Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 11-K

(Mark-One)

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023

o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number: 001-33251

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

UNIVERSAL PROPERTY & CASUALTY 401(k)

PROFIT SHARING PLAN

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

UNIVERSAL INSURANCE HOLDINGS, INC.

1110 WEST COMMERCIAL BLVD.

FORT LAUDERDALE, FLORIDA 33309

UNIVERSAL PROPERTY & CASUALTY 401(k)

PROFIT SHARING PLAN

Financial Statements and Supplemental Schedule

December 31, 2023 and 2022




Table of Contents		Page

	Report of Independent Registered Public Accounting Firm	1

(a)	Financial Statements

	Statements of Net Assets Available for Benefits as of December 31, 202 3 and 202 2	2

	Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 202 3	3

	Notes to Financial Statements	4

(b)	Supplemental Schedules

	Schedule of Assets Held at End of Year as of December 31, 202 3 - Form 5500, Schedule H, Part IV, Line 4(i)	10



	Signatures	11

	Exhibits:

	Exhibit 23.1 Consent of Plante & Moran, PLLC

Report of Independent Registered Public Accounting Firm

To the Plan Administrator and Plan Participants

Universal Property & Casualty

401(k) Profit Sharing Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Universal Property & Casualty 401(k) Profit Sharing Plan (the “Plan”) as of December 31, 2023 and 2022 and the related statement of changes in net assets available for benefits for the year ended December 31, 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets of the Plan as of December 31, 2023 and 2022 and the changes in its net assets for the year ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis of Opinion

The Plan’s management is responsible for these financial statements. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental information in the accompanying schedule of assets held at end of year as of December 31, 2023 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with Department of Labor’s Rules and Regulations for Reporting under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Plante & Moran, PLLC

We have served as the Plan’s auditor since 2010.

Southfield, Michigan

June 26, 2024


Universal Property & Casualty 401(k)
Profit Sharing Plan


STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS


	December 31, 2023		December 31, 2022
ASSETS:
Participant directed investments at fair value:
Mutual funds	$	62,493,834	$	48,248,725
Universal Insurance Holdings Common Stock Fund	1,348,891		884,785
Self-directed brokerage accounts	1,611,517		1,215,533
Total participant-directed investments	65,454,242		50,349,043

Contributions receivable:
Participants	1,229		—
Employer	900		—
Total contributions receivables	2,129		—

Notes receivable from participants	2,981,581		2,370,223
Total assets	68,437,952		52,719,266

LIABILITIES - Excess contributions payable	809		980

NET ASSETS AVAILABLE FOR BENEFITS	$	68,437,143	$	52,718,286

See notes to financial statements.


Universal Property & Casualty 401(k)
Profit Sharing Plan



STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

	Year Ended
	December 31, 2023
ADDITIONS TO NET ASSETS:
Contributions:
Participants	$	6,063,512
Employer	3,723,341
Rollovers	345,124
Total contributions	10,131,977

Investment income:
Interest and dividends	1,987,832
Net realized and unrealized gain on investments	6,562,858
Total investment income	8,550,690

Interest income on notes receivable from participants	158,177
Total additions	18,840,844

DEDUCTIONS FROM NET ASSETS:
Benefits paid directly to participants or beneficiaries	3,082,018
Administrative expenses	39,969
Total deductions	3,121,987

NET INCREASE	15,718,857

NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year	52,718,286

End of year	$	68,437,143

See notes to financial statements.


Universal Property & Casualty 401(k)
Profit Sharing Plan

			NOTES TO FINANCIAL STATEMENTS
			DECEMBER 31, 2023 AND 2022


Note 1 -			DESCRIPTION OF THE PLAN

The following description of Universal Property & Casualty 401(k) Profit Sharing Plan (the “Plan”) provides only general information. Participants should refer to the plan agreement for a more complete description of the Plan’s provisions.

