FORT LAUDERDALE, Fla.,
June 20, 2017 /PRNewswire/
-- Universal Insurance Holdings, Inc. (NYSE: UVE) today
announced that the New York State
Department of Financial Services has approved the homeowners
insurance rates and forms of its wholly-owned subsidiary, Universal
Property & Casualty Insurance Company ("UPCIC"). UPCIC
anticipates that it will begin writing policies in New York later this year.
Universal Insurance Holdings, Inc. Chairman and Chief Executive
Officer Sean P. Downes commented:
"This approval marks an important step in launching our homeowners
insurance products in New York and
further expanding our geographic footprint. We look forward to
capitalizing on the growth opportunities in this new market and to
offering our insurance products to New Yorkers across the Empire
State."
UPCIC is one of the leading writers of homeowners insurance in
Florida and is fully licensed to
offer its homeowners insurance products in North Carolina, South Carolina, Hawaii, Georgia, Massachusetts, Maryland, Delaware, Indiana, Pennsylvania, Minnesota, Michigan, Alabama, Virginia, and New
Jersey.
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 and has commenced writing 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 and Form 10-Q for the quarter
ended March 31, 2017.
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.