Current Report Filing (8-k)
November 19 2015 - 4:39PM
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
November 19, 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 November 19, 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 November 19, 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: November 19, 2015 |
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UNIVERSAL INSURANCE HOLDINGS, INC. |
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/s/ Sean P. Downes |
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Sean P. Downes Chief Executive
Officer |
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Exhibit 99.1
Universal Insurance Holdings, Inc. Authorizes New $10 Million Share
Repurchase Program
Fort Lauderdale,
FL, November 19, 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.
Universal Insurance reported record results in the third quarter of
2015 and our business remains robust, said Sean P. Downes, the Companys Chairman, President and Chief Executive Officer. This new $10 million share repurchase program underscores our confidence in our strategy, the long-term
prospects of our business and our strong financial position and cash flow capabilities. The Company will continue to regularly review its capital allocation to ensure it is best positioned for growth and shareholder value creation.
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, 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 Companys operations and future results, refer to the Companys 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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