FORT LAUDERDALE, Fla.,
April 5, 2016 /PRNewswire/
-- Universal Insurance Holdings, Inc. (NYSE: UVE)
("Universal") announced today the beta launch of Universal Direct®,
a Direct-to-Consumer online platform for Universal Property &
Casualty Insurance Company (UPCIC) products. The Company believes
that Universal Direct® is the first and only direct-to-consumer
offering for homeowners insurance products that will enable
homeowners to directly purchase, pay for and bind policies online
without the need to interface with any intermediaries. The
site will launch this month and will be available to consumers in
Pennsylvania, with additional
states to be added in the coming months. Prospective
customers can take a video tour of Universal Direct® by visiting
www.universaldirect.com.
Designed to simplify the process of purchasing homeowners
insurance, Universal Direct® will include an intuitive interface,
real-time quotes, educational materials, support tools and a
seamless purchasing process. Customers will have the ability
to manage their policies, select payment plans and make payments
online, while also having access to live customer support agents,
by phone or online, for additional assistance as needed.
Universal's independent agency force, which remains a key sales
channel for the Company's products, will receive commissions from
business bound online based on sales and territory
structure.
"We are excited to announce this direct-to-consumer initiative,
which will leverage our existing operating platform to
significantly expand our value proposition and help accelerate our
organic growth," said Sean P.
Downes, Universal's Chairman and Chief Executive
Officer. "With Universal Direct®, we are tapping the power of
the internet to reach customers directly, a business model that has
proven successful in other segments of the insurance industry, such
as auto insurance. Our goal is to provide consumers with full
control of their purchasing decision so that they can get the
protection they deserve on their most important
asset."
Mr. Downes continued, "Universal Direct will offer consumers an
experience similar to other online purchasing decisions, on their
own terms and at their convenience. We are pleased to offer
Universal's independent agents, who are our valued partners and the
backbone of our business, the opportunity to receive commissions
from policies written by Universal Direct®. We are encouraged
by the initial feedback we have received from independent agents,
and look forward to making Universal Direct a
success."
Universal Direct® will be compliant with all laws in states in
which UPCIC currently operates.
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.
For additional information about Universal Direct®, please visit
www.universaldirect.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.