webcast

Tuesday, April 28, 2020 at 9:00 a.m. ET
U.S. Dial-in Number: (855) 752-6647
International: (503) 343-6667
Participant code: 2195392
Listen to live webcast and view presentation: UniversalInsuranceHoldings.com
Replay of the call will be available on the UVE website and by phone at (855) 859-2056 or internationally at (404) 537-3406 using the participant code: 2195392 through May 13, 2020


About Universal Insurance Holdings, Inc.

Universal Insurance Holdings, Inc. (“UVE”) is a holding company offering property and casualty insurance and value-added insurance services. We develop, market, and write insurance products for consumers predominantly in the personal residential homeowners lines of business and perform substantially all other insurance-related services for our primary insurance entities, including risk management, claims management and distribution. We sell
4

insurance products through both our appointed independent agents and through our direct online distribution channels in the United States across 18 states (primarily Florida). Learn more at UniversalInsuranceHoldings.com.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the U.S. Securities and Exchange Commission (“SEC”), including adjusted earnings per diluted share, which excludes the impact of the net realized and unrealized gains and losses on investments as well as extraordinary reinstatement premiums and associated commissions. Extraordinary reinstatement premiums are not covered by reinstatement premium protection and attach just below the Florida Hurricane Catastrophe Fund (“FHCF”) reinsurance layer. Adjusted operating income excludes the impact of the net realized and unrealized gains and losses on investments, as well as interest expense and extraordinary reinstatement premiums and associated commissions. A “non-GAAP financial measure” is generally defined as a numerical measure of a company’s historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles (“GAAP”). UVE management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. UVE management also believes that these non-GAAP financial measures enhance the ability of investors to analyze UVE’s business trends and to understand UVE’s performance. UVE’s management utilizes these non-GAAP financial measures as guides in long-term planning. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures presented in accordance with GAAP.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “will,” “plan,” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Such statements may include commentary on plans, products and lines of business, marketing arrangements, reinsurance programs and other business developments and assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, including the ongoing impact of the coronavirus (COVID-19) pandemic and those risks and uncertainties to be described under the heading “risk factors” and “Liquidity and Capital Resources” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 as well as in the Form 8-K filed on April 27, 2020. Future results could differ materially from those described, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For further information regarding risk factors that could affect the Company’s operations and future results, refer to the Company’s reports filed with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K and the most recent quarterly reports on Form 10-Q.







5

Investor Relations Contact:
Rob Luther, 954-958-1200 ext. 6750
VP, Corporate Development, Strategy & IR
rluther@universalproperty.com


Media Relations Contact:
Andy Brimmer / Mahmoud Siddig, 212-355-4449
Joele Frank, Wilkinson Brimmer Katcher

6

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except per share data)
March 31,December 31,
20202019
ASSETS:
Invested Assets
  Fixed maturities, at fair value$867,249  $855,284  
  Equity securities, at fair value45,838  43,717  
  Investment real estate, net15,481  15,585  
  Total invested assets928,568  914,586  
Cash and cash equivalents180,780  182,109  
Restricted cash and cash equivalents2,635  2,635  
Prepaid reinsurance premiums70,113  175,208  
Reinsurance recoverable108,491  193,236  
Premiums receivable, net66,568  63,883  
Property and equipment, net44,859  41,351  
Deferred policy acquisition costs94,354  91,882  
Goodwill2,319  2,319  
Other assets46,826  52,643  
TOTAL ASSETS$1,545,513  $1,719,852  
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Unpaid losses and loss adjustment expenses$195,978  $267,760  
Unearned premiums669,881  661,279  
Advance premium55,763  30,975  
Reinsurance payable, net64,460  122,581  
Long-term debt9,559  9,926  
Other liabilities55,584  133,430  
     Total liabilities1,051,225  1,225,951  
STOCKHOLDERS' EQUITY:
Cumulative convertible preferred stock ($0.01 par value) 4
—  —  
Common stock ($0.01 par value) 5
468  467  
Treasury shares, at cost - 14,381 and 14,069(203,172) (196,585) 
Additional paid-in capital97,110  96,036  
Accumulated other comprehensive income (loss), net of taxes12,015  20,364  
Retained earnings587,867  573,619  
     Total stockholders' equity494,288  493,901  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$1,545,513  $1,719,852  
Notes:
4 Cumulative convertible preferred stock ($0.01 par value): Authorized - 1,000 shares; Issued - 10 and 10 shares; Outstanding - 10 and 10 shares; Minimum liquidation preference - $9.99 and $9.99 per share.
5 Common stock ($0.01 par value): Authorized - 55,000 shares; Issued - 46,766 and 46,707 shares; Outstanding 32,385 and 32,638 shares.


