UVE Q1 2026 Earnings Transcript

Image source: The Motley Fool.

Friday, April 24, 2026 astatine 10 a.m. ET

• Chief Executive Officer — Stephen Donaghy

• Chief Financial Officer — Frank Wilcox

Need a punctuation from a Motley Fool analyst? Email [email protected]

Stephen Donaghy: Thanks, Arash. Good morning, everyone. We had a fantastic commencement to the twelvemonth with a 38.5% annualized adjusted instrumentality connected communal equity. Our apical enactment results were beardown with maturation crossed our multistate footprint, including successful Florida. On a abstracted note, I'm pleased to denote the completion of our 2026-2027 reinsurance renewal for our security entities arsenic our programme is present afloat supported and secured. During the renewal process successful 2026, we besides secured $352 cardinal of further multiyear coverage, taking america done the 2027-2028 pact period. I'll crook it implicit to Frank to locomotion done our fiscal results. Frank?

Frank Wilcox: Thank you, Steve, and bully morning. Adjusted diluted net per communal stock was $2 compared to an adjusted diluted net per communal stock of $1.44 successful the anterior twelvemonth quarter. The higher adjusted diluted net per communal stock mostly stems from a little nett nonaccomplishment ratio and higher nett concern income. Core gross of $398.2 cardinal was up 0.8% year-over-year with maturation chiefly stemming from higher nett concern income and nett premiums earned. Direct premiums written were $506.5 million, up 8.5% from the anterior twelvemonth quarter. The summation stems from 4.9% maturation successful Florida and 18.3% maturation successful different states. Overall maturation mostly reflects higher policies successful unit and ostentation adjustments crossed our multistate footprint.

Direct premiums earned were $531.4 million, up 3.5% from the anterior twelvemonth quarter, reflecting nonstop premiums written maturation implicit the past 12 months. Net premiums earned were $356.9 million, up 0.3% from the anterior twelvemonth quarter. The summation is chiefly attributable to higher nonstop premiums earned, partially offset by a higher ceded premium ratio. The nett combined ratio was 89.7%, down 5.3 points compared to the anterior twelvemonth quarter. The alteration reflects a little nett nonaccomplishment ratio, partially offset by a higher nett disbursal ratio. The 63.9% nett nonaccomplishment ratio was down 6.6 points compared to the anterior twelvemonth quarter, with the alteration reflecting amended existent mishap twelvemonth results.

The nett disbursal ratio was 25.8%, up 1.3 points compared to the anterior twelvemonth quarter, with the summation chiefly driven by a higher ceded premium ratio and higher argumentation acquisition costs associated with maturation extracurricular of Florida. During the archetypal quarter, the institution repurchased astir 210,000 shares astatine an aggregate outgo of $7.1 million. The company's existent stock repurchase authorization programme has astir $13.1 cardinal remaining. On April 10, 2026, the Board of Directors declared a quarterly currency dividend of $0.16 per stock of communal banal payable connected May 15, 2026, to shareholders of grounds arsenic of the adjacent of concern connected May 8, 2026. With that, I'd similar to inquire the relation to unfastened up the enactment for questions.