UVE Universal Insurance Holdings Inc

• Diluted GAAP earnings per common share (EPS) of $1.14; diluted adjusted* EPS of $1.07
• Annualized return on average common equity (“ROCE”) of 38.1%, annualized adjusted* return on average common equity of 29.4%
• Direct premiums written of $446.2 million, up 8.8% from the prior year quarter
• Book value per share of $12.68, up 20.0% year-over-year; adjusted book value per share of $15.34, up 13.5% year-over-year
• Total capital returned to shareholders of $8.9 million, including $4.1 million of share repurchases and a $0.16 per share regular dividend

Universal Insurance Holdings (NYSE: UVE) (“Universal” or the “Company”) reported first quarter 2024 results.

“It was a strong quarter, including a 29.4% annualized adjusted return on common equity and 35.4% adjusted diluted EPS growth year-over-year,” said Stephen J. Donaghy, Chief Executive Officer. “Results were solid across the board, including profitable underwriting that was complemented by our non-underwriting operations, which is a testament to our differentiated business model. Direct premiums written growth accelerated sequentially, as policies-in-force are stabilizing following our previous underwriting initiatives.

“I’m pleased to announce the completion of our 2024-2025 reinsurance renewal for our insurance entities, as our program is now fully supported and secured. We've also secured additional multi-year coverage, taking us through the 2025-2026 hurricane season and have added new, financially strong reinsurers to our existing panel of long-term partners. This achievement reflects the diligence and planning of our reinsurance team throughout the year. Program cost and coverage were consistent with our expectations and we’ll provide specific details at the end of May, as we typically do.”

*Reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.

Quarterly Financial Results

Summary Financial Results

($thousands, except per share data)

Three Months Ended March 31,

 

 

2024

 

 

 

2023

 

 

Change

GAAP comparison

 

 

 

 

 

Total revenues

$

367,959

 

 

$

316,508

 

 

16.3

%

Operating income

$

49,106

 

 

$

34,427

 

 

42.6

%

Operating income margin

 

13.3

%

 

 

10.9

%

 

2.4 pts

 

 

 

 

 

 

Net income available to common stockholders

$

33,654

 

 

$

24,170

 

 

39.2

%

Diluted earnings per common share

$

1.14

 

 

$

0.79

 

 

44.3

%

 

 

 

 

 

 

Annualized ROCE

 

38.1

%

 

 

31.7

%

 

6.4 pts

Book value per share, end of period

$

12.68

 

 

$

10.57

 

 

20.0

%

 

 

 

 

 

 

Non-GAAP comparison1

 

 

 

 

 

Core revenue

$

364,930

 

 

$

316,339

 

 

15.4

%

Adjusted operating income

$

46,077

 

 

$

34,258

 

 

34.5

%

Adjusted operating income margin

 

12.6

%

 

 

10.8

%

 

1.8 pts

 

 

 

 

 

 

Adjusted net income available to common stockholders

$

31,370

 

 

$

24,043

 

 

30.5

%

Adjusted diluted earnings per common share

$

1.07

 

 

$

0.79

 

 

35.4

%

 

 

 

 

 

 

Annualized adjusted ROCE

 

29.4

%

 

 

23.9

%

 

5.5 pts

Adjusted book value per share, end of period

$

15.34

 

 

$

13.52

 

 

13.5

%

 

 

 

 

 

 

Underwriting Summary

 

 

 

 

 

Premiums:

 

 

 

 

 

Premiums in force

$

1,963,765

 

 

$

1,862,716

 

 

5.4

%

Policies in force

 

820,078

 

 

 

827,981

 

 

(1.0

)%

 

 

 

 

 

 

Direct premiums written

$

446,179

 

 

$

410,102

 

 

8.8

%

Direct premiums earned

$

482,072

 

 

$

455,368

 

 

5.9

%

Ceded premiums earned

$

(148,047

)

 

$

(173,144

)

 

(14.5

)%

Ceded premium ratio

 

30.7

%

 

 

38.0

%

 

(7.3) pts

Net premiums earned

$

334,025

 

 

$

282,224

 

 

18.4

%

 

 

 

 

 

 

Net ratios:

 

 

 

 

 

Loss ratio

 

71.9

%

 

 

73.1

%

 

(1.2) pts

Expense ratio

 

23.6

%

 

 

26.9

%

 

(3.3) pts

Combined ratio

 

95.5

%

 

 

100.0

%

 

(4.5) pts

1 Reconciliation of GAAP to non-GAAP financial measures are provided in the attached tables. Adjusted net income available to common stockholders, adjusted diluted earnings per common share and core revenue exclude net realized gains (losses) on investments and net change in unrealized gains (losses) on investments. Adjusted operating income excludes the items above and interest and amortization of debt issuance costs. Adjusted book value per share excludes accumulated other comprehensive income, net of taxes. Adjusted ROCE is calculated by dividing annualized adjusted net income available to common stockholders by average adjusted book value per share, with the denominator further excluding current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) on investments.

