FORT LAUDERDALE, Fla.,
Nov. 15, 2016 /PRNewswire/
-- Universal Insurance Holdings, Inc. (NYSE: UVE) today
announced that its Board of Directors declared a cash dividend of
$0.27 per share of common stock to be
paid on December 12, 2016 to the
shareholders of record as of December 1,
2016. The $0.27 per share
dividend includes the expected $0.14
per share fourth quarter dividend, consistent with the dividends
paid for each of the first three quarters of 2016, and an
additional special dividend of $0.13
per share. With the total fourth quarter dividend, the Company's
cash dividends in 2016 will total $0.69 per share.
"We are pleased to announce this special dividend, underscoring
confidence in our business and focus on enhancing shareholder
value," said Sean P. Downes, the
Company's Chairman and Chief Executive Officer. "Despite
sustaining two hurricanes and the worst first quarter storms in
company history, our robust business model and claims and
underwriting expertise, coupled with our conservative reinsurance
spend, provide us with the financial strength to continue returning
capital to shareholders. We remain focused on prudently
allocating capital to support our organic growth initiatives and
delivering increasing shareholder returns."
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, Alabama and Virginia. 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.