FORT LAUDERDALE, Fla.,
Sept. 2, 2015 /PRNewswire/
-- Universal Insurance Holdings, Inc. (NYSE: UVE)
announced today that its Board of Directors authorized a share
repurchase program under which the Company may repurchase up to
$10 million of its outstanding shares
of common stock through December 31,
2016. The Company may repurchase shares from time to time in
its discretion, based on ongoing assessments of the capital needs
of the Company, the market price of its common stock and general
market conditions. The Company will fund the share repurchase
program with cash from operations.
"This share repurchase program underscores our confidence in our
strategy, the long-term prospects of our business and our
commitment to delivering value to our shareholders," said
Sean P. Downes, the Company's
Chairman, President and Chief Executive Officer. "Our strong
financial position and cash flow capabilities provide us with
flexibility to capitalize on market opportunities to drive
shareholder returns."
Share repurchases may be made by the Company from time to time
in open market transactions at prevailing market prices and are
subject to relevant rules under the Securities Exchange Act of
1934, as amended (Exchange Act). The Company will effect
repurchase transactions in compliance with Rule 10b-18 under the
Exchange Act and the Company's insider trading policy.
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 Form 10-K for the year ended December 31, 2014 and Form 10-Q for the quarter
ended June 30, 2015.
Investor Contact:
Andy Brimmer / Mahmoud
Siddig
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
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SOURCE Universal Insurance Holdings, Inc.