Universal Insurance Holdings Announces New $40 Million Share Repurchase Authorization
November 06 2019 - 9:15AM
Business Wire
Universal Insurance Holdings, Inc. announced today that its
Board of Directors has authorized a new share repurchase program
under which the Company may repurchase up to $40 million of its
outstanding shares of common stock through December 31, 2021. This
new authorization follows the existing $40 million share repurchase
program that is expected to be completed in the fourth quarter of
2019.
Share repurchases may be made by the Company from time to time
in open market transactions at prevailing market prices and are
subject to relevant rules under the Securities Exchange Act of
1934, as amended (Exchange Act). The Company intends to effect
repurchase transactions in compliance with Rule 10b-18 under the
Exchange Act and the Company’s insider trading policy.
About Universal Insurance Holdings, Inc.
Universal Insurance Holdings (UVE) is a holding company offering
property and casualty insurance and value-added insurance services.
We develop, market, and write insurance products for consumers
predominantly in the personal residential homeowners lines of
business and perform substantially all other insurance-related
services for our primary insurance entities, including risk
management, claims management and distribution. We sell insurance
products through both our appointed independent agents and through
our direct online distribution channels in the United States across
18 states (primarily Florida). Learn more at
UniversalInsuranceHoldings.com.
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements include commentary regarding our share
repurchase plans. 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 disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise. 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 the
Company’s Annual Report on Form 10-K.
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version on businesswire.com: https://www.businesswire.com/news/home/20191106005229/en/
Investor Relations Contact: Rob Luther, 954-958-1200 ext.
6750 VP, Corporate Development, Strategy & IR
rluther@universalproperty.com
Media Relations Contact: Andy Brimmer / Mahmoud Siddig,
212-355-4449 Joele Frank, Wilkinson Brimmer Katcher
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