Universal Insurance Holdings, Inc. Subsidiary UPCIC Writes First Homeowners Insurance Policy and Launches Universal Direct in New Hampshire
Fort Lauderdale, FL, April 4, 2018 – Universal Insurance Holdings, Inc. (NYSE: UVE) announced today that its wholly-owned subsidiary, Universal Property & Casualty Insurance Company (UPCIC), has commenced operations and written its first homeowners policy in New Hampshire, and has also launched Universal DirectSM, the direct-to-consumer online platform for UPCIC products, in the state.
Universal Insurance Holdings, Inc. Chairman and Chief Executive Officer Sean P. Downes commented: “We are pleased to have written our first policy in New Hampshire, and to now offer our homeowners insurance products in the state through both independent agents and our easy-to-use online platform, Universal DirectSM. We look forward to developing our relationships with independent agents throughout New Hampshire, and working with them to bring our leading suite of products and services to more customers throughout the state. This represents another step 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.”
New Hampshire marks the seventeenth state of operation for UPCIC, each of which offers customers access to UPCIC homeowners insurance policies through its direct-to-consumer online platform Universal DirectSM. For additional information about Universal DirectSM, please visit www.universaldirect.com.
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, New Jersey, New York, and New Hampshire. 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, 2017.