XML 38 R26.htm IDEA: XBRL DOCUMENT v3.23.1

Reinsurance (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023

Due from as of

Reinsurer

AM Best Company

Standard and Poor’s Rating Services, Inc.

Moody’s Investors Service, Inc.

March 31, 2023

December 31, 2022

Allianz Risk Transfer

A+

AA

Aa3

$

243,564

$

285,323

Florida Hurricane Catastrophe Fund “FHCF” (1)

n/a

n/a

n/a

92,193

134,411

Various Lloyd’s of London Syndicates (2)

A

A+

n/a

86,774

101,482

Chubb Tempest Reinsurance, Ltd.

A++

AA

Aa3

46,741

51,319

Markel Bermuda Ltd.

A

A

A2

44,361

50,981

DaVinci Reinsurance Ltd.

A

A+

A3

41,097

48,115

Renaissance Reinsurance Ltd.

A+

A+

A1

30,896

38,768

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

n/a

n/a

n/a

27,399

16,680

Cosaint Re Pte. Ltd. (4)

n/a

n/a

n/a

17,467

—

Everest Reinsurance Co

A+

A+

A1

12,471

11,536

Munich Reinsurance America Inc.

A+

AA-

Aa3

12,156

14,616

Upsilon RFO RE Ltd.

n/a

n/a

n/a

—

11,201

Lumen Re Ltd.

n/a

n/a

n/a

—

8,913

Total (5)

$

655,119

$

773,345

(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 is available, because the non-catastrophe bond is not rated.

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

Schedule of Effects of Reinsurance Arrangements

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

			Three Months Ended March 31,
			2023																		2022
			Premiums Written						Premiums Earned						Losses and Loss Adjustment Expenses						Premiums Written						Premiums Earned						Losses and Loss Adjustment Expenses
Direct			$	410,102					$	455,368					$	208,222					$	396,481					$	414,603					$	195,155
Ceded			(14,776)						(173,144)						(2,068)						(13,946)						(145,539)						(10,049)
Net			$	395,326					$	282,224					$	206,154					$	382,535					$	269,064					$	185,106

Schedule of Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable

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

			March 31,						December 31,
			2023						2022
Prepaid reinsurance premiums			$	124,308					$	282,427
Reinsurance recoverable on paid losses and LAE			$	8,148					$	10,170
Reinsurance recoverable on unpaid losses and LAE			669,946						798,680
Reinsurance recoverable			$	678,094					$	808,850

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

Tabular disclosure of prepaid reinsurance premiums and reinsurance recoverable (payable) and receivable.

+ References

No definition available.

+ Details

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