Exhibit 99.1

Universal Reports Third Quarter 2022 Results

•Diluted GAAP loss per common share of $2.36, diluted adjusted loss per common share* of $2.27

•Direct premiums written of $500.7 million, up 15.6% from the prior year quarter

•Repurchased 203,244 shares for $2.4 million. Total capital returned to shareholders of $7.4 million, including $0.16 per share regular quarterly dividend.

*Reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.

Fort Lauderdale, Fla., October 27, 2022 – Universal Insurance Holdings (NYSE: UVE) (“Universal” or the “Company”) reported third quarter 2022 results.

“Our thoughts continue to be with all impacted policyholders,” said Stephen J. Donaghy, Chief Executive Officer. “Since landfall, we’ve had boots on the ground, helping our insureds in their time of need. As we recently disclosed, our portfolio is underweight in the most impacted regions and is further cushioned by our high proportion of condo unit and renters policies, which provide interior and contents coverage. To date, claims volume from Hurricane Ian reflects approximately 50% of Irma’s volume received at this point. We maintain one of the largest claims and legal teams in the state of Florida, providing us with significant resources and capacity to efficiently close Ian-related claims. Despite our $1 billion estimated gross loss from Hurricane Ian, we have a $3 billion reinsurance tower in place for a subsequent event in the 2022 Atlantic hurricane season and our consolidated retention would be meaningfully lower, highlighting the strength and breadth of our catastrophe reinsurance program. We’ve started the planning process for the 2023 Atlantic hurricane season and are already well underway, as we have almost $400 million of pre-negotiated multi-year capacity below the Florida Hurricane Catastrophe Fund’s (FHCF) attachment point, approximately $200 million of estimated cost free coverage from the Reinsurance to Assist Policyholders (RAP) program and a projected $150 million from our catastrophe bond. Coupled with our 90% participation in the FHCF, we estimate that the vast majority of our first event 2023 catastrophe reinsurance program will be insulated from open market pricing dynamics. We value our reinsurance partner relationships and appreciate their support.”

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Quarterly Financial Results

Summary Financial Results

($thousands, except per share data)			Three Months Ended September 30,																					Nine Months Ended September 30,
			2022						2021						Change									2022						2021						Change
GAAP comparison
Total revenues			$	312,810					$	287,254					8.9		%							$	892,298					$	829,192					7.6		%
GAAP operating income (loss)			$	(91,607)					$	26,493					NM									$	(55,117)					$	92,958					NM
GAAP operating income (loss) margin			(29.3)		%				9.2		%				NM									(6.2)		%				11.2		%				NM
Net income (loss)			$	(72,275)					$	20,183					NM									$	(47,368)					$	68,532					NM
Diluted earnings (loss) per common share			$	(2.36)					$	0.64					NM									$	(1.54)					$	2.19					NM
Annualized ROCE			NM*						16.6		%				NM									(18.3)		%				19.4		%				NM
Book value per share, end of period			$	8.54					$	15.86					(46.2)		%							8.54						$	15.86					(46.2)		%
Non-GAAP comparison1
Core revenue			$	316,668					$	286,694					10.5		%							$	909,103					$	826,859					9.9		%
Adjusted operating income (loss)			$	(87,749)					$	25,933					NM									$	(38,312)					$	90,625					NM
Adjusted operating income (loss) margin			(27.7)		%				9.0		%				NM									(4.2)		%				11.0		%				NM
Adjusted net income (loss)			$	(69,369)					$	19,751					NM									$	(34,705)					$	66,736					NM
Adjusted diluted earnings (loss) per common share			$	(2.27)					$	0.63					NM									$	(1.12)					$	2.13					NM
Annualized adjusted ROCE			NM*						16.0		%				NM									(11.1)		%				18.8		%				NM
Adjusted book value per share, end of period			$	12.33					$	16.09					(23.4)		%							$	12.33					$	16.09					(23.4)		%
Underwriting Summary
Premiums:
Premiums in force			$	1,833,034					$	1,649,546					11.1		%							$	1,833,034					$	1,649,546					11.1		%
Policies in force			872,926						967,821						(9.8)		%							872,926						967,821						(9.8)		%
Direct premiums written			$	500,677					$	432,984					15.6		%							$	1,429,685					$	1,271,925					12.4		%
Direct premiums earned			$	452,450					$	410,621					10.2		%							$	1,295,858					$	1,178,801					9.9		%
Ceded premiums earned			$	(161,819)					$	(145,967)					10.9		%							$	(459,102)					$	(414,670)					10.7		%
Ceded premium ratio			35.8		%				35.5		%				0.3		pts							35.4		%				35.2		%				0.2		pts
Net premiums earned			$	290,631					$	264,654					9.8		%							$	836,756					$	764,131					9.5		%
Net ratios:
Loss ratio			113.7		%				70.9		%				42.8		pts							85.5		%				65.3		%				20.2		pts
Expense ratio			25.5		%				27.6		%				(2.1)		pts							27.7		%				31.1		%				(3.4)		pts
Combined ratio			139.2		%				98.5		%				40.7		pts							113.2		%				96.4		%				16.8		pts
1 Reconciliation of GAAP to non-GAAP financial measures are provided in the attached tables. Adjusted net income, adjusted diluted earnings per common share and core revenue exclude net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities. Adjusted operating income excludes the items above and interest and amortization of debt issuance costs. Adjusted book value per share excludes accumulated other comprehensive income, net of taxes. Adjusted ROCE is calculated by dividing annualized adjusted net income attributable to common stockholders by average adjusted book value per share, with the denominator further excluding current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities.
*Not meaningful, as it implies full first event hurricane retentions in the first two quarters of the year, which in actuality were hurricane free, and it similarly implies a full first event retention in the fourth quarter of the year, which would instead be subject to a smaller subsequent event retention on a consolidated basis.

