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Universal Insurance Holdings, Inc. Subsidiary UPCIC Completes 2009-2010 Reinsurance Program
UPCIC Has Written Its First Homeowners' Policies in Hawaii; UPCIC's Total In-Force Premiums Outside of Florida Have Exceeded $1 Million
| Source: Universal Insurance Holdings, Inc.
FORT LAUDERDALE, FL--(Marketwire - June 3, 2009) - Universal Insurance Holdings, Inc.
("UIH") (NYSE Amex : UVE ), a vertically integrated insurance holding
company, announced the completion by Universal Property and Casualty
Insurance Company ("UPCIC"), the Company's wholly-owned regulated insurance
subsidiary, of its 2009-2010 reinsurance program effective June 1 of this
year. For the 2009-2010 reinsurance program, UPCIC purchased a greater
amount of coverage in the open market through private reinsurers, as
compared to the 2008-2009 reinsurance program, primarily due to UPCIC's
decision to forgo the purchase of the Temporary Increase in Coverage Limit
Option offered to insurers by the Florida Hurricane Catastrophe Fund. The
largest participants on UPCIC's reinsurance program continue to
include leading reinsurance companies such as Everest Re, Renaissance Re,
and Lloyd's of London syndicates. The Company has filed a Form 8-K
Periodic Report with the SEC which provides additional details regarding
the program.
Subsequent to receiving approval of its rates and forms from the insurance
division of Hawaii's Department of Commerce and Consumer Affairs on April
24, 2009, UPCIC has written its first homeowners' policies in the State of
Hawaii. Additionally, as a result of UPCIC's expansion and growth in
states outside of Florida, UPCIC's total in-force premiums have exceeded a
combined $1 million in the states of North Carolina, South Carolina, and
Hawaii.
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.