FORT LAUDERDALE, Fla., April 2, 2014 /PRNewswire/ -- Universal Insurance Holdings, Inc. (NYSE: UVE) announced today that its subsidiary, Universal Property & Casualty Insurance Company (UPCIC), has applied to expand into Pennsylvania, in-line with the Company's strategy to increase its geographic diversification.
UPCIC has submitted an application to the regulatory entity in Pennsylvania, and has received confirmation of its receipt. The Company looks forward to working with the state regulators during the review process.
UPCIC is one of the leading writers of homeowners insurance in Florida and a fully licensed operator in North Carolina, South Carolina, Hawaii, Georgia, Massachusetts and Maryland. As announced in January 2014, the Company has additional applications pending in Indiana, Minnesota and Delaware.
About Universal Insurance Holdings, Inc.
Universal Insurance Holdings, Inc., with its wholly-owned subsidiaries, is a vertically integrated insurance holding 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 its operations in North Carolina, South Carolina, Hawaii, Georgia, Massachusetts and Maryland. American Platinum Property and Casualty Insurance Company, also a wholly-owned subsidiary, currently writes homeowners multi-peril insurance on Florida homes valued in excess of $1 million, which are limits and coverages currently not targeted through its affiliate UPCIC. 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 the Form 10-K for the year ended December 31, 2013.
Andy Brimmer / Steve Frankel / Mahmoud Siddig
Joele Frank, Wilkinson Brimmer Katcher
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