Universal Insurance Holdings, Inc. Applies to the State of Florida to Form a Second Property & Casualty Insurance Company
Infinity Property & Casualty Insurance Company to Expand Product Offerings
FORT LAUDERDALE, FL — (MARKET WIRE) — 06/24/2008 — Universal Insurance Holdings, Inc. (
Infinity Property & Casualty, a wholly owned subsidiary of Universal Insurance Holdings, Inc., intends to write insurance in the state of Florida in the lines of homeowners’ multi-peril and inland marine on homes valued in excess of $1 million, which are limits and coverages currently not offered by its affiliate Universal Property & Casualty Insurance Company (UPCIC). Additionally, Infinity Property & Casualty Insurance Company plans to write excess flood insurance on homes valued in excess of $250,000.
Bradley I. Meier, president and chief executive officer, commented, "The formation of Infinity Property & Casualty Insurance Company and the application to the state of Florida is consistent with Universal’s strategy to capitalize on its expertise and expand its product offerings as it continues to seek additional growth opportunities."
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 and has aligned itself with well-respected service providers in the industry.
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 March 31, 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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