FORT LAUDERDALE, Fla.,
June 2, 2015 /PRNewswire/
-- Universal Insurance Holdings, Inc. (NYSE: UVE)
announced 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 2015-2016 reinsurance
programs effective June 1, 2015. The
largest private participants in the insurance subsidiaries'
reinsurance programs include Nephila Capital, Everest Re,
Renaissance Re, ACE Tempest Re and Lloyd's of London syndicates.
"June 1, 2015 marks a milestone
for our Company in that we are now retaining 100% of our business,"
said Sean P. Downes, president and
chief executive officer of the Company. "We are pleased with the
completion and outcome of the 2015-2016 reinsurance programs for
both of our insurance companies. This year, our primary focus was
to successfully eliminate the quota share, reassume the unearned
premium and protect the Company with the necessary additional
catastrophe excess coverage. Not only did we successfully
accomplish these goals, but we were also able to improve the
multiple year aspects embedded within our catastrophe excess
program framework, combine the exposures of all states into a
single catastrophe tower and further enhance coverage terms. We did
all of this while achieving further cost savings over the 2014-15
period."
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 fully licensed and has
commenced its operations in North
Carolina, South Carolina,
Hawaii, Georgia, Massachusetts, Maryland, Delaware, Indiana and Pennsylvania. 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 and the Form 10-Q for the
quarter ended March 31, 2015.
Investor Contact:
Andy Brimmer / Mahmoud
Siddig
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
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SOURCE Universal Insurance Holdings, Inc.