FORT LAUDERDALE, Fla.,
June 2, 2014 /PRNewswire/ -- Universal Insurance
Holdings, Inc. (NYSE: UVE) announced today the completion by
Universal Property & Casualty Insurance Company ("UPCIC") and
American Platinum Property and Casualty Insurance Company
("APPCIC"), the Company's wholly-owned insurance company
subsidiaries, of their 2014-2015 reinsurance programs effective
June 1, 2014. The largest
private participants in the insurance subsidiaries' reinsurance
programs include Odyssey Re, Everest Re, Renaissance Re, Nephila
Capital, ACE Tempest Re and Lloyd's of London syndicates.
"We are pleased with the completion and outcome of the 2014-2015
reinsurance programs for our insurance companies," said
Sean Downes, president and chief
executive officer of the Company. "We are uniquely positioned in
the marketplace with the reinsurance expertise we maintain
in-house. This year, we were able to realize extraordinary cost
reductions within our reinsurance programs largely due to our
exposure management actions and the diligent preparation by our
reinsurance team. Not only did we achieve substantial savings
within our programs over the 2013-2014 period, but we also made
significant structural and coverage enhancements further protecting
the insurance companies in preparation for the 2014 hurricane
season."
The Company has filed a Current Report on Form 8-K with the
Securities and Exchange Commission which provides additional
details regarding the program.
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.