General - The Plan is a defined contribution plan maintained on a 12-month plan year, which begins on January 1 and ends on December 31. The Plan was established by Universal Property & Casualty Insurance Company, the Plan’s sponsor, on January 1, 2009. Universal Property & Casualty Insurance Company is a wholly-owned subsidiary of Universal Insurance Holdings, Inc. (“UVE”). The Plan covers all employees of Universal Property & Casualty Insurance Company and participating affiliates of UVE (collectively, the “Company”). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

Effective August 1, 2022, the Plan expanded the list of expenses which qualify for a hardship distribution. A participant can now receive a hardship distribution if their principal residence or place of employment at the time of a disaster was in an area the Federal Emergency Management Agency (“FEMA”) designates as qualifying for individual assistance in connection with a federally declared disaster. The distribution can cover the participant’s expenses and losses (including loss of income) on account of the disaster. The definition of residential casualty loss has been broadened to include residential casualties even if they are not part of a federally declared disaster.

Eligibility - Any employee of the Company who has attained 18 years of age and has completed three consecutive months of service is eligible to participate in the Plan. Eligible employees may enroll in the Plan on the first day of each month of the plan year.

Contributions - An eligible employee may elect to contribute an amount between 1 percent and 90 percent (in whole percentages) of the contributing participant’s before-tax compensation, not to exceed current Internal Revenue Service (IRS) regulations. Participants who have attained age 50 may make catch-up contributions in addition to their regular deferral contributions. Participants can elect whether to have their contributions subject to federal income tax each pay period or defer federal income tax until withdrawn. Eligible employees may also contribute, with the consent of the plan administrator, amounts representing distributions from other qualified defined benefit or defined contribution plans. Participants direct the investment of their contributions into various investment options offered by the Plan, including the Universal Insurance Holdings Common Stock Fund, which holds common stock of UVE. The Plan restricts investment in Universal Insurance Holdings Company Stock Fund to a total of 30 percent of any contribution made by participants. The participants are able to change their investment options on a daily basis.

The employer matches participants’ contributions in an amount equal to 100 percent of each eligible participant’s contribution up to a maximum of 5 percent of the participant’s compensation for the contribution period.

The employer may also make a discretionary profit-sharing contribution to the Plan as determined by the Company. There was no such profit-sharing contribution during 2023.

Participant Accounts - Each participant’s account is credited with the participant’s contribution, the employer’s matching contribution, the employer’s profit-sharing contribution, and allocations of the plan earnings and is charged with an allocation of administrative expenses and plan losses. Allocations are based on participant earnings or account balances, as defined. The benefit to which the participant is entitled is the benefit that can be provided from the participant’s vested account.


Universal Property & Casualty 401(k)
Profit Sharing Plan

			NOTES TO FINANCIAL STATEMENTS
			DECEMBER 31, 2023 AND 2022

Payment of Benefits - Upon termination of service due to death, disability, or retirement, a participant (or the participant’s spouse or designated beneficiary, in the case of death) may receive 100 percent of the value of the participant’s account. Upon termination of service due to any other reason, a participant may receive the vested portion of the value of the participant’s account. Distributions may be in the form of a lump-sum payment or installment payments. If the participant’s vested account balance is less than $5,000, distributions will be made in a single lump-sum payment. If the participant’s vested account balance exceeds $5,000, the distribution may be made in a single lump-sum payment, installments over a period of not more than the participant’s assumed life expectancy (or the assumed life expectancies of the participant and their beneficiary), or partial withdrawals.

Hardship Withdrawals - The Plan imposes restrictions on the ability to withdraw certain amounts on account of a hardship. Due to recent changes in the law, the Plan has been amended to expand the amounts that can be withdrawn on account of a hardship. The amount available will now include earnings on elective deferrals, Qualified Non-Elective Contributions (including any safe harbor contributions), and Qualified Matching Contributions (including any safe harbor contributions).

