Universal Insurance Holdings, Inc. (NYSE:UVE) Q3 2024 Earnings Conference Call October 25, 2024 10:00 AM ET
Company Participants
Arash Soleimani - Chief Strategy Officer
Stephen Donaghy - CEO
Frank Wilcox - CFO
Conference Call Participants
Paul Newsome - Piper Sandler
Nick Iacoviello - Dowling & Partners
Operator
Good morning, ladies and gentlemen, and welcome to Universal's Third Quarter 2024 Earnings Conference Call. As a reminder, this conference call is being recorded. I’d 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 and 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 will turn the call over to Steve.
Stephen Donaghy
Thanks Arash. Good morning, everyone. Our hearts and thoughts go out to those impacted by recent disasters, including Hurricanes Debbie and Helene in the third quarter and Hurricane Milton in the fourth quarter. We've been through many hurricanes in our nearly three-decade history, arming us with the requisite experience to quickly and efficiently get policyholders back on their feet.
Our substantial reinsurance protection and the strong reinsurance relationships that we've built over many years provide us with the financial resilience to weather both high frequency and high severity storm seasons. As we've previously disclosed, our consolidated retention drops for subsequent events and we expect a smaller financial impact from weather in the fourth quarter, inclusive of Hurricane Milton. Non-catastrophe underwriting trends continue to improve and we are highly encouraged as we look ahead.
On a separate note, we opened for business in Wisconsin at the beginning of the month, our 19th state. We are excited to offer our insurance products there as we continue to expand to new markets, diversifying our book of business and growing our addressable market.