FORT LAUDERDALE, Fla.,
Oct. 27, 2014 /PRNewswire/ --
Universal Insurance Holdings, Inc. (NYSE: UVE) announced
today that the Indiana Department of Insurance 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 Indiana.
UPCIC expects to file its homeowners insurance rates and forms
with the Indiana Department of Insurance shortly, and expects to
begin writing homeowners insurance in Indiana by the first quarter of 2015, pending
normal regulatory approvals.
Sean P. Downes, the Company's
Chairman, President and Chief Executive Officer, stated, "This
approval marks another key milestone in our geographic expansion
effort. We look forward to leveraging our experience as leading
writers of homeowners insurance in Florida as we build strong relationships with
independent agents in Indiana and
offer 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, Delaware and now Indiana. As previously announced, the Company
has additional applications pending in 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 June 30, 2014.
Investor Contact:
Andy Brimmer / Mahmoud
Siddig
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
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SOURCE Universal Insurance Holdings, Inc.