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Schedule II - Condensed Financial Information of Registrant | 12 Months Ended
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Dec. 31, 2016
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] |
Schedule II - 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, 2016 and 2015. The following summarizes the major categories of the parent company’s financial statements (in thousands, except per share data): CONDENSED BALANCE SHEETS
|  | As of December 31, |
|  | 2016 |  |  | 2015 |
ASSETS |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3,951 |  |  | $ | 2,046 |
Investments in subsidiaries and undistributed earnings |  |  | 362,759 |  |  |  | 291,793 |
Fixed maturities, at fair value |  |  | 3,003 |  |  |  | 2,980 |
Equity maturities, at fair value |  |  | 625 |  |  |  | 551 |
Income taxes recoverable |  |  | 3,262 |  |  |  | 5,420 |
Deferred income taxes |  |  | 10,674 |  |  |  | 13,912 |
Other assets |  |  | 1,003 |  |  |  | 358 |
Total assets |  | $ | 385,277 |  |  | $ | 317,060 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |
LIABILITIES: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 50 |  |  | $ | — |
Long-term debt |  |  | — |  |  |  | 6,851 |
Other accrued expenses |  |  | 14,037 |  |  |  | 17,117 |
Total liabilities |  |  | 14,087 |  |  |  | 23,968 |
STOCKHOLDERS' EQUITY: |  |  |  |  |  |  |  |
Cumulative convertible preferred stock, $.01 par value |  |  | — |  |  |  | — |
Authorized shares - 1,000 |  |  |  |  |  |  |  |
Issued shares - 10 and 10 |  |  |  |  |  |  |  |
Outstanding shares - 10 and 10 |  |  |  |  |  |  |  |
Minimum liquidation preference - $9.99 and $9.99 per share |  |  |  |  |  |  |  |
Common stock, $.01 par value |  |  | 453 |  |  |  | 455 |
Authorized shares - 55,000 |  |  |  |  |  |  |  |
Issued shares - 45,324 and 45,525 |  |  |  |  |  |  |  |
Outstanding shares - 35,052 and 35,110 |  |  |  |  |  |  |  |
Treasury shares, at cost - 10,272 and 10,415 |  |  | (86,982 | ) |  |  | (80,802 | )
Additional paid-in capital |  |  | 82,263 |  |  |  | 70,789 |
Accumulated other comprehensive income (loss), net of taxes |  |  | (6,408 | ) |  |  | (4,006 | )
Retained earnings |  |  | 381,864 |  |  |  | 306,656 |
Total stockholders' equity |  |  | 371,190 |  |  |  | 293,092 |
Total liabilities and stockholders' equity |  | $ | 385,277 |  |  | $ | 317,060 |
See accompanying notes to condensed financial statements CONDENSED STATEMENTS OF INCOME
|  | For the Years Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
REVENUES |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (expense) |  | $ | (35 | ) |  | $ | 22 |  |  | $ | (23 | )
Net realized gains (losses) on investments |  |  | 667 |  |  |  | 66 |  |  |  | 625 |
Management fee |  |  | 138 |  |  |  | 140 |  |  |  | 121 |
Other revenue |  |  | 80 |  |  |  | — |  |  |  | — |
Total premiums earned and other revenues |  |  | 850 |  |  |  | 228 |  |  |  | 723 |
OPERATING COSTS AND EXPENSES |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  |  | 35,342 |  |  |  | 48,056 |  |  |  | 39,062 |
Total operating cost and expenses |  |  | 35,342 |  |  |  | 48,056 |  |  |  | 39,062 |
LOSS BEFORE INCOME TAXES AND EQUITY IN NET EARNINGS OF SUBSIDIARIES |  |  | (34,492 | ) |  |  | (47,828 | ) |  |  | (38,339 | )
Benefit from income taxes |  |  | (12,055 | ) |  |  | (17,495 | ) |  |  | (16,403 | )
LOSS BEFORE EQUITY IN NET EARNINGS OF SUBSIDIARIES |  |  | (22,437 | ) |  |  | (30,333 | ) |  |  | (21,936 | )
Equity in net income of subsidiaries |  |  | 121,847 |  |  |  | 136,817 |  |  |  | 94,924 |
CONSOLIDATED NET INCOME |  | $ | 99,410 |  |  | $ | 106,484 |  |  | $ | 72,988 |
See accompanying notes to condensed financial statements CONDENSED STATEMENTS OF CASH FLOWS
|  | For the Years Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  | $ | 99,410 |  |  | $ | 106,484 |  |  | $ | 72,988 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in net income of subsidiaries |  |  | (121,847 | ) |  |  | (136,817 | ) |  |  | (94,924 | )
Distribution of income from subsidiaries |  |  | 46,914 |  |  |  | 58,224 |  |  |  | 55,805 |
Depreciation |  |  | 2 |  |  |  | 4 |  |  |  | 2 |
Amortization of share-based compensation |  |  | 10,288 |  |  |  | 17,386 |  |  |  | 12,342 |
Amortization of original issue discount on debt |  |  | 149 |  |  |  | 521 |  |  |  | 840 |
Accretion of deferred credit |  |  | (149 | ) |  |  | (521 | ) |  |  | (840 | )
Net realized (gains) losses on investments |  |  | (667 | ) |  |  | (66 | ) |  |  | (625 | )
Deferred income taxes |  |  | 4,724 |  |  |  | (693 | ) |  |  | 1,118 |
Excess tax benefits from share-based compensation |  |  | 1,154 |  |  |  | (5,310 | ) |  |  | (7,006 | )
