FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–Common Insurance coverage Holdings, Inc. (NYSE: UVE) introduced as we speak that its Board of Administrators has declared a quarterly money dividend of 16 cents per share of widespread inventory, payable March 17, 2022, to shareholders of report as of the shut of enterprise on March 10, 2022.
As well as, on account of taking a extra conservative inflationary stance, the Firm estimates 2021 accident yr strengthening of reserves within the fourth quarter of $30.7 million on an after-tax, internet foundation, and $21.5 million in climate above plan on an after-tax, internet foundation. Lastly, the Firm estimates disaster and non-catastrophe associated prior years’ hostile improvement of $27.9 million on an after-tax, internet foundation. In complete, the Firm expects a fourth quarter 2021 internet impression of roughly $80.1 million after-tax (contributing 10.1 factors to the total yr mixed ratio).
“Because the second half of 2021 has matured, we’ve got seen the results of inflationary pressures, which we’re addressing by way of our main charge will increase and present yr reserve strengthening on attritional claims and PCS occasions, in addition to on prior years’ claims,” stated Stephen J. Donaghy, Chief Govt Officer. “These actions to fight inflationary and social pressures have resulted in substantial optimistic strides on our reserve place over the previous 24 months. We stay optimistic on the latest legislative actions taken in Florida and proceed to carry the entire capital we raised through the fourth quarter on the mum or dad firm stage to proceed to assist development.”
About Common Insurance coverage Holdings, Inc.
Common Insurance coverage Holdings (UVE) is a holding firm providing property and casualty insurance coverage and value-added insurance coverage providers. We develop, market, and write insurance coverage merchandise for shoppers predominantly within the private residential householders traces of enterprise and carry out considerably all different insurance-related providers for our main insurance coverage entities, together with threat administration, claims administration and distribution. We promote insurance coverage merchandise by way of each our appointed unbiased brokers and thru our direct on-line distribution channels in the USA throughout 19 states (primarily Florida). Be taught extra at UniversalInsuranceHoldings.com.