FORT LAUDERDALE, Fla.,
March 31, 2016 /PRNewswire/ --
Universal Insurance Holdings, Inc. (NYSE: UVE) announced
today that the Michigan Department of Insurance and Financial
Services has approved the homeowners insurance rates and forms of
its wholly-owned subsidiary, Universal Property & Casualty
Insurance Company ("UPCIC"), and that UPCIC has subsequently
written its first homeowners insurance policy in Michigan.
Sean P. Downes, the Company's
Chairman and Chief Executive Officer, stated, "We are pleased to
have solidified our presence in Michigan by writing our first homeowners
insurance policy in the state. We look forward to developing and
growing our relationships with Michigan's network of independent agents and
working with them to bring our leading suite of products and
services to more customers throughout the state."
UPCIC is one of the leading writers of homeowners insurance
nationally and is licensed to offer its homeowners insurance
products in Florida, North Carolina, South Carolina, Hawaii, Georgia, Massachusetts, Maryland, Delaware, Indiana, Pennsylvania, Michigan, Minnesota, Virginia, Alabama, West
Virginia, New Hampshire,
New Jersey and New York.
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, Minnesota and Michigan. 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 Form 10-K for the year ended December 31, 2015.
Investor Contact:
Andy Brimmer / Mahmoud
Siddig
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
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SOURCE Universal Insurance Holdings, Inc.