Universal Insurance Holdings has reported revenues of $54m for the fourth quarter of 2009, an increase of 18% compared to $45.5m for the same period last year.
The company’s net premiums written for the quarter were $26.1m compared to $31.7m for the same period last year. Net premiums earned decreased by 11.3% to $33.7m from $38.07m.
For the foruth quarter ended December 31, 2009, the company posted a net loss of $2.8m, or $0.07 per diluted share, compared to net income of $7.2m, or $0.18 per diluted share for the fourth quarter of 2008.
For the full year 2009, the company has reported revenues of $210.64m compared to $182.66m for 2008. Net premiums earned were $141.6m compared to $147.4m while net premiums written were $134.2m compared with $150.7m. Net income for the fourth quarter was $28.7m compared to $40.03m for the same period last year.
Universal Insurance Holdings is a vertically integrated insurance holding company, which through its various subsidiaries, covers substantially all aspects of insurance underwriting, distribution, claims processing and exposure management.