Universal Announces New $20 Million Share Repurchase Authorization

Rhea-AI Summary

Universal Insurance Holdings, Inc. announces new share repurchase program of up to $20 million through 2025.

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• Universal Insurance Holdings, Inc. has authorized a new share repurchase program of up to $20 million. The repurchases will be made through June 10, 2025, in open market transactions at prevailing market prices.

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• None.

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)-- Universal Insurance Holdings, Inc. (NYSE: UVE) (“Universal” or the “Company”) announced today that its Board of Directors has authorized a new share repurchase program under which the Company may repurchase up to $20 million of its outstanding shares of common stock through June 10, 2025.

Share repurchases may be made by the Company from time to time in open market transactions at prevailing market prices and are subject to relevant rules under the Securities Exchange Act of 1934, as amended (Exchange Act). The Company intends to effect repurchase transactions in compliance with Rule 10b-18 under the Exchange Act and the Company’s insider trading policy.

About Universal Insurance Holdings, Inc.

Universal Insurance Holdings, Inc. (“UVE”) is a holding company providing property and casualty insurance and value-added insurance services. We develop, market, and write insurance products for consumers predominantly in the personal residential homeowners lines of business and perform substantially all other insurance-related services for our primary insurance entities, including risk management, claims management and distribution. We provide insurance products through both our appointed independent agents and through our direct online distribution channels in the United States across 19 states (primarily Florida). Learn more at universalinsuranceholdings.com.

Forward-Looking Statements

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,” “will,” “plan,” 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, including those risks and uncertainties described under the heading “Risk Factors” and “Liquidity and Capital Resources” in our 2022 Annual Report on Form 10-K, and supplemented in our subsequent Quarterly Reports on Form 10-Q. Future results could differ materially from those described, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. 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 Company’s Annual Report on Form 10-K and the most recent quarterly reports on Form 10-Q.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230612777996/en/

Investors/Media:

Arash Soleimani, CFA, CPA, CPCU

Chief Strategy Officer

954-804-8874

asoleimani@universalproperty.com

Source: Universal Insurance Holdings, Inc.

FAQ

What did Universal Insurance Holdings announce?

Universal Insurance Holdings announced a new share repurchase program.

How much is the share repurchase program authorized for?

The share repurchase program is authorized for up to $20 million.

When will the share repurchases be made?

The share repurchases will be made through June 10, 2025.

How will the repurchases be made?

The repurchases will be made through open market transactions at prevailing market prices.