FORT LAUDERDALE, Fla.,
Oct. 22, 2018 /PRNewswire/
-- Universal Insurance Holdings, Inc. (NYSE: UVE) announced
today the expected financial impact to the Company from recent
weather events, including Tropical Storm Gordon and Hurricane
Florence (which occurred during the third quarter of 2018) as well
as Hurricane Michael (which occurred during the fourth quarter of
2018). Using claims information received to date and post
event catastrophe model estimations, the company expects the
following:
- Tropical Storm Gordon initially made landfall on the
U.S. Gulf Coast on September 4, 2018,
primarily impacting Florida,
Alabama, Louisiana, and Mississippi. The storm is expected to result
in both gross and net pre-tax losses and loss adjustment expenses
of $2.5 million.
- Hurricane Florence initially made landfall as a strong
Category 1 hurricane in North
Carolina on September 14,
2018, primarily impacting North
Carolina, South Carolina,
and Virginia. The storm is
expected to produce gross losses and loss adjustment expenses of
$35-45 million, resulting in net
pre-tax losses and loss adjustment expenses of $5 million.
- Hurricane Michael initially made landfall as a strong
Category 4 hurricane along the Florida
Panhandle on October 10, 2018,
primarily impacting Florida,
Georgia, and several other
Southeastern U.S. states. The storm is expected to produce gross
losses and loss adjustment expenses of $300-350 million, resulting in net pre-tax losses
and loss adjustment expenses of $35
million. In addition, to the extent the Company experiences
any additional reinsurance recoveries from its supplemental
Non-Florida reinsurance program, those recoveries could serve to
partially reduce its $35 million
retention.
Universal Chairman and Chief Executive Officer Sean P. Downes commented: "We are thankful that
our dedicated staff, disaster preparedness planning and
conservative reinsurance program placed with strong reinsurance
partners helped to limit the overall financial impact of these
events. We remain committed to fully supporting our
policyholders in this time of need."
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, New
Jersey, New York, and
New Hampshire. 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, 2017 and Form 10-Q for the quarter
ended June 30, 2018.
Contacts:
|
|
Investors
|
Media
|
Dean Evans
|
Andy Brimmer /
Mahmoud Siddig
|
VP Investor
Relations
|
Joele Frank,
Wilkinson Brimmer Katcher
|
954-958-1306
|
212-355-4449
|
de0130@universalproperty.com
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|
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SOURCE Universal Insurance Holdings, Inc.