XML 36 R22.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Investments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2016
Investments Debt And Equity Securities [Abstract] |
Cost or Amortized Cost and Fair Value of Securities Available for Sale | The following table provides the cost or amortized cost and fair value of securities available for sale as of the dates presented (in thousands):
| June 30, 2016 |
| Cost or |  |  | Gross |  |  | Gross |  |  |  |  |
| Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |  |
| Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Fixed Maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies and municipal securities | $ | 144,716 |  |  | $ | 1,918 |  |  | $ | (55 | ) |  | $ | 146,579 |
Corporate bonds |  | 186,111 |  |  |  | 2,674 |  |  |  | (216 | ) |  |  | 188,569 |
Mortgage-backed and asset-backed securities |  | 230,694 |  |  |  | 1,770 |  |  |  | (233 | ) |  |  | 232,231 |
Redeemable preferred stock |  | 9,732 |  |  |  | 705 |  |  |  | (6 | ) |  |  | 10,431 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | 3,224 |  |  |  | — |  |  |  | (138 | ) |  |  | 3,086 |
Mutual funds |  | 35,491 |  |  |  | 82 |  |  |  | (3,116 | ) |  |  | 32,457 |
Short-term investments |  | 5,000 |  |  |  | 4 |  |  |  | — |  |  |  | 5,004 |
Total | $ | 614,968 |  |  | $ | 7,153 |  |  | $ | (3,764 | ) |  | $ | 618,357 |
| December 31, 2015 |
| Cost or |  |  | Gross |  |  | Gross |  |  |  |  |
| Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |  |
| Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Fixed Maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies | $ | 126,209 |  |  | $ | — |  |  | $ | (867 | ) |  | $ | 125,342 |
Corporate bonds |  | 126,421 |  |  |  | 137 |  |  |  | (1,041 | ) |  |  | 125,517 |
Mortgage-backed and asset-backed securities |  | 151,328 |  |  |  | 97 |  |  |  | (1,265 | ) |  |  | 150,160 |
Redeemable preferred stock |  | 9,665 |  |  |  | 429 |  |  |  | (29 | ) |  |  | 10,065 |
Other |  | 5,000 |  |  |  | — |  |  |  | (1 | ) |  |  | 4,999 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | 10,991 |  |  |  | 15 |  |  |  | (244 | ) |  |  | 10,762 |
Mutual funds |  | 35,221 |  |  |  | 5 |  |  |  | (3,774 | ) |  |  | 31,452 |
Short-term investments |  | 25,011 |  |  |  | 10 |  |  |  | — |  |  |  | 25,021 |
Total | $ | 489,846 |  |  | $ | 693 |  |  | $ | (7,221 | ) |  | $ | 483,318 |
Schedule of Credit Quality of Investment Securities With Contractual Maturities or The Issuer of Such Securities | The following table provides the credit quality of investment securities with contractual maturities or the issuer of such securities as of the dates presented (in thousands):
|  | June 30, 2016 |  |  | December 31, 2015 |
|  |  |  |  |  | % of Total |  |  |  |  |  |  | % of Total |
Comparable Ratings |  | Fair Value |  |  | Fair Value |  |  | Fair Value |  |  | Fair Value |
AAA |  | $ | 128,053 |  |  |  | 22.0 | % |  | $ | 103,097 |  |  |  | 23.4 | %
AA |  |  | 277,327 |  |  |  | 47.5 | % |  |  | 189,600 |  |  |  | 43.0 | %
A |  |  | 108,337 |  |  |  | 18.6 | % |  |  | 83,850 |  |  |  | 19.0 | %
BBB |  |  | 65,155 |  |  |  | 11.2 | % |  |  | 41,408 |  |  |  | 9.4 | %
BB+ and Below |  |  | 2,442 |  |  |  | 0.4 | % |  |  | 4,261 |  |  |  | 1.0 | %
No Rating Available |  |  | 1,500 |  |  |  | 0.3 | % |  |  | 18,888 |  |  |  | 4.2 | %
Total |  | $ | 582,814 |  |  |  | 100.0 | % |  | $ | 441,104 |  |  |  | 100.0 | %
The tables above include comparable credit quality ratings by Standard and Poor’s Rating Services, Inc., Moody’s Investors Service, Inc. and Fitch Ratings, Inc.
