FORT LAUDERDALE, Fla.,
May 28, 2014 /PRNewswire/ -- Universal Insurance
Holdings, Inc. (NYSE: UVE) announced today that its Board of
Directors authorized a share repurchase program under which the
Company can repurchase up to $2
million of its outstanding shares of common stock through
August 25, 2014. The share repurchase
program will be funded with the Company's cash from operations.
Share repurchases may be made by the Company from time to time
in open market transactions at prevailing market prices and are
subject to relevant rules under the Securities Exchange Act of
1934, as amended (Exchange Act). The Company will also effect
repurchase transactions in compliance with Rule 10b-18 under the
Exchange Act and the Company's insider trading policy.
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
and the Form 10-Q for the quarter ended March 31, 2014.
Investor Contact:
Andy Brimmer / Mahmoud
Siddig
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
SOURCE Universal Insurance Holdings, Inc.