|By PR Newswire||
|January 27, 2014 04:01 PM EST||
FORT LAUDERDALE, Fla., Jan. 27, 2014 /PRNewswire/ -- Universal Insurance Holdings, Inc. (NYSE: UVE) announced today that its subsidiary, Universal Property & Casualty Insurance Company (UPCIC), has applied to expand into Indiana, Minnesota and Delaware. UPCIC is one of the leading writers of homeowners insurance in Florida and a fully licensed operator in North Carolina, South Carolina, Hawaii, Georgia, Massachusetts and Maryland.
Sean P. Downes, the Company's Chairman, President and Chief Executive Officer, stated, "Geographic diversification comprises a core component of our strategy to drive growth and increase shareholder value. By leveraging our experience as a leading writer of homeowners insurance in Florida, we have extended UPCIC's footprint and profitable business model to seven markets in total over the past five years. We believe this is an opportune time to seek entry into new markets, supported by our strong financial position and positive industry dynamics."
UPCIC has submitted applications to the respective regulatory entities in Indiana, Minnesota and Delaware, and all three states have confirmed receipt of the applications. The Company looks forward to working with each state during the review process.
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 and Maryland. American Platinum Property and Casualty Insurance Company, 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. 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 the Form 10-K for the year ended December 31, 2012 and the Form 10-Q for the quarter ended September 30, 2013.
Andy Brimmer / Steve Frankel / Mahmoud Siddig
Joele Frank, Wilkinson Brimmer Katcher
SOURCE Universal Insurance Holdings, Inc.