XML 38 R27.htm IDEA: XBRL DOCUMENT v3.23.3

Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of 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, 2023
			Amortized Cost						Allowance for Expected Credit Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Debt Securities:
U.S. government obligations and agencies			$	25,950					$	—					$	—					$	(1,193)					$	24,757
Corporate bonds			791,691						(537)						37						(91,834)						699,357
Mortgage-backed and asset-backed securities			328,327						—						15						(44,571)						283,771
Municipal bonds			17,139						(4)						—						(2,422)						14,713
Redeemable preferred stock			10,860						(142)						—						(1,758)						8,960
Total			$	1,173,967					$	(683)					$	52					$	(141,778)					$	1,031,558

			December 31, 2022
			Amortized Cost			Allowance for Expected Credit Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Debt Securities:
U.S. government obligations and agencies			$	12,602		$	—					$	—					$	(938)					$	11,664
Corporate bonds			788,737			(729)						130						(93,077)						695,061
Mortgage-backed and asset-backed securities			327,166			—						148						(39,707)						287,607
Municipal bonds			14,924			(2)						—						(2,551)						12,371
Redeemable preferred stock			9,423			(189)						—						(1,311)						7,923
Total			$	1,152,852		$	(920)					$	278					$	(137,584)					$	1,014,626

Schedule of Credit Quality of Investment Securities

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, 2023												December 31, 2022
Average Credit Ratings						Fair Value						% of Total  Fair Value						Fair Value						% of Total  Fair Value
AAA						$	312,769					30.3		%				$	297,475					29.3		%
AA						130,994						12.7		%				154,975						15.3		%
A						346,486						33.6		%				327,427						32.3		%
BBB						240,563						23.3		%				232,316						22.9		%
No Rating Available						746						0.1		%				2,433						0.2		%
Total						$	1,031,558					100.0		%				$	1,014,626					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, 2023												December 31, 2022
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Mortgage-backed securities:
Agency			$	164,291					$	135,263					$	157,672					$	133,928
Non-agency			63,960						53,119						60,328						50,478
Asset-backed securities:
Auto loan receivables			54,287						52,588						62,128						59,370
Credit card receivables			1,657						1,614						657						612
Other receivables			44,132						41,187						46,381						43,219
Total			$	328,327					$	283,771					$	327,166					$	287,607

Schedule of Fair Value and Gross Unrealized Losses on Securities Available for Sale

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, 2023
			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			8						$	20,094					$	(457)					5						$	6,645					$	(734)
Corporate bonds			17						6,768						(47)						296						362,421						(52,225)
Mortgage-backed and asset-backed securities			38						60,995						(1,813)						186						220,254						(42,762)
Municipal bonds			3						1,414						(30)						3						6,756						(1,323)
Redeemable preferred stock			2						784						(74)						4						1,102						(235)
Total			68						$	90,055					$	(2,421)					494						$	597,178					$	(97,279)

			December 31, 2022
			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						$	2,721					$	(110)					5						$	8,943					$	(828)
Corporate bonds			40						26,563						(2,910)						247						325,992						(46,451)
Mortgage-backed and asset-backed securities			64						52,751						(2,974)						146						219,189						(36,733)
Municipal bonds			—						—						—						3						6,621						(1,458)
Redeemable preferred stock			1						95						(51)						—						—						—
Total			107						$	82,130					$	(6,045)					401						$	560,745					$	(85,470)

Schedule of 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												Municipal Bonds						Redeemable  Preferred Stock						Total
Balance, December 31, 2021						$	371											$	1					$	117					$	489
Provision for (or reversal of) credit loss expense						358												1						72						431
Balance, December 31, 2022						729												2						189						920
Provision for (or reversal of) credit loss expense						(192)												2						(47)						(237)
Balance, September 30, 2023						$	537											$	4					$	142					$	683

Schedule of 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, 2023
			Amortized Cost						Fair Value
Due in one year or less			$	110,000					$	107,919
Due after one year through five years			593,152						539,398
Due after five years through ten years			434,732						356,024
Due after ten years			32,281						25,091
Perpetual maturity securities			3,802						3,126
Total			$	1,173,967					$	1,031,558

Schedule of Securities Available for Sale

The following table provides certain information related to available-for-sale debt securities, equity securities and investment in real estate during the periods presented (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Proceeds from sales and maturities (fair value):
Available-for-sale debt securities			$	34,934					$	30,929					$	81,661					$	84,146
Equity securities			$	5,597					$	8,975					$	42,830					$	26,667
Gross realized gains on sale of securities:
Available-for-sale debt securities			$	29					$	—					$	34					$	242
Equity securities			$	18					$	571					$	1,570					$	1,119
Gross realized losses on sale of securities:
Available-for-sale debt securities			$	(39)					$	(210)					$	(766)					$	(1,665)
Equity securities			$	(439)					$	(69)					$	(1,175)					$	(71)

Schedule of 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,
			2023						2022						2023						2022
Available-for-sale debt securities			$	6,325					$	4,847					$	18,122					$	13,791
Equity securities			953						740						2,874						1,965
Cash and cash equivalents (1)			5,961						1,069						15,113						1,324
Other (2)			127						122						395						371
Total investment income			13,366						6,778						36,504						17,451
Less: Investment expenses (3)			(611)						(704)						(1,769)						(2,114)
Net investment income			$	12,755					$	6,074					$	34,735					$	15,337

(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.

Schedule of Details on Realized and Unrealized Gains and Losses Related to Equity Securities

The following table provides the unrealized gains and losses recognized for 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,
			2023						2022						2023						2022
Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period			$	(1,129)					$	(4,150)					$	(831)					$	(16,387)

Schedule of Real Estate Investment

Investment real estate consisted of the following as of the dates presented (in thousands):

			September 30,						December 31,
			2023						2022
Income Producing:
Investment real estate			$	7,097					$	7,097
Less: Accumulated depreciation			(1,525)						(1,386)
Investment real estate, net			$	5,572					$	5,711

Schedule of Depreciation Expense Related to Investment Real Estate

The following table provides the depreciation expense related to investment real estate for the periods presented (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Depreciation expense on investment real estate			$	46					$	46					$	139					$	139

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
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-9

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-4

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.8)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.9)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.7(a),(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

+ Details

Name:	us-gaap_InvestmentIncomeTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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:	dtr-types: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:	dtr-types: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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

+ Details

Name:	us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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:	dtr-types: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:	dtr-types1: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:	dtr-types1: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:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration