XML 51 R26.htm IDEA: XBRL DOCUMENT

Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2011

Condensed Financial Information of Registrant [Abstract]

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Universal Insurance Holdings, Inc. had no long term obligations, guarantees or material contingencies as of December 31, 2011 and 2010. The following summarizes the major categories of the parent company’s financial statements (in thousands, except per share data):

CONDENSED BALANCE SHEETS


ASSETS	As of December 31,
	2011			2010
Cash and cash equivalents	$	6,900		$	8,457
Restricted cash and cash equivalents		30,220			11,340
Investments in subsidiaries and undistributed earnings		94,249			112,001
Equity securities		15,553			9,501
Receivable from securities		1,019			—
Other receivables		—			5
Property and equipment, net		—			5
Deferred income taxes		22,991			13,448
Other assets		324			190

Total assets	$	171,256		$	154,947

LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Accounts payable		160			164
Payable for securities		133			—
Income taxes payable		12,740			8,282
Other accrued expenses		8,218			6,711

Total liabilities		21,251			15,157

STOCKHOLDERS’ EQUITY:
Cumulative convertible preferred stock, $.01 par value		1			1
Authorized shares – 1,000
Issued shares – 108
Outstanding shares – 108
Minimum liquidation preference – $2.66 per share
Common stock, $.01 par value		411			404
Authorized shares – 55,000
Issued shares – 41,100 and 40,407
Outstanding shares – 40,082 and 39,388
Treasury shares, at cost – 1,018 and 1,019 shares		(3,101	)		(3,109	)
Additional paid-in capital		36,536			33,675
Retained earnings		116,158			108,819

Total stockholders’ equity		150,005			139,790

Total liabilities and stockholders’ equity	$	171,256		$	154,947

CONDENSED STATEMENTS OF INCOME


	For the Years Ended December 31,
	2011			2010			2009
PREMIUMS EARNED AND OTHER REVENUES
Assumed premiums written	$	20,703		$	4,534		$	17,500
Increase (decrease) in unearned assumed premiums		—			7,292			(7,292	)

Premiums earned, net		20,703			11,826			10,208
Net investment income		54			42			37
Net realized (losses) gains on investments		(1,186	)		1,379			1,242
Net unrealized (losses) gains on investments		(3,009	)		223			—
Net foreign currency gains on investments		—			—			115
Management fee		142			41			—
Commission revenue		—			—			1

Total premiums earned and other revenues		16,704			13,511			11,603

OPERATING COSTS AND EXPENSES
General and administrative expenses		20,830			20,417			21,586

Total operating cost and expenses		20,830			20,417			21,586

LOSS BEFORE INCOME TAXES AND EQUITY IN NET EARNINGS OF SUBSIDIARIES		(4,126	)		(6,906	)		(9,983	)
Benefit from income taxes		(3,016	)		(2,664	)		(3,494	)

LOSS BEFORE EQUITY IN NET EARNINGS OF SUBSIDIARIES		(1,110	)		(4,242	)		(6,489	)

Equity in net income of subsidiaries		21,219			41,226			35,276

CONSOLIDATED NET INCOME	$	20,109		$	36,984		$	28,787

CONDENSED STATEMENTS OF CASH FLOWS


	For the Years Ended December 31,
	2011			2010			2009
Cash flows from operating activities
Net Income	$	20,109		$	36,984		$	28,787
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries		(20,219	)		(41,226	)		(35,276	)
Amortization of cost of stock options		1,450			2,109			1,521
Amortization of restricted stocks grants		1,399			853			655
Net realized losses (gains) on investments		1,186			(1,379	)		(1,242	)
Net unrealized losses (gains) on investments		3,010			(223	)		—
Foreign currency gains on investments, net		—			—			(115	)
Deferred income taxes		(9,543	)		(1,333	)		1,881
Excess tax benefits from stock-based compensation		(195	)		(4,099	)		(728	)
Other		5			16			16
Net changes in assets and liabilities relating to operating activities:
Restricted cash and cash equivalents		(18,880	)		5,175			(16,515	)
Premiums receivable		—			8,721			(8,721	)
Purchases of equity securities, trading		(77,691	)		(12,760	)		—
Proceeds from sale of equity securities, trading		66,526			10,897			—
Income taxes recoverable		—			3,212			(729	)
Income taxes payable		4,653			12,012			1,097
Unearned premiums		—			(7,292	)		7,292
Other operating assets and liabilities		1,404			604			(568	)

Net cash (used in) provided by operating activities		(27,182	)		12,271			(22,645	)

Cash flows from investing activities:
Capital contributions and loans to subsidiaries		(49,001	)		(39,161	)		—
Purchases of equity securities, available for sale		—			(3,578	)		(36,318	)
Proceeds from sale of equity securities, available for sale		—			10,702			24,536

Net cash used in investing activities		(49,001	)		(32,037	)		(11,782	)

Cash flows from financing activities:
Preferred stock dividend		(20	)		(20	)		(27	)
Common stock dividend		(12,750	)		(12,533	)		(20,314	)
Issuance of common stock		5			14			55
Tax withholding payments related to stock-based compensation		(172	)		(4,293	)		(223	)
Excess tax benefits from stock-based compensation		195			4,099			728
Transfers from subsidiaries		87,972			38,482			54,493

Net cash provided by financing activities		74,626			25,749			34,712

Net (decrease) increase in cash and cash equivalents		(1,557	)		5,983			285
Cash and cash equivalents at beginning of period		8,457			2,474			2,189

Cash and cash equivalents at end of period	$	6,900		$	8,457		$	2,474

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References+ Details