Net Income and Adjusted Net Income

Net loss was $72.3 million, down from net income of $20.2 million in the prior year quarter, and adjusted net loss was $69.4 million, down from adjusted net income of $19.8 million in the prior year quarter. The decline in adjusted net income mostly stems from $111.0 million of retained Hurricane Ian losses, partly offset by a lower net expense ratio and higher net investment income and commission revenue.

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Revenues

Overall revenue was $312.8 million, up 8.9% from the prior year quarter and core revenue was $316.7 million, up 10.5% from the prior year quarter. The increase in core revenue primarily stems from higher net premiums earned, net investment income and commission revenue.

Direct premiums written were $500.7 million, up 15.6% from the prior year quarter. The increase stems from 16.3% growth in Florida and 12.7% growth in other states. Overall growth reflects rate increases, partly offset by lower policies in force.

Direct premiums earned were $452.5 million, up 10.2% from the prior year quarter. The increase stems from rate-driven direct premiums written growth over the past twelve months.

The ceded premium ratio was 35.8%, up from 35.5% in the prior year quarter. The increase primarily reflects higher reinsurance pricing and higher reinsurance costs associated with the increase in insured values, partly offset by direct premiums earned growth associated with primary rate increases and reinsurance savings associated with leveraging our self-insured captive to a greater degree than the prior year.

Net premiums earned were $290.6 million, up 9.8% from the prior year quarter. The increase is primarily attributable to higher direct premiums earned, partly offset by higher ceded premiums earned, as described above.

Net investment income was $6.1 million, up from $2.8 million in the prior year quarter. The increase primarily stems from higher fixed income reinvestment yields.

Commissions, policy fees and other revenue were $20.0 million, up 3.7% from the prior year quarter. The increase primarily reflects higher reinsurance brokerage commission revenue, which benefited from higher ceded premiums and the difference in our reinsurance program’s structure relative to the prior year quarter, partly offset by a decline in policy fees associated with lower policies in force.

Margins

The GAAP operating loss margin was 29.3%, down from a GAAP operating income margin of 9.2% in the prior year quarter and the adjusted operating loss margin was 27.7%, down from an adjusted operating income margin of 9.0% in the prior year quarter. The lower adjusted operating income margin primarily reflects a higher net combined ratio, partly offset by higher net investment income and commission revenues.

The net loss ratio was 113.7%, up 42.8 points compared to the prior year quarter. The increase primarily reflects $111.0 million of retained Hurricane Ian losses and a higher attritional initial accident year loss pick, partly offset by lower adverse prior year reserve development as a percentage of net premiums earned.

The net expense ratio was 25.5%, down 2.1 points from 27.6% in the prior year quarter. The reduction primarily reflects lower renewal commission rates paid to distribution partners.

The net combined ratio was 139.2%, up 40.7 points compared to the prior year quarter. The increase reflects a higher net loss ratio, partly offset by a lower net expense ratio, as described above.

