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Text: Yesterday, we reported solid second quarter results, underpinned by strong top line growth as a result of the pockets of attractive pricing and volume, resulting in an annualized return on average equity in the first half of 2020 of 15.5%.
In addition, we continue to enter new states as an agent serving independent third-party carriers with our digital insurance agency Clovered.
We launched Clovered just over a year ago and continue to add partners and expand its offerings to consumers, while enhancing the overall digital experience.
Clovered continues to be an attractive growth opportunity for us with approximately 40% premium growth from the year ago quarter to its total book of business, while growing non risk bearing business by over 200% in the same time period.
The shift to online policy acquisition continues to grow, in part, due to a very desirable refinance and new home market.
Clovered represents Universal Property & Casualty's fastest growing agency across it's nearly 10,000 independent agents.
So, we're off to a solid start to the first half of the year overall, including the successful completion of our reinsurance renewal on time and on budget.
We are taking a more measured approach to guidance as a result of previously announced, but starkly above average weather events in the second quarter.
Our liquidity and ability to drive growth remains strong, and we continue to execute for our consumers and stakeholders.
As a reminder, discussions today on adjusted operating income and adjusted earnings per share are on a non-GAAP basis and exclude effects from unrealized and realized gains and losses on investments, and extraordinary reinstatement premiums and related commissions.
Adjusted operating income also excludes interest expense.
EPS for the quarter was $0.62 on a GAAP basis and $0.52 on a non-GAAP adjusted earnings per share basis, and $1.23 and $1.32 for the first half of 2020, respectively.
Direct premiums written were up 13.1% for the quarter, led by strong direct premium growth of 14.5% in states outside of Florida and 12.8% in Florida.
For the first half of 2020, direct premiums written were also up double digits, led by 16.5% in states outside Florida and 13.8% in Florida.
In both cases, growth was led by increased volume, rate increases becoming effective in a series of states, along with slightly improved retention, contributing to premium growth.
On the expense side, the combined ratio increased 12.6 points for the quarter to 99.5% and 9.8 points for the first half of 2020 to 96.8%.
The increases were driven primarily by the previously announced increased weather events in the second quarter, a higher core loss ratio and the impact of higher reinsurance costs on the combined ratio, partially offset by a reduction in the expense ratio.
Total services revenue increased 16.8% to $16.1 million for the quarter and 20.9% to $31.5 million for the first half of 2020, driven primarily by commission revenue earned on ceded premiums.
On our investment portfolio, net investment income decreased 16.6% to $6.2 million for the quarter and 16.3% to $13 million for the first half of 2020, primarily due to lower yields on cash and short term investments during the first half of 2020 when compared to the first half of 2019.
The prior year also included onetime income benefits from a special dividend received and onetime reduction in investment expenses.
Also to note, we had an increase in our cash and cash equivalents position by 82.2% when compared to the end of 2019 as a result of taking a defensive posture as COVID-19 impacts continue to be felt across the global economy.
In regards to capital deployment, during the second quarter, the company repurchased approximately 572,000 shares at an aggregate cost of $10 million.
For the first half of 2020, the company repurchased approximately 884,000 shares at an aggregate cost of $16.6 million.
The company's current share repurchase authorization program has $11.7 million remaining as of June 30, 2020, and runs through December 31, 2021.
On July 6, 2020, the Board of Directors declared a quarterly cash dividend of $0.16 per share payable on August 7, 2020, to shareholders of record as of the close of business on July 31, 2020.
As mentioned in our release yesterday, we are updating our full year guidance to reflect the previously announced historically above average second quarter weather events.
We now expect a GAAP earnings per share range from $2.31 to $2.61 and a non-GAAP adjusted earnings per share range of $2.40 to $2.70, assuming no extraordinary weather in the latter half of 2020 and no realized or unrealized gains for the second half of 2020.
This would yield a return on average equity derived from GAAP measures between 13.5% and 16.5% for the full year.
I will start with some additional color on prior year catastrophe events, then I'll touch on our experience to date with the second quarter 2020 weather events, and I'll conclude with a few comments on our reinsurance program effective June one.
On prior year catastrophe events, we continue to make significant progress in resolving the remaining open claims and, of course, handling the newly reported claims as quickly as possible.
As of 6/30, Hurricanes Matthew and Florence each were in the single-digit open claims and continue to be very near the end.
Hurricane Michael had a little over 100 claims open.
And as we start to approach the end on this storm, we did elect to book a modest $9.5 million increase in gross ultimate as of 6/30.
This change does not impact our net loss position.
On Hurricane Irma, despite the fact that 1,800 new claims were reported during the second quarter, we still successfully reduced the remaining open claim count.
As of 6/30, the open Irma account stood at just over 450 we are preparing for the three year statute of limitation for filing new Irma claims to pass in early September, so we can make a final push on closing this event.
There was no change to the ultimate as of 6/30.
We were directly impacted by 14 different second quarter PCS events, which led us to book an additional $17 million of net pre-tax loss beyond our original weather loss plan as of 6/30.
A few highlights worth mentioning.
We secured more open market catastrophe coverage than at any other point in Universal's history.
The top level of UPCIC's reinsurance tower provides coverage to a one in 300-year level.
The final estimated cost was in line with our original guidance at approximately 34.6% of estimated direct earned premium for the 12-month treaty period.
This compares to 33.3% at this time last year, reflecting a 4.1% increase year-over-year.
Given the state of the reinsurance market and the industry's recent loss experience, we view the pricing levels as reasonable for this treaty period.

user
universal insurance holdings q2 gaap earnings per share $0.62.
q2 gaap earnings per share $0.62.
adjusted 2020 outlook to reflect historically above average q2 weather events.
qtrly direct premiums written up 13.1% to $404.7 million.
have not seen a material impact from covid-19 pandemic on co's business.
sees 2020 gaap earnings per share in a range of $2.31 - $2.61.
sees 2020 non-gaap adjusted earnings per share in a range of $2.40 - $2.70.

assistant