In fact, given its current financial position and reinsurance program, UVE would remain profitable even if Florida were to face three storms in one season on the scale of Hurricane Andrew, which was one of the most destructive hurricanes in U.
Without regard to how any particular investor perceives the value of UVE's stock, UVE and its employees have worked hard to build a strong insurance organization that has delivered favorable results not only for shareholders but also for policyholders.
The regulator questioned the decisions UVE reached in 262 claims out of more than 25,000 claims handled by the company during the review period.
Over its 18 years in the insurance business, UVE, like many other companies, has had changes at the senior executive level.
It is irresponsible, and flat wrong, to suggest that UVE denies claims at every opportunity when it typically handles more than 20,000 insurance claims in a given year, paying tens of millions of dollars to policyholders.
In addition, the source fails to understand that throughout its history, UVE has filed proposed rates that have been less than its full actuarially indicated rates.
Downes became the company's CEO, UVE engaged Deutsche Bank to manage the company's investment portfolio.
He provided consulting services to the company as his duties were transitioned to our current CFO, and UVE maintains a good relationship with both former CFOs.