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Universal Insurance Holdings, Inc. Announces That UPCIC Has Received Approval to Write Property and Casualty Insurance in Georgia
| Source: Universal Insurance Holdings, Inc.
FORT LAUDERDALE, FL--(Marketwire - February 17, 2009) - Universal Insurance Holdings, Inc.
(NYSE Alternext US : UVE ), a vertically integrated insurance holding
company, announced that its subsidiary, Universal Property and Casualty
Insurance Company (UPCIC), has received approval from the Georgia
Department of Insurance to write property and casualty insurance in the
State of Georgia. UPCIC intends to file for the approval of its rates and
forms by the Georgia Department of Insurance and anticipates writing new
business in Georgia promptly following approval of its rates and forms.
Bradley I. Meier, president and chief executive officer of Universal
Insurance Holdings, Inc., commented, "Universal is pleased to have been
approved to write property and casualty insurance in Georgia, and we look
forward to meeting the property and casualty needs of its citizens.
Universal's approval in Georgia continues the Company's strategy for
geographic expansion beyond Florida, and it follows our previously
announced approvals to write property and casualty insurance in Hawaii,
South Carolina, and North Carolina."
About Universal Insurance Holdings, Inc.
The Company is a vertically integrated insurance holding company. Through
its subsidiaries, the Company is currently engaged in insurance
underwriting, distribution and claims. UPCIC, which generates revenue from
the collection and investment of premiums, is one of the top five writers
of homeowners' insurance policies in the state of Florida.
Readers should refer generally to reports filed by the Company with the
Securities and Exchange Commission (SEC), specifically the Company's Form
10-KSB for the year ended December 31, 2007, and the Company's Form 10-Q
for the quarterly period ended September 30, 2008, 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
http://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.