FORT LAUDERDALE, Fla.,
June 30, 2014 /PRNewswire/
-- Universal Insurance Holdings, Inc. (NYSE: UVE)
announced today that the Insurance Commissioner of Delaware has approved the homeowners insurance
rates and forms of its wholly-owned subsidiary, Universal Property
& Casualty Insurance Company ("UPCIC"), and that UPCIC has
subsequently written its first homeowners insurance policy in
Delaware.
Sean P. Downes, the Company's
Chairman, President and Chief Executive Officer, stated, "With the
approval of its rates and forms, UPCIC has commenced operations in
Delaware and has already written
its first homeowners insurance policy in the state. This
marks the eighth state of operation for the Company and another key
milestone in our geographic expansion effort. We are pleased to
note a high level of interest and excitement in our insurance
products and services thus far, and look forward to growing our
network of independent Delaware-area agents and offering 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 Delaware. 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, Maryland and Delaware. 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.