Universal Insurance Holdings, Inc. Announces That UPCIC Has Received Approval of Homeowners Rates and Forms in Massachusetts

Wed Jul 11, 2012 11:20am EDT

* Reuters is not responsible for the content in this press release.

  FORT LAUDERDALE, FL, Jul 11 (Marketwire) -- 
Universal Insurance Holdings, Inc. ("Company") (NYSE MKT: UVE) announced
that the Massachusetts Division of Insurance approved the homeowners
rates and forms of its wholly-owned subsidiary, Universal Property &
Casualty Insurance Company ("UPCIC"). UPCIC expects to begin to write
homeowners insurance in Massachusetts later this month.

    Sean Downes, chief operating officer, commented, "Upon writing our first
homeowners policies in Massachusetts, UPCIC will have expanded to its
sixth state. We anticipate writing our first policies by the end of July
and in preparation we have contacted over 500 independent agents in
Massachusetts who are ready to sell our homeowners insurance products. We
are very proud of this forthcoming achievement as it continues our
strategy for expansion beyond Florida. We are pleased to be able to offer
UPCIC's homeowners insurance products to the citizens of Massachusetts
and look forward to growing our network of independent Massachusetts-area
agents."

    About Universal Insurance Holdings, Inc.
 Universal Insurance Holdings,
Inc. is a vertically integrated insurance holding company which, through
its 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 the Company, is one of the three leading writers of
homeowners insurance in Florida and is now fully licensed and has
commenced its operations in North Carolina, South Carolina, Hawaii and
Georgia. American Platinum Property and Casualty Insurance Company
(APPCIC), also a wholly owned subsidiary of the Company, currently writes
homeowners multi-peril and inland marine 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 the Form 10-K for the
year ended December 31, 2011 and the Form 10-Q for the quarter ended
March 31, 2012.

    

Investor Contact:
Philip Kranz
Dresner Corporate Services
312-780-7240
pkranz@dresnerco.com 

Copyright 2012, Marketwire, All rights reserved.

-0-
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.