FORT LAUDERDALE, Fla.,
April 10, 2014 /PRNewswire/ --
Universal Insurance Holdings, Inc. (NYSE: UVE) announced
today that the Insurance Commissioner of Delaware has issued a Certificate of Authority
to Universal Property & Casualty Insurance Company (UPCIC), a
wholly-owned subsidiary of Universal Insurance Holdings, Inc.,
thereby approving UPCIC as a licensed insurance entity in the state
of Delaware.
UPCIC expects to file its homeowners insurance rates and forms
with the Delaware Insurance Commissioner shortly, and expects to
begin writing homeowners insurance in Delaware by the end of the second quarter,
pending normal regulatory approvals.
Sean P. Downes, the Company's
Chairman, President and Chief Executive Officer, stated,
"Geographic diversification is a key component of our strategy to
drive shareholder value, and this approval marks another important
step in that process. We look forward to building strong
relationships with independent agents in Delaware and offering our insurance products
to citizens of the state."
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, Maryland and now Delaware. As previously announced, the Company
has additional applications pending in Indiana, Minnesota and Pennsylvania.
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.