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Universal Insurance Holdings, Inc. Declares Twelve Cent Cash Dividend; Company Set to Join Russell 3000 Index
| Source: Universal Insurance Holdings, Inc.
FORT LAUDERDALE, FL--(Marketwire - June 17, 2009) - Universal Insurance Holdings, Inc.
("Company") (NYSE Amex : UVE ), a vertically integrated insurance holding
company, announced today that its board of directors declared a dividend of
$0.12 per share on its common stock. The dividend is payable on October 23,
2009 to shareholders of record as of September 3, 2009.
The decision to declare a dividend of twelve cents reflects the Company's
positive results for the quarter ended March 31, 2009 and management's
assessment of the Company's current business and corporate needs. To date
in 2009, cash dividends totaling $0.34 cents have been declared by the
Company.
The Company also announced that it is set to join the Russell 3000® Index
when Russell Investments reconstitutes its comprehensive set of U.S. and
global equity indexes on June 26, according to a preliminary list of
additions posted June 12 on www.russell.com.
Bradley I. Meier, president and chief executive officer, commented, "We are
pleased to be included on Russell's preliminary list of additions to the
Russell 3000 Index. We believe that our inclusion in this index will lead
to additional visibility in the investment community."
According to information provided on Russell's Web site, annual
reconstitution of Russell's U.S. indexes captures the 4,000 largest U.S.
stocks as of the end of May, ranking them by total market capitalization.
Membership in the Russell 3000, which remains in place for one year, means
automatic inclusion in the large-cap Russell 1000® Index or small-cap
Russell 2000® Index as well as the appropriate growth and value style
indexes. Russell determines membership for its equity indexes primarily by
objective, market-capitalization rankings and style attributes.
The Russell 3000 also serves as the U.S. component to the Russell Global
Index, which Russell launched in 2007.
Russell indexes are widely used by investment managers and institutional
investors for index funds and as benchmarks for both passive and active
investment strategies. An industry-leading $4 trillion in assets currently
are benchmarked to them.
About Russell
Russell Investments provides strategic advice, world-class implementation,
state-of-the-art performance benchmarks and a range of
institutional-quality investment products. Russell has $136 billion in
assets under management as of March 31, 2009, and serves individual,
institutional and advisor clients in more than 40 countries. Founded in
1936, Russell is a subsidiary of The Northwestern Mutual Life Insurance
Company.
About Universal Insurance Holdings, Inc.
Universal Insurance Holdings, Inc. (UIH) is a vertically integrated
insurance holding company, which through its various subsidiaries, covers
substantially all aspects of insurance underwriting, distribution, claims
processing and exposure management. Universal Property & Casualty Insurance
Company (UPCIC), a wholly owned subsidiary of UIH, is one of the five
leading writers of homeowners' insurance in Florida and is now fully
licensed and has commenced its operations in Georgia, Hawaii, North
Carolina and South Carolina. Additionally, the Company has also filed an
application to the Texas Department of Insurance to form a separate
property and casualty subsidiary to write homeowners' insurance coverage in
Texas.
Readers should refer generally to reports filed by the Company with the
Securities and Exchange Commission (SEC), specifically the Company's Form
10-K for the year ended December 31, 2008, and the Company's Form 10-Q for
the quarterly period ended March 31, 2009, 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; competition and its effect on pricing,
spending and third-party relationships; the Company's financial stability
rating; product pricing and revenues; and the effect of Federal or state
laws and regulations. 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" that anticipate
results based on our estimates, assumptions and plans that are subject to
uncertainty. These statements are made subject to the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995. We
assume no obligation to update any forward-looking statements as a result
of new information or future events or developments.
These forward-looking statements do not relate strictly to historical or
current facts and may be identified by their use of words like "plans,"
"seeks," "expects," "will," "should," "anticipates," "estimates,"
"intends," "believes," "likely," "targets" and other words with similar
meanings. These statements may address, among other things, our strategy
for growth, catastrophe exposure management, product development,
investment results, regulatory approvals, market position, expenses,
financial results, litigation and reserves. We believe that these
statements are based on reasonable estimates, assumptions and plans.
However, if the estimates, assumptions or plans underlying the
forward-looking statements prove inaccurate or if other risks or
uncertainties arise, actual results could differ materially from those
communicated in these forward-looking statements.