Press Release /
May 15, 2007
Universal Insurance Holdings, Inc. Reports First Quarter 2007 Financial Results
Company Reports Earnings of $.30 Per Share Compared to $.09 Per Share for Prior Year First Quarter
FORT LAUDERDALE, Fla., May 15, 2007 — Universal Insurance Holdings, Inc. today reported net income of $12,374,829 or $.30 per share on a fully diluted basis on revenues of $44,569,042 for the three months ended March 31, 2007 compared to net income of $3,312,594 or $.09 per share on a fully diluted basis on revenues of $5,629,275 for the three months ended March 31, 2006. The Company is currently servicing approximately 310,000 homeowners’ insurance policies.
Commenting on the Company’s financial results, Bradley I. Meier, President and Chief Executive Officer said: “Although the Florida marketplace has become more competitive in recent months, the Company has successfully combined both growth and profitability by writing rate adequate business.” Mr. Meier added, “Based on the strength of both the Company’s balance sheet and its infrastructure, we believe the Company is well-positioned in the Florida marketplace.”
About Universal Insurance Holdings, Inc.
Universal Insurance Holdings, Inc. is a vertically integrated insurance company. Readers should refer generally to reports filed by the Company with the Securities and Exchange Commission (SEC), and specifically to the Company’s Form 10-KSB for the year ended December 31, 2006 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.
Cautionary Language Concerning Forward-Looking Statements.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate” and “project,” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Such statements may include, but not be limited to, projections of revenues, income or loss, expenses, plans, 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 in forward-looking statements.
SOURCE: Universal Insurance Holdings, Inc.
Universal Insurance Holdings, Inc., Fort Lauderdale Bradley I. Meier, President, 954-958-1200