Universal Insurance Holdings, Inc. Announces That UPCIC Has Received Approval to Write Property and Casualty Insurance in Georgia
FORT LAUDERDALE, FL — (MARKET WIRE) — 02/17/2009 — Universal Insurance Holdings, Inc. (
Bradley I. Meier, president and chief executive officer of Universal Insurance Holdings, Inc., commented, "Universal is pleased to have been approved to write property and casualty insurance in Georgia, and we look forward to meeting the property and casualty needs of its citizens. Universal’s approval in Georgia continues the Company’s strategy for geographic expansion beyond Florida, and it follows our previously announced approvals to write property and casualty insurance in Hawaii, South Carolina, and North Carolina."
About Universal Insurance Holdings, Inc.
The Company is a vertically integrated insurance holding company. Through its subsidiaries, the Company is currently engaged in insurance underwriting, distribution and claims. UPCIC, which generates revenue from the collection and investment of premiums, is one of the top five writers of homeowners’ insurance policies in the state of Florida.
Readers should refer generally to reports filed by the Company with the Securities and Exchange Commission (SEC), specifically the Company’s Form 10-KSB for the year ended December 31, 2007, and the Company’s Form 10-Q for the quarterly period ended September 30, 2008, for a discussion of the risk factors that could affect its operations. Such factors include, without limitation, exposure to catastrophic losses; reliance on the Company’s reinsurance program; underwriting performance on catastrophe and non-catastrophe risks; the ability to maintain relationships with customers, employees or suppliers; and competition and its effect on pricing, spending, third-party relationships and revenues. Additional factors that may affect future results are contained in the Company’s filings with the SEC, which are available on the SEC’s web site at https://www.sec.gov. The Company disclaims any obligation to update and revise statements contained in this press release based on new information or otherwise.
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