Universal Insurance Holdings, Inc. Announces Completion of $2 Million Share Repurchase
Fort Lauderdale, FL, May 19, 2014 – Universal Insurance Holdings, Inc. (NYSE: UVE) announced today that it repurchased 163,466 shares of common stock at an average price of $12.19 per share through the open market, pursuant to the Board authorized share repurchase program announced on May 14, 2014. The Company financed the share repurchase using cash on hand.
“The swift completion of our share repurchase program demonstrates our proactive approach to driving shareholder value,” said Sean P. Downes, the Company’s Chairman, President and Chief Executive Officer. “We believe that our healthy balance sheet and confidence in our long-term prospects provide us with the flexibility to capitalize on market opportunities while continuing to execute on our strategic growth initiatives.”
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, 2013 and the Form 10-Q for the quarter ended March 31, 2014.
Andy Brimmer / Mahmoud Siddig
Joele Frank, Wilkinson Brimmer Katcher