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Universal Insurance Holdings, Inc. Announces the State of South Carolina Has Approved UPCIC's Rates and Forms; UPCIC Has Written Its First Homeowners' Policies in the State
| Source: Universal Insurance Holdings, Inc.
FORT LAUDERDALE, FL--(Marketwire - December 19, 2008) - Universal Insurance Holdings, Inc.
(NYSE Alternext US : UVE ) (AMEX : UVE ), a vertically integrated insurance
holding company, announced that its subsidiary, Universal Property and
Casualty Insurance Company (UPCIC), has received approval of its rates and
forms from the South Carolina Department of Insurance to write property and
casualty insurance in the State of South Carolina. Following this
approval, UPCIC has written its first homeowners' policies in South
Carolina.
Bradley I. Meier, president and chief executive officer of Universal
Insurance Holdings, Inc., commented, "UPCIC's entrée into the South
Carolina homeowners' insurance market represents a significant milestone in
our Company's history, as we have begun the process of utilizing our
insurance expertise to diversify beyond Florida. We are pleased to be able
to offer UPCIC's homeowners' insurance products to the citizens of South
Carolina."
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.
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 September 30, 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.