FORT LAUDERDALE, Fla.,
Jan. 14, 2016 /PRNewswire/
-- Universal Insurance Holdings, Inc. (NYSE: UVE) announced
today that its Board of Directors declared an increased quarterly
dividend of $0.14 per share of common
stock, up $0.02 from the $0.12 per share paid during the first three
quarters of 2015. Payment will be made on March 2, 2016 to shareholders of record on
February 18, 2016. If declared and
paid as intended, the annual aggregate dividend in 2016 will be
$0.56 for each common share.
"We are pleased to announce an increase to our dividend,
underscoring our commitment to enhancing value for our
shareholders," said Sean P. Downes,
the Company's Chairman, President and Chief Executive
Officer. "Over the past several years, Universal Insurance
has delivered a consistent track record of growth and value
creation supported by the strength and diversity of our business
model, steady geographic expansion and focus on writing high
quality, rate adequate business. The increase in our quarterly
dividend, the third since 2013, reflects the Board's confidence in
our outlook, our financial strength and ability to continue
delivering profitable growth. Going forward, we will maintain
a balanced approach to capital deployment that includes returning
capital to shareholders while prudently investing in our strategic
growth initiatives."
The declaration and payment of future dividends is subject to
the Board's discretion and will be dependent upon future earnings,
cash flows, financial requirements, and other factors.
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.