Universal Insurance (UVE) Tops Q1 EPS by 8c

Universal Insurance (NYSE: UVE) reported Q1 EPS of $0.71, $0.08 better than the analyst estimate of $0.63.

"I am very pleased with our outstanding first quarter results, which we achieved notwithstanding the most active severe weather experienced in the first quarter in Florida in company history," said Sean P. Downes, Universal's Chairman and Chief Executive Officer. "Our record performance in the quarter highlights the strength of our underwriting standards, our claims handling ability and the high quality of our book of business. We continued to execute well on our key strategic initiatives, including further progress on our geographic expansion efforts as we wrote our first homeowners insurance policy in Michigan and received certificates of authority from New York and New Jersey. We enter the second quarter with a robust financial position and confidence in our underlying growth prospects and will continue to maintain our focus on writing high quality, rate-adequate organic business to drive increasing value for Universal shareholders."

For earnings history and earnings-related data on Universal Insurance (UVE) click here.

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