Hardship Conditions - If a participant has a qualifying hardship expense, the Plan requires that certain conditions be satisfied to demonstrate the necessity of the distribution. The following changes apply in these conditions:

1.Participants will be required to certify in writing or electronically, as a condition of receiving a hardship distribution, that the participant has insufficient cash or other liquid assets reasonably available to meet their financial hardship.

2.Participants are not required to suspend any contributions they are making to the Plan after receiving a hardship distribution.

3.Participants are not required to obtain all nontaxable loans currently available under all plans that the Company maintains before taking a hardship distribution.

Forfeitures - Forfeitures can be used to reduce administrative expenses or future employer contributions. Forfeitures are generally used first to pay any administrative expenses and any remaining forfeitures are used to reduce employer contributions. For the year ended December 31, 2023, $1 was used to reduce employer contributions. For the years ended December 31, 2023 and 2022, the forfeiture account balance was $60.

Vesting - Participants are immediately vested in both participant and employer matching contributions. Participants vest in employer discretionary contributions as follows:


Years of Service			Vested Percentage
2			20%
3			40%
4			60%
5			80%
6			100%

Notes Receivable from Participants - Participants may borrow from their accounts a minimum of $500 up to a maximum equal to the lesser of $50,000 or 50 percent of their account balance. Loan terms, excluding those for the purchase of a principal residence, range from 1 to 5 years (60 months). Loans for the purchase of a principal residence can be paid over a reasonable period of time, not to exceed 30 years. The loans are secured by the balance in the participant’s account and bear interest at rates equal to the prime rate on the date of the loan request plus 1 percent. Principal and interest are paid ratably through biweekly payroll deductions.

Termination - While it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in the plan agreement and ERISA. Upon termination of the Plan, participants become 100 percent vested in their account balances.


Universal Property & Casualty 401(k)
Profit Sharing Plan

			NOTES TO FINANCIAL STATEMENTS
			DECEMBER 31, 2023 AND 2022


Note 2 -			SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation and Income Recognition - The Plan’s investments are stated at fair value. Mutual funds are valued based on quoted market values. The Universal Insurance Holdings Common Stock Fund (“Common Stock Fund”) is tracked on a unitized basis. The value of the Common Stock Fund is the combined value of the year-end market value of Universal Insurance Holdings Common Stock (“UVE Common Stock”) plus uninvested cash, if any, held in the Common Stock Fund. As of December 31, 2023, the Common Stock Fund held 82,797 shares of UVE Common Stock with an aggregate value of $1,323,096, and uninvested cash of $25,795. As of December 31, 2022, the Common Stock Fund held 82,050 shares of UVE Common Stock with an aggregate value of $868,910, and uninvested cash of $15,875.

Additionally, the Plan allows participants to invest in self-directed brokerage accounts. The self-directed brokerage accounts include various investments in publicly traded securities, which are valued based on quoted market values. See Note 3 for additional information.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date.

Notes Receivable from Participants - Participant notes receivable is recorded at its unpaid principal balance plus any accrued interest. Delinquent loans are reclassified as distributions based on the terms of the plan document.

Benefit Payments - Benefits are recorded when paid.

Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions and deductions during the reporting period. Actual results could differ from those estimates.

Risks and Uncertainties - The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the financial statements.

Administrative Expenses - Certain administrative costs are paid by the Company, if any, which qualify as party-in-interest transactions.


Note 3 -			FAIR VALUE MEASUREMENTS

Accounting standards require certain assets and liabilities to be reported at fair value in the financial statements and provide a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value.

Level 1 - Fair values determined by Level 1 inputs use quoted prices in active markets for identical assets that the Plan has the ability to access.

Level 2 - Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets in active markets and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3 - Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset.


Universal Property & Casualty 401(k)
Profit Sharing Plan

			NOTES TO FINANCIAL STATEMENTS
			DECEMBER 31, 2023 AND 2022

In instances whereby inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Plan’s assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset.

The following tables present information about the Plan’s assets measured at fair value on a recurring basis at December 31, 2023 and 2022.

