FORT LAUDERDALE, Fla.,
Sept. 5, 2017 /PRNewswire/
-- Universal Insurance Holdings, Inc. (NYSE: UVE) (the
"Company") today noted that on June 1,
2017, Universal Property & Casualty Insurance Company
("UPCIC") and American Platinum Property and Casualty Insurance
Company ("APPCIC"), the Company's wholly-owned insurance company
subsidiaries, completed the placement of the Company's 2017-2018
reinsurance programs, effective June 1,
2017.
As publicly disclosed at the time, UPCIC has a net retention of
$35 million per catastrophe event for
losses incurred, in all states, up to a first event loss of
$2.65 billion. In addition, under an
excess catastrophe contract specifically covering risks located
outside the state of Florida and
intended to further reduce UPCIC's $35
million net retention, UPCIC has obtained catastrophe
coverage of $30 million in excess of
$5 million covering certain loss
occurrences, including hurricanes, in states outside of
Florida.
In certain circumstances involving a catastrophic event
impacting both Florida and other
states, UPCIC's retention could result in pre-tax net liability as
low as $5 million – the $35 million net retention under the all states
reinsurance program could be offset by as much as $30 million in coverage under the other states
reinsurance program. These retention amounts are gross of any
potential tax benefit the Company would receive in paying such
losses. UPCIC's statutory surplus as of June
30, 2017 was $351 million.
Additional detail on the Company's 2017-2018 reinsurance
programs can be found in the Form 8-K filed with the U.S.
Securities and Exchange Commission on June
1, 2017, accessible here
http://www.universalinsuranceholdings.com/SEC-Filings.aspx.
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 June 30, 2017.
Contacts:
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Investors
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Media
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Dean Evans
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Andy Brimmer /
Mahmoud Siddig
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VP Investor Relations
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Joele Frank,
Wilkinson Brimmer Katcher
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954-958-1306
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212-355-4449
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de0130@universalproperty.com
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SOURCE Universal Insurance Holdings, Inc.