FORT LAUDERDALE, Fla.,
March 5, 2015 /PRNewswire/
-- Universal Insurance Holdings, Inc. (NYSE: UVE)
("Universal" or the "Company") today announced that it has acquired
Aplin Peer & Associates Inc. ("Aplin Peer"), a privately held
independent claims adjusting company. The terms of the
transaction were not disclosed.
Founded in 2003, Aplin Peer provided investigation and adjusting
services to the property and casualty insurance market. Aplin Peer
employed over 55 adjusters strategically located throughout the
Southeast region of the United States. Aplin Peer President
and Managing Partner Keith Peer, a 30-year veteran of the industry,
will be joining the Universal team in its claims operation
division.
"Aplin Peer has been a trusted provider of claims investigations
and adjusting services to Universal for over a decade," said
Sean P. Downes, the Company's
Chairman, President and Chief Executive Officer. "This acquisition
allows us to further leverage Aplin Peer's experience and workforce
in a seamless transition into our claims operations, with the goal
of lowering our loss adjustment expense and the severity of our claims. Keith and his team know our
business and our claims processes as well as anybody, and we have
always been impressed with their knowledge and commitment to
Universal. We anticipate a smooth integration, and I welcome Keith
and his team."
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, Delaware and Indiana. 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, 2014.
Investor Contact:
Andy Brimmer / Mahmoud
Siddig
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
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SOURCE Universal Insurance Holdings, Inc.