UNIVERSAL SWINGS INTO RED ON RESERVING CHARGE

US property/casualty insurer Universal Insurance Holdings swung to a fourth-quarter net loss of $6.5m from profit of $36m in the same period in 2017. This followed a $97m strengthening of prior-year loss reserves. Adjusted earnings per share fell to 13¢ from $1.03, missing analysts’ forecast of 33¢. With the reserving charge, the combined ratio increased 33.6 points to 111.2%. Direct written premiums grew 12% to $269m. For the full year, the Florida-based group’s net income rose 10% on written premiums of $1.2bn, up 13%. The combined ratio added 2.9 points to 87.3%.