FORT LAUDERDALE, Fla.,
Oct. 27, 2016 /PRNewswire/ --
Universal Insurance Holdings, Inc. (NYSE: UVE) announced today that
the Virginia State Corporation Commission has approved the
homeowners insurance rates and forms of its wholly-owned
subsidiary, Universal Property & Casualty Insurance Company
("UPCIC"), and that UPCIC has subsequently written its first
homeowners policy in Virginia.
Virginia marks the fourteenth
state of operation for UPCIC and the eleventh state to offer
customers access to UPCIC homeowners insurance policies through its
direct-to-consumer online platform Universal
DirectSM. Independent appointed agents operating
in Virginia have the opportunity
to receive commissions from policies written by UPCIC via Universal
Direct SM.
"We are pleased to have written our first policy in Virginia, and to begin offering our homeowners
insurance products to customers in the state through both our
traditional independent agent channel and our convenient and
easy-to-use online platform," said Sean P.
Downes, the Company's Chairman and Chief Executive Officer.
"Our commitment to providing exceptional service and value to our
customers continues to drive our successful geographic expansion
efforts. We look forward to continuing to expand our
traditional and online platform across new markets and deliver
comprehensive affordable insurance solutions to even more customers
across the US."
For additional information about Universal DirectSM,
please visit www.universaldirect.com.
About Universal Insurance Holdings, Inc.
Universal
Insurance Holdings, Inc., with its wholly-owned subsidiaries, is a
vertically integrated insurance company performing all aspects of
insurance underwriting, distribution and claims. Universal Property
& Casualty Insurance Company (UPCIC), a wholly-owned subsidiary
of the Company, is one of the leading writers of homeowners
insurance in Florida and is now
fully licensed and has commenced operations in North Carolina, South Carolina, Hawaii, Georgia, Massachusetts, Maryland, Delaware, Indiana, Pennsylvania, Minnesota, Michigan, Alabama and Virginia. For additional information on the
Company, please visit our investor relations website at
www.universalinsuranceholdings.com.
Forward-Looking Statements and Risk Factors
This
press release may contain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
The words "believe," "expect," "anticipate," and similar
expressions identify forward-looking statements, which speak only
as of the date the statement was made. Such statements may include
commentary on plans, products and lines of business, marketing
arrangements, reinsurance programs and other business developments
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, and the Company undertakes
no obligation to correct or update any forward-looking statements.
For further information regarding risk factors that could affect
the Company's operations and future results, refer to the Company's
reports filed with the Securities and Exchange Commission,
including Form 10-K for the year ended December 31, 2015.
Investor Contact:
Andy
Brimmer / Mahmoud Siddig
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
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SOURCE Universal Insurance Holdings, Inc.