Universal Insurance Holdings, Inc. Acquires Aplin Peer & Associates Inc.
Acquisition Leverages Aplin Peer’s Claims Investigation and Adjusting Expertise to Lower Claims Expense, Enhance Claims Processing
Fort Lauderdale, FL, March 5, 2015 – Universal Insurance Holdings, Inc. (NYSE: UVE) (“Universal” or the “Company”) today announced that it has acquired Aplin Peer & Associates Inc. (“Aplin Peer”), a privately held independent claims adjusting company. The terms of the transaction were not disclosed.
Founded in 2003, Aplin Peer provided investigation and adjusting services to the property and casualty insurance market. Aplin Peer employed over 55 adjusters strategically located throughout the Southeast region of the United States. Aplin Peer President and Managing Partner Keith Peer, a 30-year veteran of the industry, will be joining the Universal team in its claims operation division.
“Aplin Peer has been a trusted provider of claims investigations and adjusting services to Universal for over a decade,” said Sean P. Downes, the Company’s Chairman, President and Chief Executive Officer. “This acquisition allows us to further leverage Aplin Peer’s experience and workforce in a seamless transition into our claims operations, with the goal of lowering our loss adjustment expense and the severity of our claims. Keith and his team know our business and our claims processes as well as anybody, and we have always been impressed with their knowledge and commitment to Universal. We anticipate a smooth integration, and I welcome Keith and his team.”
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 and Indiana. 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.
Andy Brimmer / Mahmoud Siddig
Joele Frank, Wilkinson Brimmer Katcher