FORT LAUDERDALE, Fla.,
Sept. 13, 2017 /PRNewswire/
-- Today Universal Property & Casualty Insurance Company
("UPCIC"), a wholly owned subsidiary of Universal Insurance
Holdings, Inc. (NYSE: UVE) updated the status of its response to
Hurricane Irma, which made landfall in the Florida Keys on
September 10, 2017 as a Category 4
storm on the Saffir-Simpson Hurricane Scale, before making landfall
later that day in Southeast
Florida as a Category 3 storm. UPCIC has more than
$300 million in surplus and a
catastrophe reinsurance program providing $2.65 billion in coverage for an event such as
Hurricane Irma. Although Hurricane Irma was a large event and
its path affected most areas of Florida, UPCIC's projected losses from
Hurricane Irma are far below the limits of this catastrophe
reinsurance program.
UPCIC is actively assisting policyholders in returning their
homes to their pre-storm condition. The company's mobile
claims units already have been deployed to affected areas and are
adjusting claims. UPCIC will continue to send adjusters to
additional areas as power outages, flooding, road closures and
similar issues are alleviated. UPCIC's Chief Executive Officer
Sean P. Downes commented: "Hurricane
Irma was a devastating event that caused a wide swath of damage
across the entire Florida
peninsula, and Universal remains committed to helping all affected
policyholders in this time of need. Our Fast Track claims
team and Catastrophe Response units have been on the ground
adjusting claims and assisting policyholders since shortly after
landfall, and will continue to be active in the weeks and months
ahead."
UPCIC continues to accept claims notices from policyholders
online through the Hurricane Irma link at www.universalproperty.com
and through its toll-free number, 1-800-470-0599. The call
volume has remained well within the company's catastrophe response
plan, and the average wait time today has been only 10 seconds.
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.