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Capital Deployment

During the third quarter, the Company repurchased approximately 203 thousand shares at an aggregate cost of $2.4 million. The Company’s current share repurchase authorization program has $8.0 million remaining as of September 30, 2022 and runs through November 3, 2022.

On July 19, 2022, the Board of Directors declared a quarterly cash dividend of 16 cents per share of common stock, payable on August 9, 2022, to shareholders of record as of the close of business on August 2, 2022.

Conference Call and Webcast

•Friday, October 28, 2022 at 10:00 a.m. ET

•Investors and other interested parties may listen to the call by accessing the online, real-time webcast at universalinsuranceholdings.com/investors or by registering in advance via teleconference at https://register.vevent.com/register/BI7c74886531b54cae98488e2125328182. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. An online replay of the call will be available at universalinsuranceholdings.com/investors shortly after the investor call concludes.

About Universal

Universal Insurance Holdings, Inc. (NYSE: UVE) is a holding company offering property and casualty insurance and value-added insurance services. We develop, market, and write insurance products for consumers predominantly in the personal residential homeowners lines of business and perform substantially all other insurance-related services for our primary insurance entities, including risk management, claims management and distribution. We sell insurance products through both our appointed independent agents and through our direct online distribution channels in the United States across 19 states (primarily Florida). Learn more at universalinsuranceholdings.com.

Non-GAAP Financial Measures and Key Performance Indicators

This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the U.S. Securities and Exchange Commission (“SEC”), including core revenue, adjusted net income attributable to common stockholders and diluted adjusted earnings (loss) per common share, which exclude the impact of net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities. Adjusted operating income and adjusted operating income margin exclude the impact of net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities and interest and amortization of debt issuance costs. Adjusted common stockholders’ equity and adjusted book value per share exclude accumulated other comprehensive income (AOCI), net of taxes. Adjusted return on common equity excludes after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities from the numerator and AOCI, net of taxes, and current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities from the denominator. A “non-GAAP financial measure” is generally defined as a numerical measure of a company’s historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles (“GAAP”). UVE management believes that these non-GAAP financial measures are meaningful, as they allow investors to evaluate underlying revenue and

4

profitability trends and enhance comparability across periods. When considered together with the GAAP financial measures, management believes these metrics provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. UVE management also believes that these non-GAAP financial measures enhance the ability of investors to analyze UVE’s business trends and to understand UVE’s operational performance. UVE’s management utilizes these non-GAAP financial measures as guides in long-term planning. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures presented in accordance with GAAP. For more information regarding our key performance indicators, please refer to the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Key Performance Indicators” in our forthcoming Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “will,” “plan,” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Such statements may include commentary on plans, products and lines of business, marketing arrangements, reinsurance programs and other business developments and assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, including those risks and uncertainties described under the heading “Risk Factors” and “Liquidity and Capital Resources” in our 2021 Annual Report on Form 10-K, and supplemented in our subsequent Quarterly Reports on Form 10-Q. Future results could differ materially from those described, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For further information regarding risk factors that could affect the Company’s operations and future results, refer to the Company’s reports filed with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K and the most recent quarterly reports on Form 10-Q.

Investors/Media:

Arash Soleimani, CFA, CPA

Chief Strategy Officer

954-804-8874

asoleimani@universalproperty.com

5

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except per share data)

						September 30,						December 31,
						2022						2021
ASSETS:
Invested Assets
Fixed maturities, at fair value						$	996,783					$	1,040,455
Equity securities, at fair value						82,387						47,334
Investment real estate, net						5,752						5,891
Total invested assets						1,084,922						1,093,680
Cash and cash equivalents						307,435						250,508
Restricted cash and cash equivalents						2,703						2,635
Prepaid reinsurance premiums						452,230						240,993
Reinsurance recoverable						935,810						185,589
Premiums receivable, net						79,621						64,923
Property and equipment, net						52,769						53,682
Deferred policy acquisition costs						111,861						108,822
Goodwill						2,319						2,319
Other assets						97,224						52,990
TOTAL ASSETS						$	3,126,894					$	2,056,141
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Unpaid losses and loss adjustment expenses						$	1,153,627					$	346,216
Unearned premiums						991,596						857,769
Advance premium						78,269						53,694
Reinsurance payable, net						458,865						188,662
Long-term debt, net						102,968						103,676
Other liabilities						80,932						76,422
Total liabilities						2,866,257						1,626,439
STOCKHOLDERS' EQUITY:
Cumulative convertible preferred stock ($0.01 par value)2						—						—
Common stock ($0.01 par value)3						471						470
Treasury shares, at cost - 16,603 and 15,797						(236,915)						(227,115)
Additional paid-in capital						111,397						108,202
Accumulated other comprehensive income (loss), net of taxes						(115,665)						(15,568)
Retained earnings						501,349						563,713
Total stockholders' equity						260,637						429,702
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY						$	3,126,894					$	2,056,141
Notes:
2 Cumulative convertible preferred stock ($0.01 par value): Authorized - 1,000 shares; Issued - 10 and 10 shares; Outstanding - 10 and 10 shares; Minimum liquidation preference - $9.99 and $9.99 per share.
3 Common stock ($0.01 par value): Authorized - 55,000 shares; Issued - 47,116 and 47,018 shares; Outstanding 30,513 and 31,221 shares.

