Universal Insurance Holdings, Inc. Appoints Sean Downes as President and CEO; Jon Springer as SVP and COO

Fri Feb 22, 2013 4:09pm EST

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

  FORT LAUDERDALE, FL, Feb 22 (Marketwire) -- 
Universal Insurance Holdings, Inc. ("Company") (NYSE MKT: UVE) announced
today that, as expected, the Board of Directors appointed Sean P. Downes
to succeed Bradley I. Meier as President and Chief Executive Officer of
the Company, effective as of the close of business today. Mr. Downes will
remain a director of the Company. 

    Mr. Downes, a 14-year veteran with the Company, has been the Company's
Senior Vice President, Chief Operating Officer and a director since
January 2005, and Chief Operating Officer and a director of Universal
Property & Casualty Insurance Company, a wholly-owned subsidiary of the
Company, since July 2003. Mr. Downes, age 43, was Chief Operating Officer
of Universal Adjusting Corporation, a wholly-owned subsidiary of the
Company, from July 1999 to July 2003. During that time Mr. Downes created
the Company's claims operation. Before joining the Company in July 1999,
Mr. Downes was Vice President of Downes and Associates, a multi-line
insurance claims adjustment corporation.

    The Company also announced today that, as expected, the Board of
Directors appointed Jon W. Springer as Senior Vice President and Chief
Operating Officer of the Company. The Board also elected Mr. Springer a
director of the Company to fill the vacancy created by Mr. Bradley
Meier's resignation, with the appointment and election each effective as
of the close of business today. Mr. Springer, age 43, was Executive Vice
President of Universal Risk Advisors, Inc., a wholly-owned subsidiary of
the Company, from June 2006 through March 2008, and has been the
Executive Vice President of Blue Atlantic Reinsurance Corporation, a
wholly-owned subsidiary of the Company, since March 2008. Before joining
Universal Risk Advisors, Inc., Mr. Springer was an Executive Vice
President of Willis Re, Inc. and was responsible for managing property
and casualty operations in its Minneapolis office.

    The Company also announced that Norman M. Meier has resigned as Secretary
and a director of the Company, effective as of the close of business
today. Mr. Meier will remain employed by the Company in an advisory
capacity.

    "It is an exciting time for the Company and I look forward to leading the
Company as the next President and Chief Executive Officer. I am grateful
for this opportunity and plan to grow and strengthen the Company in new
and positive ways," said Mr. Downes. "Jon Springer has been a valuable
part of our success since 2006 and I am confident that he will be a great
asset to our management team as we pursue these goals. I would also like
to thank Norman Meier for his years of service as a director of the
Company. We wish him the very best in the future."

    About Universal Insurance Holdings, Inc.
 Universal Insurance Holdings,
Inc. ("Company"), 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 three 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 and Maryland. 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 the Form 10-K for the
year ended December 31, 2011 and the Form 10-Q for the quarter ended
September 30, 2012.

    

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

Copyright 2013, Marketwire, All rights reserved.

-0-