Universal Insurance Holdings, Inc. Insurance Subsidiary UPCIC Receives Approval of Rates and Forms in New York
Fort Lauderdale, FL, June 20, 2017 – Universal Insurance Holdings, Inc. (NYSE: UVE) today announced that the New York State Department of Financial Services has approved the homeowners insurance rates and forms of its wholly-owned subsidiary, Universal Property & Casualty Insurance Company (“UPCIC”). UPCIC anticipates that it will begin writing policies in New York later this year.
Universal Insurance Holdings, Inc. Chairman and Chief Executive Officer Sean P. Downes commented: “This approval marks an important step in launching our homeowners insurance products in New York and further expanding our geographic footprint. We look forward to capitalizing on the growth opportunities in this new market and to offering our insurance products to New Yorkers across the Empire State.”
UPCIC is one of the leading writers of homeowners insurance in Florida and is fully licensed to offer its homeowners insurance products in North Carolina, South Carolina, Hawaii, Georgia, Massachusetts, Maryland, Delaware, Indiana, Pennsylvania, Minnesota, Michigan, Alabama, Virginia, and New Jersey.
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, Minnesota, Michigan, Alabama, Virginia, and New Jersey. American Platinum Property and Casualty Insurance Company (APPCIC), 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. APPCIC is additionally licensed and has commenced writing Fire, Commercial Multi-Peril, and Other Liability lines of business in Florida. 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 Form 10-K for the year ended December 31, 2016 and Form 10-Q for the quarter ended March 31, 2017.
Andy Brimmer / Mahmoud Siddig
Joele Frank, Wilkinson Brimmer Katcher