UNIVERSAL INSURANCE HOLDINGS, INC. SUBSIDIARY UPCIC WRITES FIRST HOMEOWNERS INSURANCE POLICY IN MICHIGAN
Fort Lauderdale, FL, March 31, 2016 – Universal Insurance Holdings, Inc. (NYSE: UVE) announced today that the Michigan Department of Insurance and Financial Services has approved the homeowners insurance rates and forms of its wholly-owned subsidiary, Universal Property & Casualty Insurance Company (“UPCIC”), and that UPCIC has subsequently written its first homeowners insurance policy in Michigan.
Sean P. Downes, the Company’s Chairman and Chief Executive Officer, stated, “We are pleased to have solidified our presence in Michigan by writing our first homeowners insurance policy in the state. We look forward to developing and growing our relationships with Michigan’s network of independent agents and working with them to bring our leading suite of products and services to more customers throughout the state.”
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, Michigan, Minnesota, Virginia, Alabama, West Virginia, New Hampshire, New Jersey and New York.
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 and Michigan. 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 Form 10-K for the year ended December 31, 2015.
Andy Brimmer / Mahmoud Siddig
Joele Frank, Wilkinson Brimmer Katcher