FORT LAUDERDALE, Fla.,
April 28, 2016 /PRNewswire/ --
Universal Insurance Holdings, Inc. (NYSE: UVE) today announced that
it has sold 583,771 shares of common stock to RenaissanceRe
Ventures Ltd., a subsidiary of RenaissanceRe Holdings Ltd. (NYSE:
RNR) (collectively, "RenaissanceRe"), in a private placement.
RenaissanceRe is a global provider of catastrophe and specialty
reinsurance and insurance.
"I am extremely pleased to have RenaissanceRe, one of our core
reinsurance partners, make this investment in our Company," said
Sean P. Downes, Universal's Chairman
and Chief Executive Officer. "This additional equity capital
further strengthens our balance sheet and positions us for
continued, profitable growth."
The common shares of UVE were sold to RenaissanceRe at a price
of $17.13 per share, the closing
price of UVE common stock on April 26,
2016, for total consideration of $10
million.
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.