Assets Measured at Fair Value on a Recurring Basis at December 31, 2023


	Investments (at Fair Value)		Level 1		Level 2		Level 3
Mutual funds	$	62,493,834	$	62,493,834	$	—	$	—
Universal Insurance Holdings Common Stock Fund	1,348,891		1,348,891		—		—
Self-directed brokerage accounts (1)	1,611,517		1,611,517		—		—
Total	$	65,454,242	$	65,454,242	$	—	$	—

(1)Self-directed brokerage accounts consist of money market funds of $276,528, interest-bearing cash of $130,295, and corporate common stock and exchange-traded funds of $1,204,694 of which includes $355,322 of UVE Common Stock at December 31, 2023.

Assets Measured at Fair Value on a Recurring Basis at December 31, 2022


	Investments (at Fair Value)		Level 1		Level 2		Level 3
Mutual funds	$	48,248,725	48,248,725		$	—	$	—
Universal Insurance Holdings Common Stock Fund	884,785		884,785		—		—
Self-directed brokerage accounts (2)	1,215,533		1,215,533		—		—
Total	$	50,349,043	$	50,349,043	$	—	$	—

(2)Self-directed brokerage accounts consist of non interest-bearing cash of $79,488, interest-bearing cash of $256,487, corporate common stock of $879,558 of which includes $95,845 of UVE Common Stock at December 31, 2022.

The Plan’s policy is to recognize transfers between levels of the fair value hierarchy as of the actual date of the event of change in circumstances that caused the transfer. There have not been any transfers between levels of the fair value hierarchy during 2023 and 2022.


Note 4 -			TAX STATUS

The Plan is a preapproved plan. The preapproved plan has received a favorable opinion letter from the Internal Revenue Service (IRS) indicating that the Plan, as designed, is qualified for federal income tax-exempt status. The Plan has not individually sought out its own determination letter from the IRS. As of December 31, 2023, the Plan’s 2020 through 2022 tax years are still subject to examination by the Internal Revenue Service.


Universal Property & Casualty 401(k)
Profit Sharing Plan

			NOTES TO FINANCIAL STATEMENTS
			DECEMBER 31, 2023 AND 2022


Note 5 -			RECONCILIATION TO FORM 5500

The following is a reconciliation of net assets available for benefits per the financial statements at December 31, 2023 and 2022 to Form 5500:


	2023		2022
Net assets available for benefits per the financial statements	$	68,437,143	$	52,718,286
Excess contributions payable	809		980
Net assets per Form 5500	$	68,437,952	$	52,719,266

The following is a reconciliation of net increase in net assets available for benefits per the financial statements for the year ended December 31, 2023 to Form 5500:


	2023
Net increase per the financial statements	$	15,718,857
Change in corrective distributions	(171)
Net income per Form 5500	$	15,718,686


Note 6 -			RELATED PARTIES

The Company is a party-in-interest as defined by ERISA as a result of being the Plan Sponsor. The Plan engages in transactions involving the acquisition or disposition of UVE Common Stock in the Common Stock Fund and the self-directed brokerage account. State Street is the custodian of the Common Stock Fund and Charles Schwab is the custodian of the self-directed brokerage account; therefore, these transactions are reported as party-in-interest transactions. All of these transactions are exempt from the “prohibited transactions” provisions of ERISA. The Plan held shares of UVE Common Stock in the Common Stock Fund and the self-directed brokerage account with a combined estimated fair value of $1,678,418 and $964,755 as of December 31, 2023 and 2022, respectively.

UVE Common Stock Activity in the Common Stock Fund


	2023	2022
Shares owned	82,797	82,050
Shares purchased	12,288	20,034
Shares sold	11,541	1,658

The Plan received $62,808 and $54,969 in dividend income on the UVE Common Stock during the years ended December 31, 2023 and 2022, respectively.

The Company paid certain Plan’s administrative expenses during the year ended December 31, 2023, which is not reflected in the Plan’s financial statements. All the transactions discussed in this paragraph qualify as party-in-interest transactions.


