Universal Insurance Holdings, Inc. (UVE): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how Universal Insurance Holdings, Inc. (UVE) makes money and manages its massive risk exposure as of late 2025, so here's the distilled view. Honestly, their model hinges on disciplined underwriting-evidenced by that solid Q3 2025 combined ratio of 96.4%-backed by a huge $2.526 billion catastrophe reinsurance tower, which is key for weathering storms. They push policies through a massive network of 9,600 independent agents, with Net Premiums Earned still driving nearly 89.9% of their core revenue, so you can see the core engine clearly below. Dive in to see how their Key Activities and Resources support this structure.

Universal Insurance Holdings, Inc. (UVE) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Universal Insurance Holdings, Inc. (UVE) relies on to manage its property and casualty risk exposure, especially in hurricane-prone regions. These partnerships are critical for capital efficiency and solvency.

The reinsurance program for the 2025-2026 period, effective June 1, 2025, saw the top of the combined reinsurance tower for a single All States event (including Florida) reach $2.526 billion, an increase of $110 million over the prior year's program. Universal Insurance Holdings, Inc. secured this capacity with no material changes to its historical partners or terms and conditions, though they did add multi-year protection.

The company maintains a strong relationship with key players in the global reinsurance market. These partners provide the necessary risk transfer capacity to support Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC).

• Nephila Capital/Markel
• RenaissanceRe
• Munich Re
• Chubb Tempest Re
• Ariel Re
• Everest Re
• Unnamed Lloyd's of London syndicates

The structure of the catastrophe capacity is detailed below, showing how Universal Insurance Holdings, Inc. layers its risk transfer, including the state-backed Florida Hurricane Catastrophe Fund (FHCF).

The Florida Hurricane Catastrophe Fund (FHCF) remains a vital component of Universal Insurance Holdings, Inc.'s state-backed capacity strategy, with $277 million of the new multi-year capacity sitting below its attachment point. This structure helps manage the attachment point for the private reinsurance layers above the state fund.

For claims handling, Universal Insurance Holdings, Inc. relies on third-party claims adjusters to supplement internal capabilities, especially following a major catastrophe event. This partnership ensures rapid deployment and scale for claims processing across their operating states.

For managing its investment portfolio, which focuses on capital preservation and liquidity, Universal Insurance Holdings, Inc. partners with financial institutions for management and custody. As of Q1 2025, the fixed income portfolio, central to generating investment income, was allocated as follows:

• Corporate bonds: 63.1% of the portfolio.
• Mortgage-backed and asset-backed securities: 26.4% of the portfolio.

The company's net investment income grew to $59.1 million in fiscal year 2024, showing the importance of these investment management relationships. Finance: review Q3 2025 investment performance against the 4.0 years effective maturity target by end of Q4.

Universal Insurance Holdings, Inc. (UVE) - Canvas Business Model: Key Activities

You're looking at the core engine of Universal Insurance Holdings, Inc. (UVE) operations as of late 2025. These are the things the company absolutely must do well to make money, based on their latest reported figures.

Disciplined underwriting of personal residential policies

Universal Insurance Holdings, Inc. focuses on maintaining a tight grip on risk selection, which shows up clearly in their loss and combined ratios. The results from the third quarter of 2025 highlight this focus, especially when compared to the prior year, which was impacted by named storms.

The net combined ratio for the third quarter of 2025 was 96.4%, marking an improvement of 20.5 points from the 116.9% seen in the third quarter of 2024. This improvement is heavily weighted by the net loss ratio, which stood at 70.2% in Q3 2025, down 21.5 points year-over-year. To be fair, the net expense ratio ticked up slightly to 26.2% in Q3 2025, an increase of 1.0 points from 25.2% in the prior year quarter, which management attributed to higher policy acquisition costs tied to growth outside Florida.

Here's a look at some key underwriting and claims metrics from the first half of 2025:

The company reported an adjusted diluted Earnings Per Share (EPS) of $1.36 for Q3 2025, a significant beat over the forecast of $0.20. For the first quarter of 2025, the annualized adjusted Return on Average Common Equity (ROCE) hit 36.4%.