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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands)

						Three Months Ended															Nine Months Ended
						September 30,															September 30,
						2022						2021									2022						2021
REVENUES
Net premiums earned						$	290,631					$	264,654								$	836,756					$	764,131
Net investment income						6,074						2,797									15,337						8,641
Net realized gains (losses) on investments						292						4,319									(375)						5,357
Net change in unrealized gains (losses) of equity securities						(4,150)						(3,759)									(16,430)						(3,024)
Commission revenue						12,592						11,418									35,157						30,404
Policy fees						5,272						5,859									15,991						17,821
Other revenue						2,099						1,966									5,862						5,862
Total revenues						312,810						287,254									892,298						829,192
EXPENSES
Losses and loss adjustment expenses						330,444						187,581									715,854						498,765
Policy acquisition costs						54,609						57,062									163,432						170,287
Other operating expenses						19,364						16,118									68,129						67,182
Total operating costs and expenses						404,417						260,761									947,415						736,234
Interest and amortization of debt issuance costs						1,630						29									4,969						84
Income (loss) before income taxes						(93,237)						26,464									(60,086)						92,874
Income tax expense (benefit)						(20,962)						6,281									(12,718)						24,342
NET INCOME (LOSS)						$	(72,275)					$	20,183								$	(47,368)					$	68,532

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

SHARE AND PER SHARE INFORMATION

(in thousands, except per share data)

						Three Months Ended															Nine Months Ended
						September 30,															September 30,
						2022						2021									2022						2021
Weighted average common shares outstanding - basic						30,604						31,247									30,858						31,232
Weighted average common shares outstanding - diluted						30,604						31,337									30,858						31,302
Shares outstanding, end of period						30,513						31,167									30,513						31,167
Basic earnings (loss) per common share						$	(2.36)					$	0.65								$	(1.54)					$	2.19
Diluted earnings (loss) per common share						$	(2.36)					$	0.64								$	(1.54)					$	2.19
Cash dividend declared per common share						$	0.16					$	0.16								$	0.48					$	0.48
Book value per share, end of period						$	8.54					$	15.86								$	8.54					$	15.86
Annualized return on average common equity (ROCE)						NM*						16.6		%							(18.3)		%				19.4		%
*Not meaningful, as it implies full first event hurricane retentions in the first two quarters of the year, which in actuality were hurricane free, and it similarly implies a full first event retention in the fourth quarter of the year, which would instead be subject to a smaller subsequent event retention on a consolidated basis.

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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

SUPPLEMENTARY INFORMATION

(in thousands, except for Policies In Force data)

						Three Months Ended															Nine Months Ended
						September 30,															September 30,
						2022						2021									2022						2021
Premiums
Direct premiums written - Florida						$	412,588					$	354,799								$	1,200,193					$	1,062,180
Direct premiums written - Other States						88,089						78,185									229,492						209,745
Direct premiums written - Total						$	500,677					$	432,984								$	1,429,685					$	1,271,925
Direct premiums earned						$	452,450					$	410,621								$	1,295,858					$	1,178,801
Net premiums earned						$	290,631					$	264,654								$	836,756					$	764,131
Underwriting Ratios - Net
Loss and loss adjustment expense ratio						113.7		%				70.9		%							85.5		%				65.3		%
Policy acquisition cost ratio						18.8		%				21.5		%							19.5		%				22.3		%
Other operating expense ratio						6.7		%				6.1		%							8.2		%				8.8		%
Expense ratio						25.5		%				27.6		%							27.7		%				31.1		%
Combined ratio						139.2		%				98.5		%							113.2		%				96.4		%
Other Items
(Favorable)/Unfavorable prior year's reserve development						$	2,715					$	11,489								$	7,080					$	17,983
Points on the loss and loss adjustment expense ratio						0.9 pts						4.4		pts							0.8		pts				2.4		pts

