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8-K - UNIVERSAL INSURANCE HOLDINGS, INC. | form8k.htm |
UNIVERSAL
INSURANCE HOLDINGS, INC.
REPORTS
A FLORIDA INSURANCE GUARANTY ASSOCIATION ASSESSMENT AND RECEIVES APPROVAL FOR
RECOUPMENT
Fort Lauderdale, Fla., January 8,
2010 - Universal
Insurance Holdings, Inc. (the Company) (NYSE AMEX: UVE), a vertically
integrated insurance holding company, announced a mandatory assessment by the
Florida Insurance Guaranty Association applicable to all Florida property and
casualty insurers including Universal Property & Casualty Insurance Company
(UPCIC), a wholly owned subsidiary of the Company.
The
assessment totaled $4.1 million, or 0.8 percent of net direct written premiums,
for the calendar year 2008, and will have a negative effect on operating results
for the three-month period ended December 31, 2009. The mandatory assessment
will be recovered through a surcharge on policies, as approved by the Florida
Office of Insurance Regulation in January 2010, and the Company expects it will
have a positive effect on operating results over a twelve-month period beginning
March 1, 2010.
About Universal Insurance
Holdings, Inc.
Universal
Insurance Holdings, Inc. (UIH) is a vertically integrated insurance holding
company, which through its various subsidiaries, covers substantially all
aspects of insurance underwriting, distribution, claims processing and exposure
management. Universal Property & Casualty Insurance Company (UPCIC), a
wholly owned subsidiary of UIH, is one of the five leading writers of
homeowners’ insurance in Florida and is now fully licensed and has commenced its
operations in Georgia, Hawaii, North Carolina and South Carolina. For additional
information on the Company, please visit our investor relations Web site at
www.universalinsuranceholdings.com
Readers
should refer generally to reports filed by the Company with the Securities and
Exchange Commission (SEC), specifically the Company's Form 10-K for the year
ended December 31, 2008, and the Company's Form 10-Q for the quarterly period
ended September 30, 2009, 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; competition and its effect
on pricing, spending and third-party relationships; the Company’s financial
stability rating; product pricing and revenues; and the effect of Federal or
state laws and regulations. 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.
Investor
Contact: Philip Kranz, Dresner Corporate
Services, 312-780-7240, pkranz@dresnerco.com