Universal Insurance Holdings, Inc. (NYSE:UVE) Q1 2023 Earnings Conference Call April 28, 2023 10:00 AM ET

Company Participants

Steve Donaghy - Chief Executive Officer

Frank Wilcox - Chief Financial Officer

Arash Soleimani - Chief Strategy Officer

Conference Call Participants

Paul Newsome - Piper Sandler

Nick Iacoviello - Dowling

Operator

Good morning, ladies and gentlemen, and welcome to Universal’s First Quarter 2023 Earnings Conference Call. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Arash Soleimani, Chief Strategy Officer.

Arash Soleimani

Good morning. Thank you for joining us today. Welcome to our quarterly earnings call. On the call with me today are Steve Donaghy, Chief Executive Officer; and Frank Wilcox, Chief Financial Officer.

Before we begin, please note today’s discussion may contain forward-looking statements and non-GAAP financial measures. Forward-looking statements involve assumptions, risks and uncertainties that could cause actual results to differ materially from those statements.

For more information, please see the press release and Universal’s SEC filings, all of which are available on the Investors section of our website at universalinsuranceholdings.com and on the SEC’s website. A reconciliation of non-GAAP financial measures to comparable GAAP measures is included in the quarterly press release and can also be found on Universal’s website at universalinsuranceholdings.com.

With that, I’ll turn the call over to Steve.

Steve Donaghy

Thanks Arash. Good morning everyone. It was a strong quarter, including a including a 23.9% annualized adjusted return on common equity and 23.4% adjusted diluted earnings per share growth year-on-year. There are multiple factors benefiting our business and I’m optimistic as I look towards the future.

The Florida legislature passed meaningful reforms at the December special session, which we believe will improve the long-term stability and profitability of our core business, while rate adequacy improves and higher fixed income yields boost the productivity of our investment portfolio.

Additionally, as we sit here today, we already have our core all states property catastrophe reinsurance tower for the 2023-2024 period, fully supported and secured, with no material changes to our historical reinsurance partners or our terms and conditions, while the costs are well within our budget parameters.

We are very pleased with the progress we have made in the current environment, which is a testament to the strength of our business model and our associates.

I'll turn it over to Frank to walk through our financial results. Frank.