Proactive risk management and securing reinsurance capacity

Managing catastrophic risk exposure is central to Universal Insurance Holdings, Inc.'s strategy, especially given its concentration in hurricane-prone regions. Securing reinsurance capacity early and on favorable terms is a critical activity.

During the first quarter of 2025, Universal Insurance Holdings, Inc. completed its reinsurance renewal ahead of the June 1 inception date. This process resulted in:

• Securing $352 million of additional multi-year coverage extending through the 2026-2027 hurricane season.
• Raising the tower top to $2.526 billion, which was an incremental +$110 million versus the 2024-2025 program.
• Maintaining a first-event retention of $45 million.

The ceded premium ratio was 32.7% in Q3 2025, up from 31.9% in the prior year quarter.

Claims management and loss adjustment (LAE) processes

Effective claims handling directly impacts the net loss ratio. The absence of major hurricane activity in the third quarter of 2025, compared to the impact of Hurricanes Debby and Helene in the prior year quarter, significantly aided the loss adjustment expense (LAE) component of the combined ratio. The company's vertically-integrated model means it performs all aspects of claims handling internally, which is intended to control costs and service quality.

Investment of premium float to generate net investment income

The float-the money held between receiving premiums and paying claims-is actively managed to generate investment income. Net investment income has been a growing contributor to overall results.

Net investment income for the third quarter of 2025 was $18.3 million, an increase from $15.4 million in the third quarter of 2024, driven by higher fixed income reinvestment yields and higher invested assets. For the first quarter of 2025, net investment income was $16.1 million. The annual net investment income for fiscal year 2024 was $59.1 million.

The investment portfolio allocation as of the first quarter of 2025 showed a heavy weighting in fixed income:

• Corporate bonds represented 63.1% of the portfolio allocation.
• Mortgage-backed and asset-backed securities accounted for 26.4%.

Geographic expansion into non-Florida states (e.g., Carolinas)

Geographic diversification away from Florida is a stated strategic priority to mitigate regional risk concentration. This expansion is fueling premium growth outside the primary market.

In the third quarter of 2025, direct premiums written growth in other states was 22.2%. This strong non-Florida growth offset a 2.6% decrease in Florida direct premiums written for that quarter. The first quarter of 2025 showed even stronger non-Florida growth at 34.7%, while Florida direct premiums written declined 3.0%. As of the first quarter of 2025, Universal Insurance Holdings, Inc. managed operations spanning 19 states. The company's subsidiary, UPCIC, is licensed in North Carolina and South Carolina, among others.

Universal Insurance Holdings, Inc. (UVE) - Canvas Business Model: Key Resources

You're looking at the core assets Universal Insurance Holdings, Inc. (UVE) relies on to operate and grow its integrated insurance model. These aren't just line items; they are the engine room.

Strong capital base and balance sheet resilience

The resilience of Universal Insurance Holdings, Inc. is clearly visible in its Q3 2025 performance, showing a significant shift to profitability. Net income available to common stockholders for the quarter was $39.8 million, a stark reversal from the net loss of $16.2 million reported in Q3 2024. This strength is underpinned by a strong underwriting performance, evidenced by the net combined ratio improving by 20.5 points to 96.4% in Q3 2025. Also, the adjusted return on common equity hit 30.6% for the quarter. That's a solid foundation for weathering market volatility.

The company is actively managing its capital structure, with approximately $7.1 million remaining under its current share repurchase authorization as of the Q3 2025 report. The adjusted diluted Earnings Per Share (EPS) for Q3 2025 was $1.36, compared to an adjusted loss per common share of $0.73 in the prior year quarter.

Catastrophe reinsurance program with $2.526 billion single-event capacity

Universal Insurance Holdings, Inc. has locked in substantial protection for its wholly-owned subsidiaries, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), for the 2025-2026 policy year. This program is designed to cover a single all-states event.

As of March 31, 2025, Florida represented less than 50% of the Company's total insured values exposed to the 2025 Atlantic hurricane season.

Proprietary technology platform, including Clovered.com

Universal Insurance Holdings, Inc. embraces technology across its value chain, from underwriting to distribution. A key component is its digital insurance agency platform, Clovered.com. This platform offers direct-to-consumer online distribution alongside its network of independent agents. Clovered is an independent agency backed by Universal Insurance Holdings, Inc. and partners with more than 20 carriers. Furthermore, Clovered holds an A+ rating with the Better Business Bureau.

