FORT LAUDERDALE, Fla.,
Nov. 17, 2015 /PRNewswire/ --
Universal Insurance Holdings, Inc. (NYSE: UVE) today issued
the following statement to correct misleading allegations and
misinformation presented by Lakewood Capital Management, a short
seller:
"Universal Insurance is a national
homeowners insurance company with operations in 11 states and
direct written premium of $684
million through September 30,
2015. The Company operates in a highly regulated industry,
and has received all necessary certifications from the states in
which it operates. Universal has established a consistent
track record of top- and bottom-line growth. For the first
nine months of 2015, the Company reported net income of
$77.3 million, an increase of 48.7%
year over year. Diluted EPS for the first nine months of the
year was $2.15, an increase of 45.3%
year over year. The Company's growth has been driven by its
focus on 100% organic expansion based on a rate adequate, high
quality book of business, first-rate customer service and claims
processing. Universal believes that the strategic changes and
improvements made to its reinsurance program in 2015 will continue
to drive financial improvements. Specifically, the Company's
2015/2016 reinsurance program provides it with the necessary
protection from significant storms and allows it, as a result of
its improved capital position, to retain a greater share of its
profitable business. The Company believes that the statements
made by Lakewood Capital Management are misleading and contain
partial information, designed to negatively affect Universal's
stock."
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, Pennsylvania and Minnesota. 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 September 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.