Net Income and Adjusted Net Income

Net income available to common stockholders was $33.7 million, up from $24.2 million in the prior year quarter, and adjusted net income available to common stockholders was $31.4 million, up from $24.0 million in the prior year quarter. The increase in adjusted net income available to common stockholders mostly stems from higher underwriting and net investment income, partly offset by lower commission revenue.

Revenues

Revenue was $368.0 million, up 16.3% from the prior year quarter and core revenue was $364.9 million, up 15.4% from the prior year quarter. The increase in core revenue primarily stems from higher net premiums earned and net investment income, partly offset by lower commission revenue.

Direct premiums written were $446.2 million, up 8.8% from the prior year quarter. The increase stems from 5.2% growth in Florida and 25.6% growth in other states. Overall growth mostly reflects higher rates, inflation adjustments and stabilizing policies in force.

Direct premiums earned were $482.1 million, up 5.9% from the prior year quarter. The increase stems from rate-driven direct premiums written growth over the past twelve months.

The ceded premium ratio was 30.7%, down from 38.0% in the prior year quarter. The decrease primarily reflects efficiencies associated with the 2023-2024 reinsurance program, including the benefits of multi-year reinsurance and the Reinsurance to Assist Policyholders (RAP) layer, partly offset by higher private market reinsurance pricing.

Net premiums earned were $334.0 million, up 18.4% from the prior year quarter. The increase is primarily attributable to higher direct premiums earned and a lower ceded premium ratio, as described above.

Net investment income was $13.5 million, up from $10.7 million in the prior year quarter. The increase primarily stems from higher fixed income reinvestment yields and higher yields on cash.

Commissions, policy fees and other revenue were $17.4 million, down 25.8% from the prior year quarter. The decrease primarily reflects commissions earned on Hurricane Ian related reinstatement premiums in the prior year quarter.

Margins

The operating income margin was 13.3%, up from an operating income margin of 10.9% in the prior year quarter. The adjusted operating income margin was 12.6%, up from an adjusted operating income margin of 10.8% in the prior year quarter. The higher adjusted operating income margin primarily reflects a lower net combined ratio and higher net investment income, partly offset by lower commission revenue.

The net loss ratio was 71.9%, down 1.2 points compared to the prior year quarter. The decrease primarily reflects higher net premiums earned associated with lower reinsurance costs in the current year quarter.

The net expense ratio was 23.6%, down 3.3 points from 26.9% in the prior year quarter. The reduction primarily reflects higher net premiums earned associated with lower reinsurance costs in the current year quarter and economies of scale.

The net combined ratio was 95.5%, down 4.5 points compared to the prior year quarter. The decrease reflects lower net loss and expense ratios, as described above.

Capital Deployment

During the first quarter, the Company repurchased approximately 208 thousand shares at an aggregate cost of $4.1 million. The Company’s current share repurchase authorization program has approximately $20.0 million remaining.

On April 10, 2024, the Board of Directors declared a quarterly cash dividend of 16 cents per share of common stock, payable on May 17, 2024, to shareholders of record as of the close of business on May 10, 2024.

Conference Call and Webcast

• Friday, April 26, 2024 at 10:00 a.m. ET
• Investors and other interested parties may listen to the call by accessing the online, real-time webcast at universalinsuranceholdings.com/investors or by registering in advance via teleconference at register.vevent.com/register/BIe25a714f6df74ad6a67ecf9d12bad614. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. An online replay of the call will be available at universalinsuranceholdings.com/investors soon after the investor call concludes.

About Universal

Universal Insurance Holdings, Inc. (NYSE: UVE) is a holding company providing 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 provide insurance products in the United States through both our appointed independent agents and our direct online distribution channels, primarily in Florida. Learn more at universalinsuranceholdings.com or get an insurance quote at clovered.com.