Experienced underwriting and claims management personnel

The operational expertise is embedded within its subsidiaries and advisory functions. These teams handle critical functions that support the insurance entities.

• Advises on actuarial issues and pricing risks.
• Oversees distribution channels, including over 9,000 independent agents.
• Administers claims payments via its subsidiary, Alder Adjusting.
• Performs policy administration and underwriting.
• Assists with reinsurance negotiations through its intermediary, Blue Atlantic Reinsurance Corporation.

The reinsurance program is supported by major private reinsurers, including Nephila Capital/Markel, RenaissanceRe, Munich Re, Chubb Tempest Re, Ariel Re, Everest Re and Lloyd's of London syndicates, all maintaining an AM Best rating of 'A' or higher.

Investment portfolio generating 4.6% of Q3 2025 core revenue

The investment portfolio is a secondary focus, aiming for an adequate total rate of return with a primary focus on fixed income to provide necessary liquidity. For Q3 2025, the net investment income reached $18.3 million, an increase from $15.4 million in Q3 2024, driven by higher fixed income reinvestment yields and higher invested assets. Universal Insurance Holdings, Inc.'s core revenue for Q3 2025 was $400.0 million, up 4.9% year-over-year. Based on these figures, the investment income represented approximately 4.575% of the reported core revenue for the quarter.

Finance: draft 13-week cash view by Friday.

Universal Insurance Holdings, Inc. (UVE) - Canvas Business Model: Value Propositions

You're looking at the core promises Universal Insurance Holdings, Inc. (UVE) makes to its customers and stakeholders as of late 2025. These aren't just mission statements; they are backed by recent financial performance, showing how the company delivers on its commitments.

Financial protection against catastrophic weather events remains a primary value. Universal Insurance Holdings, through its subsidiaries like Universal Property and Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), underwrites personal residential homeowners insurance designed to cover losses from natural catastrophes such as hurricanes, windstorms, and fires. The value proposition here is stability, which was evident in Q3 2025 when the absence of major hurricane activity, unlike the prior year which included Hurricanes Debby and Helene, contributed significantly to a lower net loss ratio of 70.2%.

The company delivers on its promise of sound management through improved underwriting profitability. For the third quarter of 2025, Universal Insurance Holdings achieved a net combined ratio of 96.4%, which is a substantial improvement, falling 20.5 points compared to the third quarter of 2024. This profitability translated directly to shareholder value, with the company reporting an adjusted diluted Earnings Per Share (EPS) of $1.36 for the quarter.

Here's a quick look at the key financial metrics underpinning that profitability for Q3 2025:

The structure of Universal Insurance Holdings, Inc. provides value through vertically integrated claims and policy services for efficiency. The company performs substantially all other insurance-related services internally, which helps maintain quality service throughout the policy life cycle. This integration is managed through specialized subsidiaries:

• Claims processing and adjustment handled by Alder Adjusting ("AA").
• Risk management, actuarial advice, and underwriting support provided by Evolution Risk Advisors (ERA).
• Inspections supporting underwriting via Wicklow Inspection Corporation.
• Fee revenues generated from policy administration, inspections, and claims adjusting services paid by the Insurance Entities to affiliates.

This internal control over the claims process is designed to offer cost-effective solutions and streamline operations, which is a key component of their operational excellence focus.

Mitigating state-specific risk is achieved through geographic diversification. While Florida remains the core market, where 81% of direct premiums written were as of 2023, Universal Insurance Holdings now operates across 19 states. This strategy is paying off, as Q3 2025 saw growth in non-Florida markets of 22.2%, helping to balance the risk profile. Still, the company's performance is sensitive to regional weather events, as seen in the prior year's results.

Finally, policyholders and the company benefit from competitive pricing due to lower litigation risk post-Florida reforms. The CEO has expressed encouragement over emerging favorable claims and litigation trends stemming from recent legislative actions in Florida. A key reform impacting the legal environment was the elimination of one-way attorney fees, which historically increased defense costs for inflated claims demands. This environment gives Universal optimism for future results, weather permitting.

Finance: draft 13-week cash view by Friday.