7

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands)

Three Months Ended
March 31,
20202019
REVENUES
Net premiums earned$220,829  $209,727  
Net investment income6,834  8,142  
Net realized gains/(losses) on investments299  (11,525) 
Net change in unrealized gains/(losses) of equity securities(8,024) 18,032  
Commission revenue7,015  5,505  
Policy fees5,540  5,021  
Other revenue2,782  1,684  
  Total revenues$235,275  $236,586  
EXPENSES
Losses and loss adjustment expenses$135,048  $113,094  
Policy acquisition costs46,864  43,511  
Other operating expenses25,727  26,159  
Interest expense52  78  
     Total expenses$207,691  $182,842  
Income before income tax expense$27,584  $53,744  
     Income tax expense$7,517  $13,596  
NET INCOME$20,067  $40,148  


UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
SHARE AND PER SHARE INFORMATION
(in thousands, except per share data)

Three Months Ended
March 31,
20202019
Weighted average common shares outstanding - basic32,591  34,741  
Weighted average common shares outstanding - diluted32,731  35,206  
Shares outstanding, end of period32,385  34,622  
Basic earnings per common share$0.62  $1.16  
Diluted earnings per common share$0.61  $1.14  
Cash dividend declared per common share$0.16  $0.16  
Book value per share, end of period15.26  15.57  
Annualized return on average equity (ROE)16.1 %30.4 %


8

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
SUPPLEMENTARY INFORMATION
(in thousands, except for Policies In Force data)

Three Months Ended
March 31,
20202019
Premiums
     Direct premiums written - Florida$278,511  $242,148  
     Direct premiums written - Other States56,042  47,086  
Direct premiums written - Total$334,553  $289,234  
Direct premiums earned$325,951  $295,377  
Net premiums earned$220,829  $209,727  
Underwriting Ratios - Net
Loss and loss adjustment expense ratio61.2 %53.9 %
  Policy acquisition cost ratio21.2 %20.7 %
  Other operating expense ratio6
11.7 %12.5 %
General and administrative expense ratio6
32.9 %33.2 %
Combined ratio94.1 %87.1 %
Other Items
(Favorable)/Unfavorable prior year reserve development$4,341  $(185) 
Points on the loss and loss adjustment expense ratio197 bps(9)bps
6 Expense ratio excludes interest expense.

As of
March 31,
20202019
Policies in force
Florida677,225  640,837  
Other States233,354  199,933  
Total910,579  840,770  
Premiums in force
Florida$1,104,559  $1,023,256  
Other States235,761  188,837  
Total$1,340,321  $1,212,093  
Total Insured Value
Florida$169,764,009  $157,435,252  
Other States95,464,246  77,191,460  
Total$265,228,255  $234,626,712  


9



UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands, except for per share data)

Three Months Ended
March 31,
20202019
Income Before Income Taxes$27,584  $53,744  
Adjustments:
    Reinstatement premium, net of commissions7
—  —  
    Net unrealized (gains)/losses on equity securities8,024  (18,032) 
    Net realized (gains)/losses on investments(299) 11,525  
    Interest Expense52  78  
    Total Adjustments7,777  (6,429) 
Non-GAAP Adjusted Operating Income $35,361  $47,315  
GAAP Diluted EPS$0.61  $1.14  
Adjustments:
    Reinstatement premium, net of commissions7
—  —  
    Net unrealized (gains)/losses on equity securities0.25  (0.51) 
    Net realized (gains)/losses on investments(0.01) 0.33  
    Total Pre-Tax Adjustments0.24  (0.18) 
    Income Tax on Above Adjustments(0.06) 0.04  
    Total Adjustments0.18  (0.14) 
Non-GAAP Adjusted EPS$0.79  $1.00  
7 Includes reinstatement premiums not covered by reinstatement premium protection and related commissions.



10
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Cover Page
Apr. 27, 2020
Cover [Abstract]  
Entity Central Index Key 0000891166
Document Type 8-K
Document Period End Date Apr. 27, 2020
Entity Registrant Name Universal Insurance Holdings, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-33251
Entity Tax Identification Number 65-0231984
Entity Address, Address Line One 1110 W. Commercial Blvd.
Entity Address, City or Town Fort Lauderdale
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33309
City Area Code 954
Local Phone Number 958-1200
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Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 Par Value
Trading Symbol UVE
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false