Profile: Universal Insurance Holdings Inc (UVE.N)
17 Sep 2014
Universal Insurance Holdings, Inc. (UIH), incorporated on November 13, 1990, is a vertically integrated insurance company. The Company's insurance products are offered to the Company's customers through Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), (collectively the Insurance Entities). Substantially all aspects of insurance underwriting, distribution and claims processing are covered through the Company's subsidiaries. Blue Atlantic Reinsurance Corporation (BARC), a wholly owned subsidiary of UIH, is a reinsurance intermediary broker. The Insurance Entities generate revenues primarily from the collection of premiums. Universal Risk Advisors, Inc. (URA), the Company's managing general agent, generates revenue through policy fee income and other administrative fees from the marketing of the Insurance Entities' insurance products through its distribution network of independent agents.
The Company's primary product is homeowners' insurance offered through the Insurance Entities. Approximately 98% of the Insurance Entities' in-force policies as of December 31, 2011, were policies with coverage, including wind risks in the states of Florida, North Carolina, South Carolina, Hawaii and Georgia. UPCIC is licensed to transact insurance business in Florida, North Carolina, South Carolina, Hawaii, Georgia, Maryland and Massachusetts. APPCIC is licensed to transact insurance business only in Florida. All underwriting, rating, policy issuance, reinsurance negotiations, and certain administration functions for the Insurance Entities are performed by URA. The Company has also formed Universal Adjusting Corporation, which adjusts 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 finance services to policyholders of the Insurance Entities. BARC performs reinsurance negotiations on behalf of URA for the insurance Entities. Universal Logistics Corporation assists with operational duties associated with the Company's day-to-day business. APPCIC is authorized to write homeowners, multi-peril and inland marine coverage on homes valued in excess of $1.0 million. On November 11, 2011, the Company announced that APPCIC had written its first homeowners' insurance policy in Florida.
Universal Insurance Holdings Inc
SUITE 100, 1110 W. COMMERCIAL BL
FORT LAUDERDALE FL 33309