FORT LAUDERDALE, Fla.,
March 31, 2017 /PRNewswire/ --
Universal Insurance Holdings, Inc. (NYSE: UVE) announced
today that the Iowa Insurance Division issued a Certificate of
Authority to Universal Property & Casualty Insurance Company
(UPCIC), a wholly-owned subsidiary of Universal Insurance Holdings,
Inc., approving UPCIC as a licensed insurance entity in
Iowa.
Universal Chairman and Chief Executive Officer Sean P. Downes stated, "We are pleased to
announce our expansion into Iowa,
and to have received our first state regulatory approval of
2017. We look forward to building our presence in
Iowa, further extending our reach
as a national homeowners insurance provider. This step
highlights the progress we have made in successfully executing our
geographic expansion strategy, which we expect will continue to
produce profitable top-line growth and create significant value for
our shareholders."
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, Minnesota, Michigan, Virginia, Alabama, West
Virginia, New Hampshire,
New Jersey, New York, and Iowa.
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 (APPCIC), 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.
APPCIC is additionally licensed to write Fire, Commercial
Multi-Peril, and Other Liability lines of business in Florida. 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, 2016.
Contacts:
Investors
Dean
Evans
VP Investor Relations
954-958-1306
de0130@universalproperty.com
Media
Andy Brimmer /
Mahmoud Siddig
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
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SOURCE Universal Insurance Holdings, Inc.