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Universal Insurance Holdings, Inc. Applies to the State of Florida to Form a Second Property & Casualty Insurance Company
Infinity Property & Casualty Insurance Company to Expand Product Offerings
| Source: Universal Insurance Holdings, Inc.
FORT LAUDERDALE, FL--(Marketwire - June 24, 2008) - Universal Insurance Holdings, Inc.
(AMEX : UVE ), a vertically integrated insurance holding company, announced
that it has applied to the State of Florida's Office of Insurance
Regulation to form a second property and casualty subsidiary named Infinity
Property & Casualty Insurance Company.
Infinity Property & Casualty, a wholly owned subsidiary of Universal
Insurance Holdings, Inc., intends to write insurance in the state of
Florida in the lines of homeowners' multi-peril and inland marine on homes
valued in excess of $1 million, which are limits and coverages currently
not offered by its affiliate Universal Property & Casualty Insurance
Company (UPCIC). Additionally, Infinity Property & Casualty Insurance
Company plans to write excess flood insurance on homes valued in excess of
$250,000.
Bradley I. Meier, president and chief executive officer, commented, "The
formation of Infinity Property & Casualty Insurance Company and the
application to the state of Florida is consistent with Universal's strategy
to capitalize on its expertise and expand its product offerings as it
continues to seek additional growth opportunities."
About Universal Insurance Holdings, Inc.
The Company is a vertically integrated insurance holding company. Through
its subsidiaries, the Company is currently engaged in insurance
underwriting, distribution and claims. UPCIC, which generates revenue from
the collection and investment of premiums, is one of the top five writers
of homeowners' insurance policies in the state of Florida and has aligned
itself with well-respected service providers in the industry.
Readers should refer generally to reports filed by the Company with the
Securities and Exchange Commission (SEC), specifically the Company's Form
10-KSB for the year ended December 31, 2007, and the Company's Form 10-Q
for the quarterly period ended March 31, 2008, 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; and competition and its effect on
pricing, spending, third-party relationships and revenues. 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" within the meaning
of the Private Securities Litigation Reform Act of 1995. The words
"believe," "expect," "anticipate," and "project," and similar expressions
identify forward-looking statements, which speak only as of the date the
statement was made. Such statements may include, but not be limited to,
projections of revenues, income or loss, expenses, plans, 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 in
forward-looking statements.