Non-GAAP Financial Measures and Key Performance Indicators

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 core revenue, adjusted net income attributable to common stockholders and diluted adjusted earnings (loss) per common share, which exclude the impact of net realized gains (losses) on investments and net change in unrealized gains (losses) on investments. Adjusted operating income and adjusted operating income margin exclude the impact of net realized gains (losses) on investments and net change in unrealized gains (losses) on investments and interest and amortization of debt issuance costs. Adjusted common stockholders’ equity and adjusted book value per share exclude accumulated other comprehensive income (AOCI), net of taxes. Adjusted return on common equity excludes after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) on investments from the numerator and AOCI, net of taxes, and current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) on investments from the denominator. 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 are meaningful, as they allow investors to evaluate underlying revenue and profitability trends and enhance comparability across periods. When considered together with the GAAP financial measures, management believes these metrics 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 operational 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. For more information regarding our key performance indicators, please refer to the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Key Performance Indicators” in our forthcoming Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.

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 those risks and uncertainties described under the heading “Risk Factors” and “Liquidity and Capital Resources” in our 2023 Annual Report on Form 10-K, and supplemented in our subsequent Quarterly Reports on Form 10-Q. 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.

 

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except per share data)

 

 

 

March 31,

 

December 31,

 

 

 

2024

 

 

 

2023

 

ASSETS:

 

 

 

 

Invested Assets

 

 

 

 

Fixed maturities, at fair value

 

$

1,107,058

 

 

$

1,064,330

 

Equity securities, at fair value

 

 

81,659

 

 

 

80,495

 

Other investments, at fair value

 

 

10,434

 

 

 

10,434

 

Investment real estate, net

 

 

5,479

 

 

 

5,525

 

Total invested assets

 

 

1,204,630

 

 

 

1,160,784

 

Cash and cash equivalents

 

 

396,323

 

 

 

397,306

 

Restricted cash and cash equivalents

 

 

2,635

 

 

 

2,635

 

Prepaid reinsurance premiums

 

 

88,499

 

 

 

236,254

 

Reinsurance recoverable

 

 

124,646

 

 

 

219,102

 

Premiums receivable, net

 

 

73,974

 

 

 

77,064

 

Property and equipment, net

 

 

49,416

 

 

 

47,628

 

Deferred policy acquisition costs

 

 

106,632

 

 

 

109,985

 

Goodwill

 

 

2,319

 

 

 

2,319

 

Other assets

 

 

71,070

 

 

 

63,484

 

TOTAL ASSETS

 

$

2,120,144

 

 

$

2,316,561

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

LIABILITIES:

 

 

 

 

Unpaid losses and loss adjustment expenses

 

$

429,629

 

 

$

510,117

 

Unearned premiums

 

 

954,666

 

 

 

990,559

 

Advance premium

 

 

74,370

 

 

 

48,660

 

Reinsurance payable, net

 

 

97,871

 

 

 

191,850

 

Long-term debt, net

 

 

101,815

 

 

 

102,006

 

Other liabilities

 

 

97,129

 

 

 

132,072

 

Total liabilities

 

 

1,755,480

 

 

 

1,975,264

 

STOCKHOLDERS' EQUITY:

 

 

 

 

Cumulative convertible preferred stock ($0.01 par value)2

 

 

—

 

 

 

—

 

Common stock ($0.01 par value)3

 

 

472

 

 

 

472

 

Treasury shares, at cost - 18,511 and 18,303

 

 

(264,918

)

 

 

(260,779

)

Additional paid-in capital

 

 

116,239

 

 

 

115,086

 

Accumulated other comprehensive income (loss), net of taxes

 

 

(76,714

)

 

 

(74,172

)

Retained earnings

 

 

589,585

 

 

 

560,690

 

Total stockholders' equity

 

 

364,664

 

 

 

341,297

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

2,120,144

 

 

$

2,316,561

 

 

 

 

 

 

Notes:

 

 

 

 

2 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.

3 Common stock ($0.01 par value): Authorized - 55,000 shares; Issued - 47,269 and 47,269 shares; Outstanding 28,758 and 28,966 shares.

