FORT LAUDERDALE, Fla.,
June 9, 2015 /PRNewswire/ -- Universal Insurance
Holdings, Inc. (NYSE: UVE) announced today that it has entered
into an agreement to repurchase all of the Company's Series M
Convertible Preferred Stock owned by Bradley I. Meier, the Company's former Chairman,
President and Chief Executive Officer. Each share of Series M
Stock was convertible at the option of Mr. Meier into five shares
of Company common stock. The repurchase constitutes all of
the 2,000 outstanding shares of Series M Stock at a purchase price
of $256,933.
Prior to the repurchase, as the holder of Series M Stock, Mr.
Meier was entitled to elect two members to the Company's Board of
Directors. As a result of the repurchase, the Series M Shares
will be retired and cancelled and no shares of Series M Stock are
outstanding.
"The repurchase of our outstanding Series M preferred shares
continues our focus on governance matters and simplifies our equity
structure," said Sean P. Downes, the
Company's Chairman, President and Chief Executive Officer.
"This transaction reflects our continued belief in our business
model and reaffirms our focus to deliver increasing value to our
shareholders."
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, 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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/universal-insurance-holdings-inc-repurchases-and-retires-series-m-convertible-preferred-stock-300096486.html
SOURCE Universal Insurance Holdings, Inc.