FORT LAUDERDALE, Fla.,
April 2, 2014 /PRNewswire/
-- Universal Insurance Holdings, Inc. (NYSE: UVE)
announced today that its subsidiary, Universal Property &
Casualty Insurance Company (UPCIC), has applied to expand into
Pennsylvania, in-line with the
Company's strategy to increase its geographic
diversification.
UPCIC has submitted an application to the regulatory entity in
Pennsylvania, and has received
confirmation of its receipt. The Company looks forward to
working with the state regulators during the review process.
UPCIC is one of the leading writers of homeowners insurance in
Florida and a fully licensed
operator in North Carolina,
South Carolina, Hawaii, Georgia, Massachusetts and Maryland. As announced in January 2014, the Company has additional
applications pending in Indiana,
Minnesota and Delaware.
About Universal Insurance Holdings, Inc.
Universal Insurance Holdings, Inc., with its wholly-owned
subsidiaries, is a vertically integrated insurance holding company
performing all aspects of insurance underwriting, distribution and
claims. Universal Property & Casualty Insurance Company
(UPCIC), a wholly-owned subsidiary of the Company, is one of the
leading writers of homeowners insurance in Florida and is now fully licensed and has
commenced its operations in North
Carolina, South Carolina,
Hawaii, Georgia, Massachusetts and Maryland. American Platinum Property and
Casualty Insurance Company, also a wholly-owned subsidiary,
currently writes homeowners multi-peril insurance on Florida homes valued in excess of $1 million, which are limits and coverages
currently not targeted through its affiliate UPCIC. For additional
information on the Company, please visit our investor relations
website at www.universalinsuranceholdings.com.
Forward-Looking Statements and Risk Factors
This press release may contain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. The words "believe," "expect," "anticipate," and similar
expressions identify forward-looking statements, which speak only
as of the date the statement was made. Such statements may include
commentary on plans, products and lines of business, marketing
arrangements, reinsurance programs and other business developments
and assumptions relating to the foregoing. Forward-looking
statements are inherently subject to risks and uncertainties, some
of which cannot be predicted or quantified. Future results could
differ materially from those described and the Company undertakes
no obligation to correct or update any forward-looking statements.
For further information regarding risk factors that could affect
the Company's operations and future results, refer to the Company's
reports filed with the Securities and Exchange Commission,
including the Form 10-K for the year ended December 31, 2013.
Investor Contact:
Andy Brimmer / Steve
Frankel / Mahmoud Siddig
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
SOURCE Universal Insurance Holdings, Inc.