FORT LAUDERDALE, Fla.,
Nov. 19, 2015 /PRNewswire/
-- Universal Insurance Holdings, Inc. (NYSE: UVE)
announced today that its independent Directors met last night to
review statements made at a recent investment conference which cast
the Company in an unfavorable light. Sean P. Downes, the Company's Chairman,
President and Chief Executive Officer, asked Lead Director,
Michael A. Pietrangelo to meet with
the management team at its corporate offices in Ft. Lauderdale to discuss this matter in its
entirety and report to the independent Directors.
"We remain confident in the integrity of the Company's
operations and its executives. After a full discussion by the
independent Directors, we unanimously reaffirm our full support for
the management team," said Mr. Pietrangelo.
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
212-355-444
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SOURCE Universal Insurance Holdings, Inc.