UVE Universal Insurance Holdings Inc

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

June 10, 2015

Date of report (Date of earliest event reported)

Universal Insurance Holdings, Inc.

 

(Exact name of registrant as specified in its charter)

 

 

 

Delaware		001-33251		65-0231984
(State or other jurisdiction of incorporation or organization)		(Commission file number)		(IRS Employer Identification No.)

 

1110 W. Commercial Boulevard, Fort Lauderdale, Florida 33309

(Address of Principal Executive Offices)

 

 

Registrant’s telephone number, including area code: (954) 958-1200

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

 

¨	Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

 

 

 

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ITEM 8.01     Other Events

When Ananke Catastrophe Investments Limited (“Nephila”), an affiliate of Nephila Capital Ltd., purchased 1,000,000 shares of common stock of Universal Insurance Holdings, Inc. (“Company”) on December 2, 2014, it agreed to give the Company advance notice if and when Nephila proposed to sell any of the acquired shares and allow the Company an opportunity to repurchase the shares. On June 2, 2015, Nephila notified the Company of its intention to potentially sell a portion of the 1,000,000 shares, and on June 9, 2015, the Company announced that it repurchased 200,000 of the shares at market price.

An announcement of the repurchase, which is attached as Exhibit 99.1, is incorporated by reference.

 

 

ITEM 9.01     Financial Statements and Exhibits

 

(d)

Exhibits:

 

99.1	Press release dated June 10, 2015

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

Date: June 10, 2015						UNIVERSAL INSURANCE HOLDINGS, INC.
						/s/ Jon W. Springer
						Jon W. Springer
						Executive Vice President and Chief Operating Officer

 

 

 

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

Universal Insurance Holdings, Inc. Announces Completion of Over $5 Million Share

Repurchase in a Privately Negotiated Transaction

Fort Lauderdale, FL, June 10, 2015 – Universal Insurance Holdings, Inc. (NYSE: UVE) announced today that it repurchased 200,000 shares from Ananke Catastrophe Investments Limited, an affiliate of Nephila Capital Ltd., in a privately negotiated transaction, at an average price of $25.38 per share.

“This transaction reduces our outstanding share count and reflects our prudent approach to deploying our capital to enhance shareholder value,” said Sean P. Downes, the Company’s Chairman, President and Chief Executive Officer.

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