 

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands)

 

 

 

Three Months Ended

 

 

March 31,

 

 

 

2024

 

 

 

2023

 

REVENUES

 

 

 

 

Net premiums earned

 

$

334,025

 

 

$

282,224

 

Net investment income

 

 

13,523

 

 

 

10,698

 

Net realized gains (losses) on investments

 

 

(77

)

 

 

(788

)

Net change in unrealized gains (losses) on investments

 

 

3,106

 

 

 

957

 

Commission revenue

 

 

11,033

 

 

 

17,282

 

Policy fees

 

 

4,405

 

 

 

4,167

 

Other revenue

 

 

1,944

 

 

 

1,968

 

Total revenues

 

 

367,959

 

 

 

316,508

 

 

 

 

 

 

EXPENSES

 

 

 

 

Losses and loss adjustment expenses

 

 

240,187

 

 

 

206,154

 

Policy acquisition costs

 

 

54,821

 

 

 

51,691

 

Other operating expenses

 

 

23,845

 

 

 

24,236

 

Total operating costs and expenses

 

 

318,853

 

 

 

282,081

 

Interest and amortization of debt issuance costs

 

 

1,622

 

 

 

1,636

 

Income before income tax expense

 

 

47,484

 

 

 

32,791

 

Income tax expense

 

 

13,827

 

 

 

8,618

 

NET INCOME

 

$

33,657

 

 

$

24,173

 

 

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

SHARE AND PER SHARE INFORMATION

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

March 31,

 

 

 

2024

 

 

 

2023

 

Weighted average common shares outstanding - basic

 

 

28,869

 

 

 

30,382

 

Weighted average common shares outstanding - diluted

 

 

29,404

 

 

 

30,626

 

Shares outstanding, end of period

 

 

28,758

 

 

 

30,440

 

Basic earnings per common share

 

$

1.17

 

 

$

0.80

 

Diluted earnings per common share

 

$

1.14

 

 

$

0.79

 

Cash dividend declared per common share

 

$

0.16

 

 

$

0.16

 

Book value per share, end of period

 

$

12.68

 

 

$

10.57

 

Annualized return on average common equity (ROCE)

 

 

38.1

%

 

 

31.7

%

 

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

SUPPLEMENTARY INFORMATION

(in thousands, except for Policies In Force data)

 

 

 

Three Months Ended

 

 

March 31,

 

 

 

2024

 

 

 

2023

 

Premiums

 

 

 

 

Direct premiums written - Florida

 

$

354,825

 

 

$

337,365

 

Direct premiums written - Other States

 

 

91,354

 

 

 

72,737

 

Direct premiums written - Total

 

$

446,179

 

 

$

410,102

 

Direct premiums earned

 

$

482,072

 

 

$

455,368

 

Net premiums earned

 

$

334,025

 

 

$

282,224

 

 

 

 

 

 

Underwriting Ratios - Net

 

 

 

 

Loss and loss adjustment expense ratio

 

 

71.9

%

 

 

73.1

%

General and administrative expense ratio

 

 

23.6

%

 

 

26.9

%

Policy acquisition cost ratio

 

 

16.4

%

 

 

18.3

%

Other operating expense ratio

 

 

7.2

%

 

 

8.6

%

Combined ratio

 

 

95.5

%

 

 

100.0

%

 

 

 

 

 

 

 

As of

 

 

March 31,

 

 

 

2024

 

 

 

2023

 

Policies in force

 

 

 

 

Florida

 

 

570,395

 

 

595,327

Other States

 

 

249,683

 

 

 

232,654

 

Total

 

 

820,078

 

 

 

827,981

 

 

 

 

 

 

Premiums in force

 

 

 

 

Florida

 

$

1,587,950

 

 

$

1,543,967

 

Other States

 

 

375,815

 

 

 

318,749

 

Total

 

$

1,963,765

 

 

$

1,862,716

 

 

 

 

 

 

Total Insured Value

 

 

 

 

Florida

 

$

188,222,514

 

 

$

197,085,882

 

Other States

 

 

140,982,423

 

 

 

123,651,801

 

Total

 

$

329,204,937

 

 

$

320,737,683

 

 

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands, except for per share data)

 

GAAP revenue to core revenue

 

Three Months Ended

 

March 31,

 

 

2024

 

 

 

2023

 

GAAP revenue

$

367,959

 

 

$

316,508

 

less: Net realized gains (losses) on investments

 

(77

)

 

 

(788

)

less: Net change in unrealized gains (losses) on investments

 

3,106

 

 

 

957

 

Core revenue

$

364,930

 

 

$

316,339

 

 

GAAP operating income to adjusted operating income

 

Three Months Ended

 

March 31,

 

 

2024

 

 

 

2023

 

GAAP income before income tax expense

$

47,484

 

 

