REINSURANCE (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Ratings from Rating Agencies and Unsecured Amounts Due from Reinsurers Exceeded 3% of Stockholders' Equity

The following table presents ratings from rating agencies and the unsecured amounts due from the reinsurers whose aggregate balance exceeded 3% of the Company’s stockholders’ equity as of the dates presented (in thousands):

Ratings as of December 31, 2025

Standard

AM Best

and Poor’s
Rating

Moody’s
Investors

Due from as of
December 31,

Reinsurer

Company

Services, Inc.

Service, Inc.

2025

2024

Various Lloyd’s of London Syndicates (1)

A+

AA-

n/a

75,742

282,826

Florida Hurricane Catastrophe Fund “FHCF” (2)

n/a

69,734

81,375

Markel Bermuda Ltd.

38,569

94,173

Everest Reinsurance Co

A+

22,041

47,807

Renaissance Reinsurance Ltd.

A+

20,875

35,808

DaVinci Reinsurance Ltd.

A+

18,799

73,645

Total (3)

245,760

615,634

(1)Moody’s does not provide a rating for Lloyd’s; the reinsurer is fully collateralized with a trust agreement.

(2)No rating is available, because the fund is not rated.

(3)Amounts represent prepaid reinsurance premiums and net recoverables for paid and unpaid losses, including incurred but not reported reserves, and LAE.

Schedule of Effects of Reinsurance Arrangements

The Company’s reinsurance arrangements had the following effect on certain items in the Consolidated Statements of Income for the periods presented (in thousands):


	For the Year Ended December 31, 2025
	Premiums Written		Premiums Earned		Losses and Loss Adjustment Expenses
Direct	$	2,140,256	$	2,108,743	$	1,001,269
Ceded	(698,043)		(669,728)		(15,391)
Net	$	1,442,213	$	1,439,015	$	985,878


	For the Year Ended December 31, 2024
	Premiums Written		Premiums Earned		Losses and Loss Adjustment Expenses
Direct	$	2,069,692	$	1,999,805	$	1,785,133
Ceded	(653,193)		(626,732)		(697,767)
Net	$	1,416,499	$	1,373,073	$	1,087,366


	For the Year Ended December 31, 2023
	Premiums Written		Premiums Earned		Losses and Loss Adjustment Expenses
Direct	$	1,921,833	$	1,875,129	$	1,046,854
Ceded	(577,020)		(623,193)		(54,218)
Net	$	1,344,813	$	1,251,936	$	992,636

Schedule of Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable

The following prepaid reinsurance premiums and reinsurance recoverable are reflected in the Consolidated Balance Sheets as of the dates presented (in thousands):


	As of December 31,
	2025		2024
Prepaid reinsurance premiums	$	291,031	$	262,716
Reinsurance recoverable on paid losses and LAE	$	18,574	$	65,681
Reinsurance recoverable on unpaid losses and LAE	214,344		561,936
Reinsurance recoverable	$	232,918	$	627,617

UNIVERSAL INSURANCE HOLDINGS, INC. 10-K