						As of
						September 30,
						2022						2021
Policies in force
Florida						636,883						716,767
Other States						236,043						251,054
Total						872,926						967,821
Premiums in force
Florida						$	1,529,632					$	1,371,760
Other States						303,402						277,786
Total						$	1,833,034					$	1,649,546
Total Insured Value
Florida						$	203,957,272					$	204,334,645
Other States						120,648,594						114,992,734
Total						$	324,605,866					$	319,327,379

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			Three Months Ended September 30, 2022
			Direct						Loss Ratio						Ceded						Loss Ratio						Net						Loss Ratio
Premiums earned			$	452,450											$	161,819											$	290,631
Loss and loss adjustment expenses:
Core losses			$	216,784					47.9		%				$	55					—		%				$	216,729					74.6		%
Weather events4			1,026,200						226.8		%				915,200						565.6		%				111,000						38.2		%
Prior year’s reserve development			26,360						5.9		%				23,645						14.6		%				2,715						0.9		%
Total losses and loss adjustment expenses			$	1,269,344					280.6		%				$	938,900					580.2		%				$	330,444					113.7		%
4 Includes only current year weather events beyond those expected.

			Three Months Ended September 30, 2021
			Direct						Loss Ratio						Ceded						Loss Ratio						Net						Loss Ratio
Premiums earned			$	410,621											145,967												$	264,654
Loss and loss adjustment expenses:
Core losses			$	176,161					42.9		%				$	69					—		%				$	176,092					66.5		%
Weather events4			—						—		%				—						—		%				—						—		%
Prior year’s reserve development			87,907						21.4		%				76,418						52.4		%				11,489						4.4		%
Total losses and loss adjustment expenses			$	264,068					64.3		%				$	76,487					52.4		%				$	187,581					70.9		%
4 Includes only current year weather events beyond those expected.

			Nine Months Ended September 30, 2022
			Direct						Loss Ratio						Ceded						Loss Ratio						Net						Loss Ratio
Premiums earned			$	1,295,858											$	459,102											$	836,756
Loss and loss adjustment expenses:
Core losses			$	593,364					45.8		%				$	135					—		%				$	593,229					70.9		%
Weather events4			1,030,745						79.5		%				915,200						199.3		%				115,545						13.8		%
Prior year’s reserve development			100,620						7.8		%				93,540						20.4		%				7,080						0.8		%
Total losses and loss adjustment expenses			$	1,724,729					133.1		%				$	1,008,875					219.7		%				$	715,854					85.5		%
4 Includes only current year weather events beyond those expected.

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			Nine Months Ended September 30, 2021
			Direct						Loss Ratio						Ceded						Loss Ratio						Net						Loss Ratio
Premiums earned			$	1,178,801											$	414,670											$	764,131
Loss and loss adjustment expenses:
Core losses			$	480,801					40.8		%				$	19					—		%				$	480,782					62.9		%
Weather events4			—						—		%				—						—		%				—						—		%
Prior year’s reserve development			296,867						25.2		%				278,884						67.3		%				17,983						2.4		%
Total losses and loss adjustment expenses			$	777,668					66.0		%				$	278,903					67.3		%				$	498,765					65.3		%
4 Includes only current year weather events beyond those expected.

10

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands, except for per share data)

GAAP revenue to core revenue
			Three Months Ended															Nine Months Ended
			September 30,															September 30,
			2022						2021									2022						2021
GAAP revenue			$	312,810					$	287,254								$	892,298					$	829,192
less: Net realized gains (losses) on investments			292						4,319									(375)						5,357
less: Net change in unrealized gains (losses) of equity securities			(4,150)						(3,759)									(16,430)						(3,024)
Core revenue			$	316,668					$	286,694								$	909,103					$	826,859

GAAP income (loss) before income taxes to adjusted operating income (loss)
			Three Months Ended															Nine Months Ended
			September 30,															September 30,
			2022						2021									2022						2021
GAAP income (loss) before income taxes			$	(93,237)					$	26,464								$	(60,086)					$	92,874
add: Interest and amortization of debt issuance costs			1,630						29									4,969						84
GAAP operating income (loss)			(91,607)						26,493									(55,117)						92,958
less: Net realized gains (losses) on investments			292						4,319									(375)						5,357
less: Net change in unrealized gains (losses) of equity securities			(4,150)						(3,759)									(16,430)						(3,024)
Adjusted operating income (loss)			$	(87,749)					$	25,933								$	(38,312)					$	90,625

GAAP operating income (loss) margin to adjusted operating income (loss) margin
			Three Months Ended															Nine Months Ended
			September 30,															September 30,
			2022						2021									2022						2021
GAAP operating income (loss) (a)			$	(91,607)					$	26,493								$	(55,117)					$	92,958
GAAP revenue (b)			312,810						287,254									892,298						829,192
GAAP operating income (loss) margin (a÷b)			(29.3)		%				9.2		%							(6.2)		%				11.2		%
Adjusted operating income (loss) (c)			(87,749)						25,933									(38,312)						90,625
Core revenue (d)			316,668						286,694									909,103						826,859
Adjusted operating income (loss) margin (c÷d)			(27.7)		%				9.0		%							(4.2)		%				11.0		%

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GAAP net income (loss) (NI) to adjusted NI (loss) available to common stockholders
			Three Months Ended															Nine Months Ended
			September 30,															September 30,
			2022						2021									2022						2021
GAAP NI (loss)			$	(72,275)					$	20,183								$	(47,368)					$	68,532
less: Preferred dividends			3						3									8						8
GAAP NI (loss) available to common stockholders (e)			(72,278)						20,180									(47,376)						68,524
less: Net realized gains (losses) on investments			292						4,319									(375)						5,357
less: Net change in unrealized gains (losses) of equity securities			(4,150)						(3,759)									(16,430)						(3,024)
add: Income tax effect on above adjustments			(949)						131									(4,134)						545
Adjusted NI (loss) available to common stockholders (f)			$	(69,369)					$	19,751								$	(34,705)					$	66,736
Weighted average diluted common shares outstanding (g)			30,604						31,337									30,858						31,302
Diluted earnings (loss) per common share (e÷g)			$	(2.36)					$	0.64								$	(1.54)					$	2.19
Diluted adjusted earnings (loss) per common share (f÷g)			$	(2.27)					$	0.63								$	(1.12)					$	2.13

GAAP stockholders’ equity to adjusted common stockholders’ equity
			As of
			September 30,						September 30,																		December 31,
			2022						2021																		2021
GAAP stockholders’ equity			$	260,637					$	494,275																	$	429,702
less: Preferred equity			100						100																		100
Common stockholders’ equity (h)			260,537						494,175																		429,602
less: Accumulated other comprehensive (loss), net of taxes			(115,665)						(7,398)																		(15,568)
Adjusted common stockholders’ equity (i)			$	376,202					$	501,573																	$	445,170
Shares outstanding (j)			30,513						31,167																		31,221
Book value per common share (h÷j)			$	8.54					$	15.86																	$	13.76
Adjusted book value per common share (i÷j)			$	12.33					$	16.09																	$	14.26

GAAP return on common equity (ROCE) to adjusted ROCE
			Three Months Ended															Nine Months Ended															Year Ended
			September 30,															September 30,															December 31,
			2022						2021									2022						2021									2021
Annualized NI (loss) attributable to common stockholders (k)			$	(289,112)					$	80,720								$	(63,168)					$	91,365								$	20,397
Average common stockholders’ equity (l)			313,494						487,459									345,070						471,669									439,382
ROCE (k÷l)			NM*						16.6		%							(18.3)		%				19.4		%							4.6		%
Annualized adjusted NI (loss) attributable to common stockholders (m)			$	(277,476)					$	79,004								$	(46,273)					$	88,981								$	18,959
Adjusted average common stockholders’ equity5 (n)			416,848						493,729									417,022						472,802									444,775
Adjusted ROCE (m÷n)			NM*						16.0		%							(11.1)		%				18.8		%							4.3		%
5 Adjusted average common stockholders’ equity excludes current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities.
*Not meaningful, as it implies full first event hurricane retentions in the first two quarters of the year, which in actuality were hurricane free, and it similarly implies a full first event retention in the fourth quarter of the year, which would instead be subject to a smaller subsequent event retention on a consolidated basis.

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