Net changes in assets and liabilities relating to operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Income taxes recoverable |  |  | 1,004 |  |  |  | 255 |  |  |  | 2,477 |
Income taxes payable |  |  | — |  |  |  | 3,510 |  |  |  | 6,239 |
Other operating assets and liabilities |  |  | (596 | ) |  |  | (1,338 | ) |  |  | 5,752 |
Other liabilities and accrued expenses |  |  | (2,896 | ) |  |  | — |  |  |  | — |
Net cash provided by (used in) operating activities |  |  | 37,490 |  |  |  | 41,639 |  |  |  | 54,168 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Capital contributions to subsidiaries |  |  | — |  |  |  | — |  |  |  | (5,585 | )
Purchases of equity securities, available for sale |  |  | (2,037 | ) |  |  | (1,442 | ) |  |  | (15,836 | )
Purchase of fixed maturities, available for sale |  |  | (3,000 | ) |  |  | — |  |  |  | (3,000 | )
Proceeds from sales of equity securities, available for sale |  |  | 2,456 |  |  |  | 1,481 |  |  |  | 26,060 |
Proceeds from sales of fixed maturities, available for sale |  |  | 3,229 |  |  |  | — |  |  |  | 770 |
Net cash provided by (used in) investing activities |  |  | 648 |  |  |  | 39 |  |  |  | 2,409 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Repayment of debt |  |  | — |  |  |  | (7,000 | ) |  |  | (6,000 | )
Preferred stock dividend |  |  | (10 | ) |  |  | (10 | ) |  |  | (13 | )
Common stock dividend |  |  | (24,192 | ) |  |  | (22,287 | ) |  |  | (19,240 | )
Issuance of common stock |  |  | 119 |  |  |  | 511 |  |  |  | 73 |
Purchase of treasury stock |  |  | (8,510 | ) |  |  | (18,649 | ) |  |  | (29,736 | )
Sale of treasury stock |  |  | 2,965 |  |  |  | — |  |  |  | — |
Purchase of preferred stock |  |  | — |  |  |  | (256 | ) |  |  | — |
Proceeds received from issuance of contingently redeemable common stock |  |  | — |  |  |  | — |  |  |  | 19,000 |
Payments related to tax withholding for share-based compensation |  |  | (5,451 | ) |  |  | (12,141 | ) |  |  | (17,655 | )
Excess tax benefits (shortfall) from share-based compensation |  |  | (1,154 | ) |  |  | 5,310 |  |  |  | 7,006 |
Net cash provided by (used in) financing activities |  |  | (36,233 | ) |  |  | (54,522 | ) |  |  | (46,565 | )
Net increase (decrease) in cash and cash equivalents |  |  | 1,905 |  |  |  | (12,844 | ) |  |  | 10,012 |
Cash and cash equivalents at beginning of period |  |  | 2,046 |  |  |  | 14,890 |  |  |  | 4,878 |
Cash and cash equivalents at end of period |  | $ | 3,951 |  |  | $ | 2,046 |  |  | $ | 14,890 |
See accompanying notes to condensed financial statements NOTE 1 – GENERAL The financial statements of the Registrant should be read in conjunction with the consolidated financial statements in “Item 8.” Nature of Operations and Basis of Presentation Universal Insurance Holdings, Inc. (the “Company”) is a Delaware corporation incorporated in 1990. The Company is an insurance holding company whose wholly-owned subsidiaries perform all aspects of insurance underwriting, distribution and claims. Through its wholly-owned subsidiaries, including Universal Property & Casualty Insurance Company and American Platinum Property and Casualty Insurance Company, the Company is principally engaged in the property and casualty insurance business offered primarily through a network of independent agents. Risk from catastrophic losses is managed through the use of reinsurance agreements. The Company generates revenues from earnings on investments and management fees. The Company also receives distributions of earnings from its insurance and non-insurance subsidiaries. Certain amounts in the prior periods’ condensed financial statements have been reclassified in order to conform to current period presentation. Such reclassifications had no effect on net income or stockholders’ equity. NOTE 2 – SUBSEQUENT EVENTS The Company performed an evaluation of subsequent events through the date the financial statements were issued and determined there were no recognized or unrecognized subsequent events that would require an adjustment or additional disclosure in the consolidated financial statements as of December 31, 2016. On January 23, 2017, the Company declared a dividend of $0.14 per share on its outstanding common stock payable on March 2, 2017, to shareholders of record on February 17, 2017.

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- 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.7-05(c)(Schedule II)) -URI http://asc.fasb.org/extlink&oid=6879921&loc=d3e569147-122900 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=68079674&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule I)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
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