FORT LAUDERDALE, Fla.,
June 28, 2016 /PRNewswire/
-- Universal Insurance Holdings, Inc. (NYSE: UVE)
("Universal Insurance" or the "Company") announced today that the
State of Alabama Department of Insurance 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 Alabama. The Company also
announced the official launch of Universal Direct®, Universal
Insurance's Direct-to-Consumer online platform for UPCIC products,
in Alabama.
Alabama marks the thirteenth
state of operation for Universal Insurance and the third state,
including Pennsylvania and
Minnesota, to offer customers
access to UPCIC homeowners insurance policies through Universal
Direct®. Independent appointed agents operating in
Alabama have the opportunity to
receive commissions from policies written by UPCIC via Universal
Direct®.
Sean P. Downes, the Company's
Chairman and Chief Executive Officer, stated, "We are pleased
to begin offering our homeowners insurance products to customers in
Alabama, whether they choose to
purchase policies through an independent agent or via our
easy-to-use online platform. We look forward to building our
network of independent agents in Alabama and growing our direct-to-consumer
platform in 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.
For additional information about Universal Direct®, please
visit www.universaldirect.com.
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, Michigan and Alabama. 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
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SOURCE Universal Insurance Holdings, Inc.