Universal Insurance Holdings Turns a Profit

Tuesday, March 12, 2013

 

Do you have your policy with Universal Insurance Holdings?  If not, that is o.k., but many Floridians turn to the largest private home insurance company in the state for their insurance needs.   For those policyholders that chose to go with Universal it is probably very nice to see in this tough marketplace that they finally turned in a fourth quarter profit.  Do you as consumers feel more comfortable with your carrier when they turn a profit, or just offer cheap rates? 

Universal is located in the beautiful South Florida city of Fort Lauderdale.  They are a publically traded company that posted a net profit of over $4 million this past quarter.  A much improved carrier for financial performance when compared to the $2 million plus loss in the fourth quarter last year.  They have seen a large increase in direct premiums over this past quarter, which should have their investors very happy.  As Floridian purchasing homeowners insurance, I guess we like to see the carriers we do business with turn a profit, which shows the ability to pay a claim.  How much profit is too much?

President and CEO Sean Downes recently said, “Our full-year 2012 results reflected the successful execution of our business plan leading to better underwriting margins compared to a year ago”.

The increase in profit was likely to do the approval of a 14% increase in premiums earlier this year.  Getting that regulatory approval must have been tough, but they were able to squeak it through. 

If you are looking for a quality company to insure your home, Universal Insurance is top notch.  They have a strong balance sheet with the ability to pay claims.  This is probably the most important issue homeowners in Florida should look into.  It is not always wise to buy just on price.  Get a Universal quote today.  

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