FORT LAUDERDALE, Fla.,
Aug. 3, 2016 /PRNewswire/ --
Universal Insurance Holdings, Inc. (NYSE: UVE) announced today that
its wholly-owned subsidiary, American Platinum Property and
Casualty Insurance Company (APPCIC), received authorization from
the Florida Office of Insurance Regulation to amend its Certificate
of Authority to add Fire, Commercial Multi-Peril, and Other
Liability (collectively "Commercial Residential") lines of business
in Florida. APPCIC is in the
process of submitting applicable rates and forms to the
Florida regulators and expects to
offer Commercial Residential policies in the fourth quarter of
2016.
Sean P. Downes, the Company's
Chairman and Chief Executive Officer, stated, "This expansion into
the Commercial Residential business is a significant step forward
for Universal, and one that will allow us to tap into large
complementary markets and advance our organic growth
strategy. We are well-positioned to continue efficiently
scaling our operations as we leverage our robust, vertically
integrated platform, including underwriting, policy issuance,
general administration, and claims processing and settlement.
We look forward to working with our industry-leading independent
agency force to bring these new offerings to market and further
drive value for our customers and shareholders."
APPCIC is a wholly-owned subsidiary of Universal Insurance
Holdings, Inc. APPCIC 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
Universal Property & Casualty Insurance Company (UPCIC).
About Universal Insurance Holdings, Inc.
Universal Insurance Holdings, Inc., with its wholly-owned
subsidiaries, is a vertically integrated insurance 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 operations in North
Carolina, South Carolina,
Hawaii, Georgia, Massachusetts, Maryland, Delaware, Indiana, Pennsylvania, Minnesota, Michigan and Alabama. 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.