Universal Property & Casualty 401(k)
Profit Sharing Plan

			NOTES TO FINANCIAL STATEMENTS
			DECEMBER 31, 2023 AND 2022


Note 7 -			SUBSEQUENT EVENTS

The financial statements and related disclosures include evaluation of events up through the date the financial statements were issued and determined that, other than those disclosed throughout the financial statements, no additional disclosures were required.


UNIVERSAL PROPERTY & CASUALTY 401(K)
PROFIT SHARING PLAN
EIN: 65-0789077, PLAN NO. 001

SCHEDULE OF ASSETS HELD AT END OF YEAR
FORM 5500, SCHEDULE H, PART IV, LINE 4(i)
DECEMBER 31, 2023

(a)

(b)

(c)

(d)

(e)

Identity of Issuer

Description of Investment

Cost **

Current Value

Mutual funds:

Invesco

Invesco Income Fund - Investor Class

396,283

American Funds

American Funds Target Date Retirement Fund 2065 Class - R4

21,636

American Funds Target Date Retirement Fund 2060 Class - R4

44,050

American Funds Target Date Retirement Fund 2055 Class - R4

14,631

American Funds Target Date Retirement Fund 2050 Class - R4

16,084

American Funds Target Date Retirement Fund 2045 Class - R4

7,145,015

American Funds Target Date Retirement Fund 2040 Class - R4

46,980

American Funds Target Date Retirement Fund 2035 Class - R4

9,256,076

American Funds Target Date Retirement Fund 2030 Class - R4

66,083

American Funds Target Date Retirement Fund 2025 Class - R4

3,169,715

American Funds U.S. Government Money Market Fund - Class R3

2,990,944

American Funds Capital World Bond - Class R3

336,192

American Funds Capital World Growth and Income Fund - Class R3

1,495,758

American Funds EuroPacific Growth Fund - Class R3

1,106,234

American Funds Fundamental lnvestors - Class R3

1,661,932

American Funds The Growth Fund of America - Class R3

2,660,457

American Funds Investment Company of America Fund - Class R3

1,093,896

American Funds New Perspective Fund - Class R3

1,680,313

American Funds The Bond Fund of America - Class R3

425,936

American Funds The Income Fund of America - Class R4

11,642,854

MFS

MFS Utilities Fund - Class R3

702,282

MFS Total Return - Class R3

698,056

Vanguard

Vanguard Real Estate Index Fund - Admiral

821,897

Vanguard 500 Index Fund - Admiral

8,038,060

Vanguard LifeStrategy Moderate Growth Fund

993,298

Vanguard Small Cap Value Index Fund - Admiral

1,619,718

Vanguard Global Capital Cycles Fund - Investor Class

475,022

Vanguard LifeStrategy Conservative Growth Fund - Investor Class

817,971

Vanguard Emerging Markets Stock Index Fund - Admiral

766,826

Vanguard LifeStrategy Growth Fund

1,486,774

Vanguard Energy Fund - Investor Class

802,861

Charles Schwab (1)

Self-Directed Brokerage Account - Brokerage Fund Options

1,611,517

Universal Insurance Holdings

Common Stock Fund

1,348,891

Participants

Notes receivable from participants - Interest rates varying from 4.25 to 9.50 percent

2,981,581

Total

68,435,823

Investment is with a party-in-interest to the Universal Property & Casualty 401(k) Profit Sharing Plan.

Historical cost information for participant-direct accounts is not required.

(1)

During 2023, the party-in-interest to the Self-Directed Brokerage Account was transitioned from TD Ameritrade to Charles Schwab.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Universal Property & Casualty 401(k) Profit Sharing Plan, has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.


	Universal Property & Casualty 401(k) Profit Sharing Plan


Date: June 26, 2024	By:	/s/ Frank C. Wilcox
		Frank C. Wilcox, Chief Financial Officer
		UNIVERSAL INSURANCE HOLDINGS, INC.