Profile: NYSE MKT OTFC (UVE.A)
2 Dec 2013
Universal Insurance Holdings, Inc. (UIH), incorporated on November 13, 1990, with its wholly owned subsidiaries, is a vertically integrated insurance holding company performing all aspects of insurance underwriting, distribution and claims. The Company’s primary product is homeowners’ insurance offered through the Insurance Entities, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC). Its criteria for accepting insurance risk includes, but are not limited to, common industry underwriting standards , such as, defined coverage limitations on buildings and contents and risk condition.
Substantially all aspects of insurance underwriting, distribution and claims processing are performed by the Company’s subsidiaries. UPCIC, a wholly owned subsidiary of the Company, is a writer of homeowners insurance in Florida and has commenced its operations in North Carolina, South Carolina, Hawaii, Georgia, Massachusetts, Maryland, Delaware, and Indiana. APPCIC, also a wholly owned subsidiary, 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. UPCIC produces its insurance policies through its network of independent insurance agents.
Universal Risk Advisors, Inc. (URA), the Company’s managing general agent, performs underwriting, rating, policy issuance, reinsurance negotiations, and certain administration functions for the Insurance Entities. The Company has formed Universal Adjusting Corporation to adjust claims for the Insurance Entities, and Universal Inspection Corporation, which performs property inspections for homeowners’ insurance policies underwritten by the Insurance Entities. Atlas Premium Finance Company offers premium finance services to policyholders of the Insurance Entities. Blue Atlantic Reinsurance Corporation (BARC), a wholly owned subsidiary of UIH, serves as a reinsurance intermediary broker on behalf of URA for the Insurance Entities. Universal Logistics Corporation assists with operational duties associated with the Company’s day-to-day business.
UPCIC’s reinsurance program, which generally runs from June 1 through May 31 of the following year, consists of quota share, various forms of catastrophe coverage and individual property and liability per risk/per policy coverage. APPCIC’s reinsurance program, which generally runs from June 1 through May 31 of the following year, consists of various forms of catastrophe coverage and individual property and liability per risk/per policy coverage.
NYSE MKT OTFC
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