- Universal Insurance ( NYSE: UVE ) stock rose 5% postmarket on Tuesday after the firm provided an update on Hurricane Ian, saying its expects overall gross ultimate loss to be ~$1B, well below its $3B overall reinsurance tower.
- Projected net exposure is limited to retentions at UVE's insurance and captive insurance units.
- UVE received ~18K claims to date, roughly half the number of Hurricane Irma claims it received at this point.
- While UVE's Florida homeowners market share is ~7.9% based on the latest Florida residential industry total insured value data, its market share in Ian's most intense wind path is ~3.8%.
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Universal Insurance stock gains 5% postmarket after Hurricane Ian update