Universal Insurance Holdings Inc. Board Comments on Recent Market Activity
Fort Lauderdale, FL, November 19, 2015 – Universal Insurance Holdings, Inc. (NYSE: UVE) announced today that its independent Directors met last night to review statements made at a recent investment conference which cast the Company in an unfavorable light. Sean P. Downes, the Company’s Chairman, President and Chief Executive Officer, asked Lead Director, Michael A. Pietrangelo to meet with the management team at its corporate offices in Ft. Lauderdale to discuss this matter in its entirety and report to the independent Directors.
“We remain confident in the integrity of the Company’s operations and its executives. After a full discussion by the independent Directors, we unanimously reaffirm our full support for the management team,” said Mr. Pietrangelo.
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, Indiana, Pennsylvania and Minnesota. 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 and the Form 10-Q for the quarter ended September 30, 2015.
Andy Brimmer / Mahmoud Siddig
Joele Frank, Wilkinson Brimmer Katcher