FORT LAUDERDALE, Fla.,
April 27, 2017 /PRNewswire/
-- Universal Insurance Holdings, Inc. (NYSE: UVE)
announced today that the New Jersey 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 policy in New
Jersey.
Universal Insurance Holdings, Inc. Chairman and Chief Executive
Officer Sean P. Downes commented:
"We are excited to have written our first policy in New Jersey, and to now offer our homeowners
insurance products to customers in the state through both our
traditional independent agent channel and our convenient and
easy-to-use online platform, Universal DirectSM. We look
forward to developing and growing our relationships with
New Jersey's network of
independent agents and working with them to bring our leading suite
of products and services to more customers throughout the
state. This represents another step in our successful
geographic expansion effort, and we look forward to continuing to
expand both our traditional and online platform into new markets to
deliver comprehensive affordable insurance solutions to customers
across the United States."
New Jersey marks the fifteenth
state of operation for UPCIC, each of which offers customers access
to UPCIC homeowners insurance policies through its
direct-to-consumer online platform Universal DirectSM.
Independent appointed agents operating in New Jersey have the opportunity to receive
commissions from policies written by UPCIC via Universal
DirectSM. For additional information about Universal
DirectSM, 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, Alabama, Virginia, and New
Jersey. 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.