Universal Insurance Holdings, Inc. (UVE) - Canvas Business Model: Customer Relationships

You're looking at how Universal Insurance Holdings, Inc. (UVE) manages the people who buy their policies. It's a dual approach, blending digital convenience with human expertise, which is key given their scale of operations across 19 states. The relationship strategy is built around making the customer journey as smooth as possible, whether they are buying a policy or filing a claim.

Digital self-service via the Clovered.com platform

The digital front door for many customers is Clovered.com. This platform, which is an independent insurance agency backed by Universal Insurance Holdings, Inc., acts as a direct-to-consumer channel. Clovered partners with more than 20 carriers to offer choice, positioning itself as a comparison tool, which one user even likened to the Kayak for insurance. This digital path supports the overall goal of technology-enabled distribution across the value chain. The company's focus on digital improvement is a core component of its strength in the current market.

Here's a snapshot of the digital/distribution footprint:

Personalized service through a network of independent agents

While digital is growing, personalized service remains critical, delivered through a large network of human professionals. Universal Insurance Holdings, Inc. relies heavily on its agency force. As of Q1 2025, the company worked with 9,600 independent agents in its distribution channel. This network, combined with in-house agents supported by Evolution Risk Advisors (ERA), forms the backbone of their personalized sales and service model. The cost of maintaining this distribution is reflected in the net expense ratio, which stood at 24.5% in Q1 2025, with higher policy acquisition costs noted due to growth outside of Florida. You defintely need to monitor this cost as growth accelerates.

The distribution mix includes:

• Network of over 9,000 independent agents.
• UVE's in-house agents supported by Evolution Risk Advisors.
• Online distribution channels, including Clovered.

Customer-centric claims process utilizing digital applications

The claims experience is where customer trust is either solidified or lost. Universal Insurance Holdings, Inc. manages this through its subsidiary, Alder Adjusting, which handles claims from inception to conclusion. The broader industry trend, which UVE must align with, is the shift toward digital claims processing for convenience and speed. This involves digital submission, real-time tracking, and more efficient communication, which generally leads to faster processing and payment, improving customer satisfaction. While specific UVE digital claims adoption rates aren't public, the company's overall embrace of technology across the value chain suggests a strong push in this area.

Focus on long-term policyholder retention and stability

The focus isn't just on writing new business; it's about keeping the existing base happy and stable. This is evident in their growth metrics. In the third quarter of 2025, policies in force increased by nearly 40,000 units, which translates to a 4.7% rise year-over-year. This growth is directly attributed to the company's effective pricing structure designed to capture demand while maintaining high policyholder retention rates, even amid rising prices. The stability of the policyholder base is a key driver of their financial results, contributing to higher commission revenue.

Key indicators of retention focus:

• Policies in force grew by 4.7% in Q3 2025.
• This growth reflects higher policies in force, rates, and inflation adjustments.
• The company's strategy aims to maintain a solid client base.

Proactive communication regarding policy and risk changes

Proactive communication is vital, especially for a property and casualty insurer operating in catastrophe-prone regions. Universal Insurance Holdings, Inc. demonstrates this through its robust risk management and reinsurance strategy. For instance, the company announced the completion of its 2025-2026 reinsurance program well before the June 1 inception date, securing $352 million of additional multi-year coverage extending through the 2026-2027 treaty period. This level of preparation and timely communication about securing capacity-which protects policyholders' ability to get paid after a major event-is a form of proactive relationship management. Furthermore, the company is actively managing its geographic concentration; as of March 31, 2025, Florida represented less than 50% of the total insured values exposed to the 2025 Atlantic hurricane season.

Universal Insurance Holdings, Inc. (UVE) - Canvas Business Model: Channels

You're looking at how Universal Insurance Holdings, Inc. (UVE) gets its policies into the hands of customers and communicates with the market as of late 2025. The Channels block of the Business Model Canvas shows a multi-pronged approach, balancing traditional agent relationships with modern digital sales.

The primary engine for distribution remains the established agency force, which is a significant resource for Universal Insurance Holdings, Inc. (UVE). This channel is supported by dedicated resources to keep those relationships strong.

• Extensive network of 9,600 appointed independent agents as of Q1 2025.
• The company prioritizes providing these agents with the necessary tools.
• The distribution network also includes UVE's in-house agents supported by Evolution Risk Advisors.

