Universal Insurance Holdings Announces New $20 Million Share Repurchase Authorization
Universal Insurance Holdings has authorized a new share repurchase program, allowing the buyback of up to $20 million of its common stock by November 3, 2022. The repurchases will occur in open market transactions, adhering to the Securities Exchange Act rules. This initiative aims to enhance shareholder value and reflects confidence in the company's future prospects. Universal Insurance specializes in property and casualty insurance, primarily targeting the residential homeowners market across 19 states, particularly in Florida.
- Authorization of a new share repurchase program worth $20 million.
- Initiative aimed at enhancing shareholder value.
- Confidence in future growth prospects.
- None.
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Universal Insurance Holdings, Inc. announced today that its Board of Directors has authorized a new share repurchase program under which the Company may repurchase up to
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 (UVE) is a holding company offering 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 sell 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 2019 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.