Schedule of Amortized Cost and Fair Value on Mortgage-Backed and Asset-Backed Securities | The following table summarizes the cost or amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands):
| June 30, 2016 |  |  | December 31, 2015 |
| Cost or |  |  |  |  |  |  | Cost or |  |  |  |  |
| Amortized |  |  |  |  |  |  | Amortized |  |  |  |  |
| Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency | $ | 113,609 |  |  | $ | 114,464 |  |  | $ | 74,353 |  |  | $ | 73,854 |
Non-agency |  | 21,266 |  |  |  | 21,404 |  |  |  | 10,430 |  |  |  | 10,183 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Auto loan receivables |  | 39,937 |  |  |  | 40,192 |  |  |  | 29,883 |  |  |  | 29,712 |
Credit card receivables |  | 36,686 |  |  |  | 36,857 |  |  |  | 32,225 |  |  |  | 31,985 |
Other receivables |  | 19,196 |  |  |  | 19,314 |  |  |  | 4,437 |  |  |  | 4,426 |
Total | $ | 230,694 |  |  | $ | 232,231 |  |  | $ | 151,328 |  |  | $ | 150,160 |
Summarized Fair Value and Gross Unrealized Losses on Securities Available for Sale | The following table summarizes the fair value and gross unrealized losses on securities available for sale, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates presented (in thousands):
| June 30, 2016 |
| Less Than 12 Months |  |  | 12 Months or Longer |
| Number of |  |  |  |  |  |  | Unrealized |  |  | Number of |  |  |  |  |  |  | Unrealized |
| Issues |  |  | Fair Value |  |  | Losses |  |  | Issues |  |  | Fair Value |  |  | Losses |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies and municipal securities |  | — |  |  | $ | — |  |  | $ | — |  |  |  | 2 |  |  | $ | 3,524 |  |  | $ | (55 | )
Corporate bonds |  | 9 |  |  |  | 7,018 |  |  |  | (49 | ) |  |  | 7 |  |  |  | 5,328 |  |  |  | (166 | )
Mortgage-backed and asset-backed securities |  | 18 |  |  |  | 41,521 |  |  |  | (107 | ) |  |  | 4 |  |  |  | 6,473 |  |  |  | (126 | )
Redeemable preferred stock |  | 2 |  |  |  | 171 |  |  |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | 2 |  |  |  | 2,986 |  |  |  | (48 | ) |  |  | 2 |  |  |  | 100 |  |  |  | (90 | )
Mutual funds |  | 3 |  |  |  | 12,936 |  |  |  | (451 | ) |  |  | 1 |  |  |  | 8,686 |  |  |  | (2,666 | )
Total |  | 34 |  |  | $ | 64,632 |  |  | $ | (661 | ) |  |  | 16 |  |  | $ | 24,111 |  |  | $ | (3,103 | )
| December 31, 2015 |
| Less Than 12 Months |  |  | 12 Months or Longer |
| Number of |  |  |  |  |  |  | Unrealized |  |  | Number of |  |  |  |  |  |  | Unrealized |
| Issues |  |  | Fair Value |  |  | Losses |  |  | Issues |  |  | Fair Value |  |  | Losses |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies |  | 10 |  |  | $ | 121,912 |  |  | $ | (690 | ) |  |  | 2 |  |  | $ | 3,429 |  |  | $ | (177 | )
Corporate bonds |  | 101 |  |  |  | 90,717 |  |  |  | (927 | ) |  |  | 6 |  |  |  | 4,789 |  |  |  | (114 | )
Mortgage-backed and asset-backed securities |  | 51 |  |  |  | 118,743 |  |  |  | (974 | ) |  |  | 6 |  |  |  | 13,902 |  |  |  | (291 | )
Redeemable preferred stock |  | 5 |  |  |  | 764 |  |  |  | (29 | ) |  |  | — |  |  |  | — |  |  |  | — |
Other |  | 1 |  |  |  | 4,999 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | 3 |  |  |  | 8,690 |  |  |  | (148 | ) |  |  | 2 |  |  |  | 93 |  |  |  | (96 | )
Mutual funds |  | 3 |  |  |  | 13,192 |  |  |  | (374 | ) |  |  | 1 |  |  |  | 7,867 |  |  |  | (3,400 | )
Total |  | 174 |  |  | $ | 359,017 |  |  | $ | (3,143 | ) |  |  | 17 |  |  | $ | 30,080 |  |  | $ | (4,078 | )
Amortized Cost and Fair Value of Investments With Contractual Maturities | The following table presents the amortized cost and fair value of investments with contractual maturities as of the date presented (in thousands):
| June 30, 2016 |
| Cost or |  |  |  |  |
| Amortized Cost |  |  | Fair Value |
Due in one year or less | $ | 33,796 |  |  | $ | 33,834 |
Due after one year through five years |  | 234,677 |  |  |  | 237,846 |
Due after five years through ten years |  | 19,321 |  |  |  | 19,712 |
Due after ten years |  | 48,033 |  |  |  | 48,760 |