To capture the modern consumer, Universal Insurance Holdings, Inc. (UVE) heavily promotes its direct-to-consumer option. This digital channel is a key part of their technology-enabled distribution platform.

The direct online distribution channel is anchored by Clovered.com, which allows consumers to fully complete a policy purchase online. This digital push is showing up in the financials; for instance, direct premiums written reached $467.1 million in Q1 2025, a 4.7% increase year-over-year, with growth in other states largely fueling this. By Q3 2025, direct premiums written stood at $592.8 million, reflecting a 3.2% increase from the prior year quarter. That growth outside of Florida, which saw a 22.2% increase in Q3 2025 direct premiums written, is partly channeled through these direct and non-Florida agent avenues.

The actual insurance products flow through the wholly-owned insurance subsidiaries, which are central to underwriting and risk-taking. These entities are the licensed carriers for the policies sold via all channels.

The corporate website, universalinsuranceholdings.com, serves as the hub for corporate transparency and shareholder communication, which is a channel in itself for the investment community. You can see the results of the business operations reported through this channel, such as the Q3 2025 revenue of $401.0 million. The investor relations section provides access to key documents and earnings call webcasts.

Here's a quick look at the revenue context tied to these distribution efforts for recent quarters:

• Q1 2025 Core Revenue: $394.9 million.
• Q2 2025 Total Revenues: $400.1 million.
• Q3 2025 Revenue: $401.0 million.

If onboarding for new agents takes 14+ days, churn risk rises, which is why speed in supporting the 9,600 agent network is defintely important.

Universal Insurance Holdings, Inc. (UVE) - Canvas Business Model: Customer Segments

Universal Insurance Holdings, Inc. (UVE) targets individual consumers needing personal residential insurance coverage. As of the first quarter of 2025, Universal Insurance Holdings managed a total of 864,800 customer policies.

The customer base is segmented by geography, reflecting a strategic shift away from sole reliance on the primary market. As of Q1 2025, the company served customers across 19 states.

The concentration in the historically primary market, Florida, is actively being managed through diversification. As of March 31, 2025, Florida represented less than 50% of the Company's total insured values exposed to the 2025 Atlantic hurricane season. This diversification is evident in premium growth figures; for instance, Q3 2025 direct premiums written of $592.8 million included growth stemming from 22.2% growth in other states, which offset a 2.6% decrease in Florida business for that quarter.

Here is a breakdown of the scale and geographic focus as of early 2025:

The policyholders served by Universal Insurance Holdings, Inc. are seeking specific types of protection:

• Owners of personal residential properties, including homeowners.
• Owners of condominium units.
• Owners of rental properties (implied within residential focus).
• Policyholders requiring coverage for renters/tenants.
• Customers needing protection against natural catastrophes, specifically hurricanes, windstorms and fires.
• A segment seeking commercial residential multi-peril coverage.

The company's commitment to policyholders seeking catastrophe coverage is underscored by its risk transfer structure. For a single All States event in the 2025-2026 period, the top of Universal Insurance Holdings' combined reinsurance tower was set at $2.526 billion. Furthermore, the company secured $352 million in multi-year catastrophe capacity extending through the 2026-2027 treaty period.

Universal Insurance Holdings, Inc. (UVE) - Canvas Business Model: Cost Structure

The Cost Structure for Universal Insurance Holdings, Inc. (UVE) is heavily weighted toward claims and the costs associated with securing and maintaining premium volume across its multi-state footprint.

Losses and Loss Adjustment Expenses (LAE) are the single largest component of the cost base. For the third quarter of 2025, Universal Insurance Holdings reported a net loss ratio of 70.2%. This figure reflects a significant decrease of 21.5 points compared to the prior year quarter, largely because the third quarter of 2024 included claims from Hurricanes Debby and Helene, and the third quarter of 2025 saw a lack of hurricane activity in the US. The net combined ratio for Q3 2025 stood at 96.4%, down 20.5 points from Q3 2024.

Ceded premiums earned, which represent reinsurance costs, are a major, variable expense. In Q3 2025, Universal Insurance Holdings ceded 32.7% of its premiums earned, which was an increase from the 31.9% ceded in the prior year quarter. This action passes on the risk of that portion of premiums to reinsurers, which is a key strategy to limit exposure to catastrophic events. The increase in the ceded premium ratio contributed to the rise in the net expense ratio.

