XML 39 R28.htm IDEA: XBRL DOCUMENT
v3.23.3

Reinsurance (Tables) | 9 Months Ended
--- | ---
Sep. 30, 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 September 30, 2023 |  | Due from as of
Reinsurer |  | AM Best Company |  | Standard and Poor’s Rating Services, Inc. |  | Moody’s Investors Service, Inc. |  | September 30, 2023 |  | December 31, 2022
Florida Hurricane Catastrophe Fund “FHCF” (1) |  | n/a |  | n/a |  | n/a |  | $ | 62,095 |  |  | $ | 134,411 |
Various Lloyd’s of London Syndicates (2) |  | A |  | A+ |  | n/a |  | 34,367 |  |  | 101,482 |
DaVinci Reinsurance Ltd. |  | A |  | A+ |  | A3 |  | 28,586 |  |  | 48,115 |
Renaissance Reinsurance Ltd. |  | A+ |  | A+ |  | A1 |  | 20,935 |  |  | 38,768 |
Chubb Tempest Reinsurance, Ltd. |  | A++ |  | AA |  | Aa3 |  | 18,194 |  |  | 51,319 |
Ada Re, Ltd (3) |  | n/a |  | n/a |  | n/a |  | 12,251 |  |  | — |
Everest Reinsurance Co |  | A+ |  | A+ |  | A1 |  | 11,668 |  |  | 11,536 |
Upsilon RFO RE Ltd. (3) |  | n/a |  | n/a |  | n/a |  | 10,930 |  |  | 11,201 |
Aeolus Re Ltd. (3) |  | n/a |  | n/a |  | n/a |  | 10,493 |  |  | — |
Allianz Risk Transfer (Bermuda) Ltd. |  | n/a |  | n/a |  | n/a |  | — |  |  | 285,323 |
Markel Bermuda Ltd. |  | n/a |  | n/a |  | n/a |  | — |  |  | 50,981 |
D E Shaw Re (Bermuda) Ltd. (3) |  | n/a |  | n/a |  | n/a |  | — |  |  | 16,680 |
Munich Reinsurance America Inc. |  | n/a |  | n/a |  | n/a |  | — |  |  | 14,616 |
Lumen Re Ltd. |  | n/a |  | n/a |  | n/a |  | — |  |  | 8,913 |
Total (4) |  |  |  |  |  |  |  | $ | 209,519 |  |  | $ | 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)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 September 30,
| 2023 |  | 2022
| Premiums Written |  | Premiums Earned |  | Losses and Loss Adjustment Expenses |  | Premiums Written |  | Premiums Earned |  | Losses and Loss Adjustment Expenses
Direct | $ | 531,988 |  |  | $ | 474,311 |  |  | $ | 308,860 |  |  | $ | 500,677 |  |  | $ | 452,450 |  |  | $ | 1,269,344 |
Ceded | 2,717 |  |  | (143,271) |  |  | (20,888) |  |  | (23,956) |  |  | (161,819) |  |  | (938,900) |
Net | $ | 534,705 |  |  | $ | 331,040 |  |  | $ | 287,972 |  |  | $ | 476,721 |  |  | $ | 290,631 |  |  | $ | 330,444 |
| Nine Months Ended September 30,
| 2023 |  | 2022
| Premiums Written |  | Premiums Earned |  | Losses and Loss Adjustment Expenses |  | Premiums Written |  | Premiums Earned |  | Losses and Loss Adjustment Expenses
Direct | $ | 1,489,216 |  |  | $ | 1,393,003 |  |  | $ | 770,161 |  |  | $ | 1,429,685 |  |  | $ | 1,295,858 |  |  | $ | 1,724,729 |
Ceded | (573,539) |  |  | (476,465) |  |  | (52,308) |  |  | (670,339) |  |  | (459,102) |  |  | (1,008,875) |
Net | $ | 915,677 |  |  | $ | 916,538 |  |  | $ | 717,853 |  |  | $ | 759,346 |  |  | $ | 836,756 |  |  | $ | 715,854 |
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):
| September 30, |  | December 31,
| 2023 |  | 2022
Prepaid reinsurance premiums | $ | 379,501 |  |  | $ | 282,427 |
Reinsurance recoverable on paid losses and LAE | $ | 66,299 |  |  | $ | 10,170 |
Reinsurance recoverable on unpaid losses and LAE | 256,687 |  |  | 798,680 |
Reinsurance recoverable | $ | 322,986 |  |  | $ | 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 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 605 -Topic 944 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479655/944-605-50-1 + 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 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -SubTopic 825 -Topic 944 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479383/944-825-50-1B + 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-types1:textBlockItemType
Balance Type: | na
Period Type: | duration