Florida’s largest private home insurance company, Universal Insurance Holdings, saw profits more than double in the second quarter even as it faced regulatory sanctions, South Florida Business Journal reported.
The publicly traded Fort Lauderdale-based company had a profit of $17 million in the second quarter, a 118 percent gain over the same period a year ago, according to the Journal.
Universal’s profits surged after it received approval in February to raise homeowner insurance rates by 14.1 percent. The company, with more than 540,000 Florida clients, saw its earned premiums rise 20 percent during the second quarter.
The company has disputed a $1.3 million fine by Florida regulators for improper market conduct, according to the newspaper. [SFBJ] — Emily Schmall