Policy acquisition costs are directly tied to growth, particularly outside of the primary Florida market. The net expense ratio for Q3 2025 was 26.2%, up 1.0 point from 25.2% in Q3 2024. This increase was primarily driven by the higher ceded premium ratio and higher policy acquisition costs associated with growth outside Florida. For example, in Q1 2025, the net expense ratio was 24.5%, and the increase was driven by higher policy acquisition costs associated with growth outside of Florida and higher other operating costs.

General and administrative expenses (G&A) are captured within the net expense ratio calculation, which also includes policy acquisition costs and ceded premiums. The net expense ratio for Q3 2025 was 26.2%. For context on the trend, the net expense ratio was 25.5% in Q2 2025 and 24.5% in Q1 2025. While specific G&A dollar amounts separate from the expense ratio components aren't explicitly detailed in the latest reports, the overall expense management is reflected in this ratio.

Operating costs related to the distribution network are embedded within policy acquisition costs. Universal Insurance Holdings maintains a distribution channel consisting of approximately 9,600 independent agents across its operating states. The growth in non-Florida states, which saw a 22.2% increase in direct premiums written in Q3 2025, is explicitly cited as a driver for the manageable increase in policy acquisition costs.

Here is a quick look at the key expense and loss metrics for recent quarters:

The cost structure is also influenced by the following operational elements:

• Ceded premium ratio in Q3 2025 was 32.7%.
• Agent network size is approximately 9,600 independent agents.
• Policy acquisition costs are rising due to growth outside Florida.
• Net investment income was $18.3 million in Q3 2025.
• Commissions, policy fees and other revenue were $22.0 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

Universal Insurance Holdings, Inc. (UVE) - Canvas Business Model: Revenue Streams

You're looking at the money Universal Insurance Holdings, Inc. (UVE) brings in, which is the foundation of its entire operation. For an insurer, this isn't just one number; it's a mix of risk-taking revenue and investment gains. As of late 2025, the picture is quite strong, showing a clear focus on underwriting profitability.

The biggest piece of the pie, as expected for an insurance company, comes from the premiums they keep after paying reinsurers. For the third quarter of 2025, Net Premiums Earned hit $359.7 million. This single component made up a massive 89.9% of the reported Q3 2025 core revenue of $400.0 million. That concentration shows how central the core insurance business is to the firm's financial health. Honestly, when you see that percentage, you know underwriting discipline is everything.

The next major stream is the money made from managing the float-the premiums collected before claims are paid out. Net Investment Income from the investment portfolio was $18.3 million in Q3 2025. That's a nice bump up from the $15.4 million seen in the third quarter of 2024, which the company attributed to higher fixed income reinvestment yields and a larger asset base. That growth in investment income helps smooth out the volatility inherent in underwriting results.

The remaining revenue sources, which we can group as Commissions, Policy Fees, and Other revenue, accounted for exactly 5.5% of the Q3 2025 core revenue. Based on the $400.0 million core revenue base, this non-risk revenue stream contributed approximately $22.0 million. This category includes things like policy fees and other non-risk revenue from integrated services, which is a growing area for UVE as they expand their digital footprint, like with Clovered.com.

To give you a clear snapshot of the Q3 2025 core revenue composition, here's the quick math:

Looking at the broader picture, the Total Trailing Twelve-Month (TTM) revenue for Universal Insurance Holdings, Inc. as of the end of Q3 2025 stands at approximately $1.58 Billion USD. This shows solid top-line momentum, up from $1.52 Billion USD in the full year 2024.

It's also worth noting the gross premium activity that feeds these earned figures. You can see the underlying demand through the direct premiums:

• Direct premiums written in Q3 2025 totaled $592.8 million, marking a 3.2% year-over-year increase.
• Direct premiums earned in Q3 2025 reached $534.1 million, showing a 5.2% year-over-year growth.
• This growth outside of Florida was significant, with a 22.2% increase in other states partly offsetting a 2.6% decrease in Florida.

The strategic focus on profitability over sheer premium volume is evident, but the revenue streams are definitely expanding. Finance: draft 13-week cash view by Friday.