Universal Insurance Holdings has reported a net income of $13.9m, or $0.34 per diluted share, in the first quarter of 2011, compared to $6.9m, or $0.17 per diluted share, for the same period in 2010.
Net income and diluted earnings per share both doubled in the 2011 first quarter compared to the same period last year. The improvement in operating results is primarily attributable to an increase in net premiums earned.
Net premiums written for the first quarter of 2011 were $49.2m, compared to $32.5m for the same quarter in 2010.
Total premiums earned and other revenues for the first quarter of 2011 were $64.3m, compared to $45.2m, for the same period in 2010.