XML 48 R35.htm IDEA: XBRL DOCUMENT v3.22.4

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2022

Reinsurance Disclosures [Abstract]

Schedule of Ratings from Rating Agencies and Unsecured Amounts Due from Reinsurers Exceeded 3% of Stockholders' Equity

The following table presents ratings from rating agencies and the unsecured amounts due from the reinsurers whose aggregate balance exceeded 3% of the Company’s stockholders’ equity as of the dates presented (in thousands):

Ratings as of December 31, 2022

Standard

AM Best

and Poor’s Rating

Moody’s Investors

Due from as of December 31,

Reinsurer

Company

Services, Inc.

Service, Inc.

2022

2021

Allianz Risk Transfer

A+

AA-

Aa3

$

285,323

$

—

Florida Hurricane Catastrophe Fund “FHCF” (1)

n/a

n/a

n/a

134,411

136,298

Various Lloyd’s of London Syndicates (2)

A

A+

n/a

101,482

—

Chubb Tempest Reinsurance Ltd.

A++

AA

Aa3

51,319

—

Markel Bermuda Ltd.

A

A

A2

50,981

—

DaVinci Reinsurance Ltd.

A

A+

A3

48,115

—

Renaissance Reinsurance Ltd.

A+

A+

A1

38,768

20,051

D E Shaw Re (Bermuda) Ltd. (3)

n/a

n/a

n/a

16,680

—

Munich Reinsurance America Inc.

A+

AA-

Aa3

14,616

—

Everest Reinsurance Co

A+

A+

A1

11,536

—

Upsilon RFO Re Ltd. (3)

n/a

n/a

n/a

11,201

—

Lumen Re Ltd. (4)

A

n/a

n/a

8,913

—

Allianz Risk Transfer (Bermuda) Ltd.

—

—

—

—

44,618

Total (5)

$

773,345

$

200,967

(1)No rating is available, because the fund is not rated.

(2)No rating available for Moody’s Investors Service, Inc.

(3)No rating is available, because the reinsurer is fully collateralized with a trust agreement.

(4)No rating available for Standard and Poor’s Rating Service and Moody’s Investors Service, Inc.

(5)Amounts represent prepaid reinsurance premiums and net recoverables for paid and unpaid losses, including incurred but not reported reserves, and loss adjustment expenses.

Summary of Effects of Reinsurance Arrangements

The Company’s reinsurance arrangements had the following effect on certain items in the Consolidated Statements of Income for the periods presented (in thousands):

						For the Year Ended December 31, 2022
						Premiums Written						Premiums Earned						Losses and Loss Adjustment Expenses
Direct						$	1,845,786					$	1,759,701					$	1,972,541
Ceded						(672,508)						(631,075)						(1,034,142)
Net						$	1,173,278					$	1,128,626					$	938,399

						For the Year Ended December 31, 2021
						Premiums Written						Premiums Earned						Losses and Loss Adjustment Expenses
Direct						$	1,671,252					$	1,596,618					$	1,189,444
Ceded						(586,425)						(561,155)						(410,239)
Net						$	1,084,827					$	1,035,463					$	779,205

						For the Year Ended December 31, 2020
						Premiums Written						Premiums Earned						Losses and Loss Adjustment Expenses
Direct						$	1,517,479					$	1,395,623					$	1,080,058
Ceded						(512,576)						(472,060)						(321,248)
Net						$	1,004,903					$	923,563					$	758,810

Schedule of Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable

The following prepaid reinsurance premiums and reinsurance recoverable are reflected in the Consolidated Balance Sheets as of the dates presented (in thousands):

						As of December 31,
						2022						2021
Prepaid reinsurance premiums						$	282,427					$	240,993
Reinsurance recoverable on paid losses and LAE						$	10,170					$	69,729
Reinsurance recoverable on unpaid losses and LAE						798,680						115,860
Reinsurance recoverable						$	808,850					$	185,589

X

- Definition

Tabular disclosure of the effects of reinsurance, for example, but not limited to, disclosure of direct, assumed, and ceded insurance.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 605
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6486672&loc=d3e27261-158547

+ Details

Name:	us-gaap_EffectsOfReinsuranceTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_ReinsuranceDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of reinsurer or group of reinsurers for whom the entity has a concentration of credit risk.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 825
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123600520&loc=SL75241803-196195

+ Details

Name:	us-gaap_ScheduleOfCededCreditRiskByReinsurerTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule Of Reinsurance Recoverables [Table Text Block]

+ References

No definition available.

+ Details

Name:	uve_ScheduleOfReinsuranceRecoverablesTableTextBlock
Namespace Prefix:	uve_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration