XML 37 R25.htm IDEA: XBRL DOCUMENT
v3.20.2

Investments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract] |
Cost or Amortized Cost and Fair Value of Securities Available for Sale | The following table provides the amortized cost and fair value of available-for-sale debt securities as of the dates presented (in thousands):
| September 30, 2020
| Amortized Cost |  | Allowance for Expected Credit Losses |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Debt Securities: |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies | $ | 135,087 |  |  | $ | — |  |  | $ | 247 |  |  | $ | (6) |  |  | $ | 135,328 |
Corporate bonds | 436,033 |  |  | (412) |  |  | 2,014 |  |  | (1,937) |  |  | 435,698 |
Mortgage-backed and asset-backed securities | 251,199 |  |  | — |  |  | 2,299 |  |  | (496) |  |  | 253,002 |
Municipal bonds | 7,086 |  |  | — |  |  | 53 |  |  | — |  |  | 7,139 |
Redeemable preferred stock | 11,241 |  |  | (58) |  |  | 301 |  |  | (77) |  |  | 11,407 |
Total | $ | 840,646 |  |  | $ | (470) |  |  | $ | 4,914 |  |  | $ | (2,516) |  |  | $ | 842,574 |
| December 31, 2019
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Debt Securities: |  |  |  |  |  |  |
U.S. government obligations and agencies | $ | 53,688 |  |  | $ | 864 |  |  | $ | (188) |  |  | $ | 54,364 |
Corporate bonds | 457,180 |  |  | 19,179 |  |  | (141) |  |  | 476,218 |
Mortgage-backed and asset-backed securities | 304,285 |  |  | 7,400 |  |  | (606) |  |  | 311,079 |
Municipal bonds | 3,397 |  |  | 103 |  |  | (4) |  |  | 3,496 |
Redeemable preferred stock | 9,786 |  |  | 427 |  |  | (86) |  |  | 10,127 |
Total | $ | 828,336 |  |  | $ | 27,973 |  |  | $ | (1,025) |  |  | $ | 855,284 |
Schedule of Credit Quality of Available-for-sale Debt Securities With Contractual Maturities | The following table provides the credit quality of available-for-sale debt securities with contractual maturities as of the dates presented (dollars in thousands):
|  | September 30, 2020 |  | December 31, 2019
Equivalent S&P Credit Ratings |  | Fair Value |  | % of Total Fair Value |  | Fair Value |  | % of Total Fair Value
AAA |  | $ | 368,845 |  |  | 43.8 | % |  | $ | 372,442 |  |  | 43.6 | %
AA |  | 74,964 |  |  | 8.9 | % |  | 99,103 |  |  | 11.6 | %
A |  | 223,658 |  |  | 26.6 | % |  | 238,766 |  |  | 27.9 | %
BBB |  | 172,916 |  |  | 20.5 | % |  | 143,889 |  |  | 16.8 | %
BB and Below |  | 1,198 |  |  | 0.1 | % |  | — |  |  | — |
No Rating Available |  | 993 |  |  | 0.1 | % |  | 1,084 |  |  | 0.1 | %
Total |  | $ | 842,574 |  |  | 100.0 | % |  | $ | 855,284 |  |  | 100.0 | %
Schedule of Amortized Cost and Fair Value on Mortgage-Backed and Asset-Backed Securities | The following table summarizes the amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands):
| September 30, 2020 |  | December 31, 2019
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Mortgage-backed Securities: |  |  |  |  |  |  |
Agency | $ | 166,418 |  |  | $ | 168,027 |  |  | $ | 143,723 |  |  | $ | 144,729 |
Non-agency | 28,090 |  |  | 28,259 |  |  | 71,140 |  |  | 75,896 |
Asset-backed Securities: |  |  |  |  |  |  |
Auto loan receivables | 31,811 |  |  | 31,938 |  |  | 42,767 |  |  | 43,127 |
Credit card receivables | 6,712 |  |  | 6,712 |  |  | 21,145 |  |  | 21,487 |
Other receivables | 18,168 |  |  | 18,066 |  |  | 25,510 |  |  | 25,840 |
Total | $ | 251,199 |  |  | $ | 253,002 |  |  | $ | 304,285 |  |  | $ | 311,079 |
Summarized Fair Value and Gross Unrealized Losses on Available-for-sale Debt Securities | The following tables summarize available-for-sale debt securities, aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position, for which no allowance for expected credit losses has been recorded as of the dates presented (in thousands):
| September 30, 2020
| Less Than 12 Months |  | 12 Months or Longer
| Number of Issues |  | Fair Value |  | Unrealized Losses |  | Number of Issues |  | Fair Value |  | Unrealized Losses
Debt Securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies | 5 |  |  | $ | 32,211 |  |  | $ | (6) |  |  | — |  |  | $ | — |  |  | $ | — |
Corporate bonds | 120 |  |  | 223,864 |  |  | (1,329) |  |  | — |  |  | — |  |  | — |
Mortgage-backed and asset-backed securities | 45 |  |  | 115,570 |  |  | (495) |  |  | — |  |  | — |  |  | — |
Municipal bonds | 1 |  |  | 3,000 |  |  | (1) |  |  | — |  |  | — |  |  | — |
Redeemable preferred stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | 171 |  |  | $ | 374,645 |  |  | $ | (1,831) |  |  | — |  |  | $ | — |  |  | $ | — |
| December 31, 2019
| Less Than 12 Months |  | 12 Months or Longer
| Number of Issues |  | Fair Value |  | Unrealized Losses |  | Number of Issues |  | Fair Value |  | Unrealized Losses
Debt Securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies | 2 |  |  | $ | 3,836 |  |  | $ | (108) |  |  | 4 |  |  | $ | 23,186 |  |  | $ | (80) |
Corporate bonds | 18 |  |  | 16,808 |  |  | (107) |  |  | 7 |  |  | 5,866 |  |  | (34) |
Mortgage-backed and asset-backed securities | 42 |  |  | 58,023 |  |  | (245) |  |  | 26 |  |  | 34,985 |  |  | (361) |
Municipal bonds | — |  |  | — |  |  | — |  |  | 1 |  |  | 276 |  |  | (4) |
Redeemable preferred stock | 6 |  |  | 630 |  |  | (8) |  |  | 4 |  |  | 1,489 |  |  | (78) |
Total | 68 |  |  | $ | 79,297 |  |  | $ | (468) |  |  | 42 |  |  | $ | 65,802 |  |  | $ | (557) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | The following table presents a reconciliation of the beginning and ending balances for expected credit losses on available-for-sale debt securities (in thousands):
|  | Corporate Bonds |  | Redeemable Preferred Stock |  | Total
Balance, December 31, 2019 |  | $ | — |  |  | $ | — |  |  | $ | — |
Cumulative effect adjustment as of January 1, 2020 |  | 665 |  |  | 126 |  |  | 791 |
Increase (decrease) |  | (253) |  |  | (68) |  |  | (321) |
Balance, September 30, 2020 |  | $ | 412 |  |  | $ | 58 |  |  | $ | 470 |
See “—Note 2 (Significant Accounting Policies — Recently Adopted Accounting Pronouncements)” for more information about the methodology and significant inputs used to measure the amount related to expected credit losses on available-for-sale debt securities.