$

32,791

 

add: Interest and amortization of debt issuance costs

 

1,622

 

 

 

1,636

 

GAAP operating income

 

49,106

 

 

 

34,427

 

less: Net realized gains (losses) on investments

 

(77

)

 

 

(788

)

less: Net change in unrealized gains (losses) on investments

 

3,106

 

 

 

957

 

Adjusted operating income

$

46,077

 

 

$

34,258

 

 

GAAP operating income margin to adjusted operating income margin

 

Three Months Ended

 

March 31,

 

 

2024

 

 

 

2023

 

GAAP operating income (a)

$

49,106

 

 

$

34,427

 

GAAP revenue (b)

 

367,959

 

 

 

316,508

 

GAAP operating income margin (a÷b)

 

13.3

%

 

 

10.9

%

Adjusted operating income (c)

 

46,077

 

 

 

34,258

 

Core revenue (d)

 

364,930

 

 

 

316,339

 

Adjusted operating income margin (c÷d)

 

12.6

%

 

 

10.8

%

 

GAAP net income (NI) to adjusted NI available to common stockholders

 

Three Months Ended

 

March 31,

 

 

2024

 

 

 

2023

 

GAAP NI

$

33,657

 

 

$

24,173

 

less: Preferred dividends

 

3

 

 

 

3

 

GAAP NI available to common stockholders (e)

 

33,654

 

 

 

24,170

 

less: Net realized gains (losses) on investments

 

(77

)

 

 

(788

)

less: Net change in unrealized gains (losses) on investments

 

3,106

 

 

 

957

 

add: Income tax effect on above adjustments

 

745

 

 

 

42

 

Adjusted NI available to common stockholders (f)

$

31,370

 

 

$

24,043

 

 

 

 

 

Weighted average diluted common shares outstanding (g)

 

29,404

 

 

 

30,626

 

Diluted earnings per common share (e÷g)

$

1.14

 

 

$

0.79

 

Diluted adjusted earnings per common share (f÷g)

$

1.07

 

 

$

0.79

 

 

GAAP stockholders’ equity to adjusted common stockholders’ equity

 

As of

 

March 31,

 

March 31,

 

 

December 31,

 

 

2024

 

 

 

2023

 

 

 

 

2023

 

GAAP stockholders’ equity

$

364,664

 

 

$

321,806

 

 

 

$

341,297

 

less: Preferred equity

 

100

 

 

 

100

 

 

 

 

100

 

Common stockholders’ equity (h)

 

364,564

 

 

 

321,706

 

 

 

 

341,197

 

less: Accumulated other comprehensive (loss), net of taxes

 

(76,714

)

 

 

(89,991

)

 

 

 

(74,172

)

Adjusted common stockholders’ equity (i)

$

441,278

 

 

$

411,697

 

 

 

$

415,369

 

 

 

 

 

 

 

 

Common shares outstanding (j)

 

28,758

 

 

 

30,440

 

 

 

 

28,966

 

Book value per common share (h÷j)

$

12.68

 

 

$

10.57

 

 

 

$

11.78

 

Adjusted book value per common share (i÷j)

$

15.34

 

 

$

13.52

 

 

 

$

14.34

 

 

GAAP return on common equity (ROCE) to adjusted ROCE

 

 

Three Months Ended

 

 

Year Ended

 

March 31,

 

 

December 31,

 

 

2024

 

 

 

2023

 

 

 

 

2023

 

Actual or Annualized NI available to common stockholders (k)

$

134,616

 

 

$

96,680

 

 

 

$

66,813

 

Average common stockholders’ equity (l)

 

352,881

 

 

 

304,751

 

 

 

 

314,497

 

ROCE (k÷l)

 

38.1

%

 

 

31.7

%

 

 

 

21.2

%

Annualized adjusted NI available to common stockholders (m)

$

125,480

 

 

$

96,172

 

 

 

$

58,657

 

 

 

 

 

 

 

 

Adjusted average common stockholders’ equity4 (n)

 

427,182

 

 

 

401,574

 

 

 

 

399,396

 

Adjusted ROCE (m÷n)

 

29.4

%

 

 

23.9

%

 

 

 

14.7

%

 

 

 

 

 

 

 

4 Adjusted average common stockholders’ equity excludes current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) on investments.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240425320138/en/

Investors: Arash Soleimani, CFA, CPA, CPCU, ARe Chief Strategy Officer 954-804-8874 asoleimani@universalproperty.com