Universal Insurance Holdings, Inc. Announces Completion of $10 Million Share Repurchase Program
Total of Approximately 1.2 Million Shares Repurchased in the Open Market to Date in 2014
Fort Lauderdale, FL, September 25, 2014 – Universal Insurance Holdings, Inc. (NYSE: UVE) announced today that it repurchased 758,361 shares of common stock at an average price of $13.15 per share through the open market, pursuant to the Board authorized share repurchase program announced on June 17, 2014. The Company financed the share repurchases under the program using cash on hand.
The Company noted that the timely completion of its share repurchase program underscores its confident outlook, solid financial position and commitment to effectively deploying capital when it sees clear value. The Board and management team will continue to look for ways to enhance shareholder value, both through strategic growth initiatives and capital returns to its shareholders.
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 and Delaware. 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, 2013 and the Form 10-Q for the quarter ended June 30, 2014.
Andy Brimmer / Mahmoud Siddig
Joele Frank, Wilkinson Brimmer Katcher