KBRA assigns a BBB long-term credit rating (LTCR) to Universal Insurance Holdings, Inc.'s (UVE’s) $100 million, 7.75% Senior Unsecured Notes (Notes) due 2031, with a Stable outlook. UVE intends to use the net proceeds from the offering for general corporate purposes, including redemption of its existing $100 million 5.625% Senior Unsecured Notes due November 30, 2026, extending UVE’s debt maturity profile to 2031. The Notes are senior unsecured obligations of UVE and rank equally with the company’s current and future senior unsecured indebtedness, while remaining structurally subordinated to policyholder obligations and other liabilities of UVE’s subsidiaries.

UVE is a holding company offering property and casualty insurance and value-added insurance services, including risk management, claims management, and distribution. The primary insurance entities, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), offer insurance products through both their appointed independent agent network and Universal’s online distribution channels across 19 active states, most notably Florida.

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Methodology

• Insurance: Insurer & Insurance Holding Company Global Rating Methodology

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1015621

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