Current Report Filing (8-k)
September 02 2015 - 5:17PM
Edgar (US Regulatory)
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
September 2, 2015
Date
of report (Date of earliest event reported)
Universal
Insurance Holdings, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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001-33251 |
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65-0231984 |
(State or other jurisdiction of
incorporation or organization) |
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(Commission
file number) |
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(IRS Employer
Identification No.) |
1110 W. Commercial Blvd., Fort Lauderdale, Florida 33309
(Address of Principal Executive Offices)
Registrants 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):
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Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425). |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12). |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)). |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)). |
On September 2, 2015, Universal Insurance Holdings, Inc. (Company)
announced that its Board of Directors authorized the repurchase of up to $10,000,000 of the Companys outstanding common stock in the open market through December 31, 2016.
The related press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.
ITEM 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits:
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No. |
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Description |
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99.1 |
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Press release dated September 2, 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.
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Date: September 2, 2015 |
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UNIVERSAL INSURANCE HOLDINGS, INC. |
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/s/ Sean P. Downes |
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Sean P. Downes |
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Chief Executive Officer |
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Exhibit 99.1
Universal Insurance Holdings, Inc. Announces Authorization of New $10 Million Share Repurchase Program
Fort Lauderdale, FL, September 2, 2015 - 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 Companys 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 Companys 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
Page
2
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 Companys operations and future results, refer to the Companys 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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