FORT LAUDERDALE, Fla.,
June 13, 2016 /PRNewswire/ --
Universal Insurance Holdings, Inc. (NYSE: UVE) announced
today that its Board of Directors authorized a share repurchase
program under which the Company may repurchase up to $20 million of its outstanding shares of common
stock through December 31,
2017. The Company may repurchase shares from time to time at
its discretion, based on ongoing assessments of the capital needs
of the Company, the market price of its common stock and general
market conditions. The Company will fund the share repurchase
program with cash from operations.
This new authorization follows completion of the Board
authorized share repurchase program announced on November 19, 2015, pursuant to which the Company
repurchased 527,107 shares of common stock at an average price of
$18.93 per share through the open
market. The Company financed the share repurchases under the
program using cash on hand.
"We are pleased to announce this new share repurchase
authorization, which further demonstrates our commitment to
enhancing value for Universal shareholders," said Sean P. Downes, Universal's Chairman and Chief
Executive Officer. "Our strong balance sheet, cash flow
capabilities and growth prospects provide us with the flexibility
to continue returning capital to shareholders."
Share repurchases may be made by the Company from time to time
in open market transactions at prevailing market prices and are
subject to relevant rules under the Securities Exchange Act of
1934, as amended (Exchange Act). The Company will effect repurchase
transactions in compliance with Rule 10b-18 under the Exchange Act
and the Company's insider trading policy.
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-announces-completion-of-previously-announced-10-million-share-repurchase-program-and-authorization-of-new-20-million-share-repurchase-program-300283844.html
SOURCE Universal Insurance Holdings, Inc.