Amortized Cost and Fair Value of Investments With Contractual Maturities | The following table presents the amortized cost and fair value of investments with maturities as of the date presented (in thousands):
| September 30, 2020
| Amortized Cost |  | Fair Value
Due in one year or less | $ | 75,023 |  |  | $ | 75,416 |
Due after one year through five years | 469,895 |  |  | 471,884 |
Due after five years through ten years | 235,351 |  |  | 235,383 |
Due after ten years | 58,212 |  |  | 57,709 |
Perpetual maturity securities | 2,165 |  |  | 2,182 |
Total | $ | 840,646 |  |  | $ | 842,574 |
Schedule of Securities Available for Sale | The following table provides certain information related to available-for-sale debt securities and equity securities during the periods presented (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Proceeds from sales and maturities (fair value): |  |  |  |  |  |  |
Available-for-sale debt securities | $ | 773,673 |  |  | $ | 61,615 |  |  | $ | 873,355 |  |  | $ | 173,345 |
Equity securities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 29,137 |
Gross realized gains on sale of securities: |  |  |  |  |  |  |
Available-for-sale debt securities | $ | 53,893 |  |  | $ | 65 |  |  | $ | 54,779 |  |  | $ | 364 |
Equity securities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 335 |
Gross realized losses on sale of securities: |  |  |  |  |  |  |
Available-for-sale debt securities | $ | (66) |  |  | $ | (87) |  |  | $ | (485) |  |  | $ | (277) |
Equity securities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (14,787) |
Realized gains on sales of investment real estate | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,213 |
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 September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Available-for-sale debt securities | $ | 4,394 |  |  | $ | 6,316 |  |  | $ | 16,425 |  |  | $ | 18,508 |
Equity securities | 583 |  |  | 487 |  |  | 1,732 |  |  | 2,091 |
Cash and cash equivalents (1) | 49 |  |  | 1,374 |  |  | 935 |  |  | 4,066 |
Other (2) | 268 |  |  | 243 |  |  | 782 |  |  | 754 |
Total investment income | 5,294 |  |  | 8,420 |  |  | 19,874 |  |  | 25,419 |
Less: Investment expenses (3) | (737) |  |  | (807) |  |  | (2,304) |  |  | (2,254) |
Net investment income | $ | 4,557 |  |  | $ | 7,613 |  |  | $ | 17,570 |  |  | $ | 23,165 |
(1) |  |  | Includes interest earned on restricted cash and cash equivalents.
(2) |  |  | Includes investment income earned on real estate investments.
(3) |  |  | Includes custodial fees, investment accounting and advisory fees, and expenses associated with real estate investments.
Summary of Details on Realized and Unrealized Gains and Losses Related to Equity Securities | The following table provides the unrealized gains and losses recognized during the periods presented on equity securities still held at the end of the reported period (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period | $ | 1,991 |  |  | $ | 573 |  |  | $ | (2,162) |  |  | $ | 3,339 |
Schedule of Real Estate Investment | Investment real estate consisted of the following as of the dates presented (in thousands):
| September 30, |  | December 31,
| 2020 |  | 2019
Income Producing: |  |  |
Investment real estate | $ | 14,685 |  |  | $ | 14,679 |
Less: Accumulated depreciation | (1,595) |  |  | (1,284) |
| 13,090 |  |  | 13,395 |
Non-Income Producing: |  |  |
Investment real estate | 2,190 |  |  | 2,190 |
Investment real estate, net | $ | 15,280 |  |  | $ | 15,585 |
Schedule of Depreciation Expense Related to Investment Real Estate | Depreciation expense related to investment real estate for the periods presented (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Depreciation expense on investment real estate | $ | 103 |  |  | $ | 104 |  |  | $ | 311 |  |  | $ | 311 |

X
- Definition Tabular disclosure of allowance for credit loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121582814&loc=SL82922900-210455 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121582814&loc=SL82922888-210455 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.2) -URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(a),(b)) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 + 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 real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27357-111563 + Details
Name: | us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
Name: | us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
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 Depreciation Expense Related To Investment Real Estate [Table Text Block] + References No definition available. + Details
Name: | uve_DepreciationExpenseRelatedToInvestmentRealEstateTableTextBlock
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