Universal Insurance Holdings, Inc. Announces Approval to Write Property and Casualty Insurance in North Carolina
FORT LAUDERDALE, FL--(Marketwire - October 20, 2008) - Universal Insurance Holdings, Inc.
(AMEX: UVE), a vertically integrated insurance holding company, announced
that its subsidiary Universal Property and Casualty Insurance Company
(UPCIC), has received approval from North Carolina's Department of
Insurance to write property and casualty insurance in the state of North
Carolina. UPCIC intends to file for the approval of its rates and forms by
the North Carolina Department of Insurance by the first quarter of 2009,
with anticipation of writing new business in North Carolina promptly
following approval of its rates and forms.
Bradley I. Meier, president and chief executive officer, commented,
"Universal is pleased to have been approved to write property and casualty
insurance in North Carolina, and we look forward to meeting the property
and casualty needs of its citizens. With Universal's approval in North
Carolina, coupled with the prior announcements of approval in South
Carolina and Hawaii, we continue to execute on our plans for geographic
expansion beyond Florida."
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 June 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, the Company's financial
stability rating, product pricing 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.