Mortgage-backed and asset-backed securities |  | 230,694 |  |  |  | 232,231 |
Perpetual maturity securities |  | 9,732 |  |  |  | 10,431 |
Total | $ | 576,253 |  |  | $ | 582,814 |
Summary of Securities Available for Sale | The following table provides certain information related to securities available for sale during the periods presented (in thousands):
| Three Months Ended |  |  | Six Months Ended |
| June 30, |  |  | June 30, |
| 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Sales proceeds (fair value) | $ | 70,006 |  |  | $ | 15,861 |  |  | $ | 117,673 |  |  | $ | 44,052 |
Gross realized gains | $ | 576 |  |  | $ | 111 |  |  | $ | 1,261 |  |  | $ | 296 |
Gross realized losses | $ | — |  |  | $ | (1 | ) |  | $ | (18 | ) |  | $ | (15 | )
Investment Income (Expense) Comprised Primarily of Interest and Dividends | The following table presents the components of net investment income, comprised primarily of interest and dividends, for the periods presented (in thousands):
| Three Months Ended |  |  | Six Months Ended |
| June 30, |  |  | June 30, |
| 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Fixed maturities | $ | 2,160 |  |  | $ | 1,338 |  |  | $ | 3,992 |  |  | $ | 2,522 |
Equity securities |  | 239 |  |  |  | 206 |  |  |  | 442 |  |  |  | 263 |
Short-term investments |  | 14 |  |  |  | 67 |  |  |  | 45 |  |  |  | 105 |
Other (1) |  | 281 |  |  |  | 79 |  |  |  | 437 |  |  |  | 145 |
Total investment income |  | 2,694 |  |  |  | 1,690 |  |  |  | 4,916 |  |  |  | 3,035 |
Less: Investment expenses (2) |  | (552 | ) |  |  | (483 | ) |  |  | (1,169 | ) |  |  | (966 | )
Net investment (expense) income | $ | 2,142 |  |  | $ | 1,207 |  |  | $ | 3,747 |  |  | $ | 2,069 |
(1) | Includes interest earned on cash and cash equivalents and restricted cash and cash equivalents. Also includes investment income earned on real estate investments.
(2) | Includes bank fees, investment accounting and advisory fees, and expenses associated with real estate investments.
Schedule of Real Estate Investment | Investment real estate consisted of the following as of the dates presented (in thousands):
| June 30, 2016 |  |  | December 31, 2015 |
Investment real estate | $ | 8,294 |  |  | $ | 6,220 |
Less: Accumulated depreciation |  | (192 | ) |  |  | (103 | )
Investment real estate, net | $ | 8,102 |  |  | $ | 6,117 |

X
- Definition Tabular disclosure of fair value of investments in debt and equity securities in an unrealized loss position categorized neither as held-to-maturity nor trading securities. + References No definition available. + Details
Name: | us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27337-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27198-111563 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27161-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27357-111563 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27290-111563 + Details
Name: | us-gaap_AvailableForSaleSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.2) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(a),(b)) -URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688 + Details
Name: | us-gaap_InvestmentIncomeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the cost basis and fair value of Mortgage-Backed and Asset-Backed securities. + References No definition available. + Details
Name: | uve_AmortizedCostAndEstimatedFairValueMortgageBackedAndAssetBackedSecuritiesTableTextBlock
Namespace Prefix: | uve_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the credit quality of fixed maturities securities. + References No definition available. + Details
Name: | uve_FixedMaturitiesCreditQualityIndicatorsTableTextBlock
Namespace Prefix: | uve_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Investment real estate. + References No definition available. + Details
Name: | uve_InvestmentRealEstateTableTextBlock
Namespace Prefix: | uve_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration