FORT LAUDERDALE, Fla.,
June 2, 2016 /PRNewswire/
-- Universal Insurance Holdings, Inc. (NYSE: UVE) today
announced the completion by Universal Property & Casualty
Insurance Company ("UPCIC") and American Platinum Property and
Casualty Insurance Company ("APPCIC"), the Company's wholly-owned
insurance company subsidiaries, of their 2016-2017 reinsurance
programs, effective June 1, 2016. The
largest private participants in the insurance subsidiaries'
reinsurance programs include Nephila Capital, Everest Re,
Renaissance Re, Chubb Tempest Re and
Lloyd's of London syndicates.
"We are pleased with the completion and outcome of the 2016-2017
reinsurance programs for both of our insurance companies," said
Sean P. Downes, chief executive
officer of the Company. "This year, our primary focus was to add
additional conservatism to the UPCIC reinsurance program, a goal we
successfully achieved by reducing our retention for catastrophe
losses involving states other than Florida to $5
million and securing over $100
million of additional multiple-year catastrophe capacity.
Utilizing a similar reinsurance budget to last year, we were
able to expand the top of our reinsurance tower for a single
Florida event to $2.4 billion, and also maintain the same
$35 million catastrophe retention for
a Florida loss. By way of
illustration, a $35 million loss
would represent less than 13% of UPCIC statutory surplus as of
March 31, 2016 and a $5 million loss would be less than 2%. The
growth in business and capital since last year, coupled with
expanding our reinsurance coverage, maintaining the same
Florida retention and
significantly reducing our retention in other states, puts us in
the strongest position we've ever been in as we enter the 2016
hurricane season."
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 and the Form 10-Q for the
quarter ended March 31, 2016.
Investor Contact:
Andy Brimmer / Mahmoud
Siddig
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/universal-insurance-holdings-inc-insurance-subsidiaries-complete-2016-2017-reinsurance-programs-300279041.html
SOURCE Universal Insurance Holdings, Inc.