UNIVERSAL INSURANCE HOLDINGS, INC. SUBSIDIARY UPCIC RECEIVES CERTIFICATE OF AUTHORITY FROM IOWA
State Approves UPCIC as a Licensed Insurance Entity
Fort Lauderdale, FL, March 31, 2017 – Universal Insurance Holdings, Inc. (NYSE: UVE) announced today that the Iowa Insurance Division issued a Certificate of Authority to Universal Property & Casualty Insurance Company (UPCIC), a wholly-owned subsidiary of Universal Insurance Holdings, Inc., approving UPCIC as a licensed insurance entity in Iowa.
Universal Chairman and Chief Executive Officer Sean P. Downes stated, “We are pleased to announce our expansion into Iowa, and to have received our first state regulatory approval of 2017. We look forward to building our presence in Iowa, further extending our reach as a national homeowners insurance provider. This step highlights the progress we have made in successfully executing our geographic expansion strategy, which we expect will continue to produce profitable top-line growth and create significant value for our shareholders.”
UPCIC is one of the leading writers of homeowners insurance nationally and is licensed to offer its homeowners insurance products in Florida, North Carolina, South Carolina, Hawaii, Georgia, Massachusetts, Maryland, Delaware, Indiana, Pennsylvania, Minnesota, Michigan, Virginia, Alabama, West Virginia, New Hampshire, New Jersey, New York, and Iowa.
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 and Virginia. 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 to write 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.
Andy Brimmer / Mahmoud Siddig
Joele Frank, Wilkinson Brimmer Katcher