Members of Universal Insurance Holdings’ Board of Directors and Management Team Using Personal Funds to Purchase Stock in the Open Market
Purchases Underscore Board and Management’s Strong Conviction in the Company’s Future
Fort Lauderdale, FL, November 30, 2015 – Universal Insurance Holdings, Inc. (NYSE: UVE) announced today that members of its Board of Directors and senior management team have in recent days purchased shares of the Company’s common stock in the open market using their own personal funds. In addition, Sean P. Downes, Chairman, President and Chief Executive Officer, and Jon Springer, Chief Operating Officer, have terminated their pre-arranged Rule 10b5-1 stock trading sale plans. Mr. Downes and Mr. Springer are currently precluded from purchasing Universal stock in the open market for a period of six months due to the short-swing profit recapture provisions in the federal securities laws. Mr. Downes and Mr. Springer currently own approximately 1.7 million and 371,000 shares of the Company’s common stock, respectively.
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 and Minnesota. 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, 2014 and the Form 10-Q for the quarter ended September 30, 2015.
Andy Brimmer / Mahmoud Siddig
Joele Frank, Wilkinson Brimmer Katcher