Download Universal Insurance Holdings, Inc.

Form 8-K
UNIVERSAL INSURANCE HOLDINGS, INC. - UVE
Filed: May 20, 2014 (period: May 14, 2014)
Report of unscheduled material events or corporate changes.
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user
assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be
limited or excluded by applicable law. Past financial performance is no guarantee of future results.
Table of Contents
8-K - 8-K
ITEM 8.01 Other Events.
ITEM 9.01 Financial Statements and Exhibits.
SIGNATURES
EX-99.1 (EX-99.1)
EX-99.2 (EX-99.2)
Source: UNIVERSAL INSURANCE HOLDINGS, INC., 8-K, May 20, 2014
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The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any
use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
May 14, 2014
Date of report (Date of earliest event reported)
Universal Insurance Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation or organization)
001-33251
(Commission file number)
65-0231984
(IRS Employer
Identification No.)
1110 W. Commercial Blvd., Fort Lauderdale, Florida 33309
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code: (954) 958-1200
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
 Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
Source: UNIVERSAL INSURANCE HOLDINGS, INC., 8-K, May 20, 2014
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The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any
use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.
ITEM 8.01 Other Events.
On May 14, 2014, Universal Insurance Holdings, Inc. (“Company”) announced that it repurchased in the open market 83,100 shares of
the Company’s common stock at an average price of $11.99 per share using cash on hand. On the same day, the Company also
announced that its Board of Directors authorized the repurchase of up to an additional $2,000,000 of outstanding common stock in the
open market through June 14, 2014.
On May 19, 2014, the Company announced that, pursuant to its previously announced repurchase program, it repurchased in the open
market 163,466 shares of common stock at an average price of $12.19 per share using cash on hand.
The May 14, 2014 and May 19, 2014 press releases are attached to this report as Exhibits 99.1 and 99.2, respectively, and are
incorporated herein by reference.
ITEM 9.01 Financial Statements and Exhibits.
(d) Exhibits:
No.
Description
99.1
Press release dated May 14, 2014
99.2
Press release dated May 19, 2014
-2-
Source: UNIVERSAL INSURANCE HOLDINGS, INC., 8-K, May 20, 2014
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The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any
use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, hereunto duly authorized.
Date: May 19, 2014
UNIVERSAL INSURANCE HOLDINGS, INC.
/s/ Frank W. Wilcox
Frank W. Wilcox
Chief Financial Officer
-3-
Source: UNIVERSAL INSURANCE HOLDINGS, INC., 8-K, May 20, 2014
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The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any
use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.
Exhibit 99.1
FOR IMMEDIATE RELEASE
Universal Insurance Holdings, Inc. Announces Completion of $1 Million
Share Repurchase
Board Authorizes Additional $2 Million Share Repurchase Program Over Next 30 Days
Fort Lauderdale, FL, May 14, 2014 - Universal Insurance Holdings, Inc. (NYSE: UVE) announced today that it repurchased
83,100 shares of the Company’s common stock at an average price of $11.99 per share through the open market. The Company
financed the share repurchase using cash on hand. In addition, the Company announced that its Board of Directors authorized an
additional repurchase program under which the Company can repurchase up to $2 million of outstanding shares of its common stock
through June 14, 2014.
“We are encouraged by our strong first quarter results and the continued execution of our focused growth strategy,” said Sean P.
Downes, the Company’s Chairman, President and Chief Executive Officer. “The share repurchase and new repurchase authorization
demonstrate our longstanding commitment to deploy capital to enhance value for our shareholders, and underscore our confidence in
the Company’s strong financial position and long-term growth prospects.”
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 Act of 1934, as amended (the “Exchange Act”). The Company will also effect repurchase
transactions in compliance with Rule 10b-18 under the Exchange Act and the Company’s insider trading policy. The share repurchase
program will be funded with the Company’s cash from operations.
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 .
Source: UNIVERSAL INSURANCE HOLDINGS, INC., 8-K, May 20, 2014
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The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any
use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.
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 and the
Form 10-Q for the quarter ended March 31, 2014.
Investor Contact:
Andy Brimmer / Mahmoud Siddig
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Source: UNIVERSAL INSURANCE HOLDINGS, INC., 8-K, May 20, 2014
Powered by Morningstar Document Research.
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any
use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.
Exhibit 99.2
FOR IMMEDIATE RELEASE
Universal Insurance Holdings, Inc. Announces Completion of $2 Million
Share Repurchase
Fort Lauderdale, FL, May 19, 2014 - Universal Insurance Holdings, Inc. (NYSE: UVE) announced today that it repurchased
163,466 shares of common stock at an average price of $12.19 per share through the open market, pursuant to the Board authorized
share repurchase program announced on May 14, 2014. The Company financed the share repurchase using cash on hand.
“The swift completion of our share repurchase program demonstrates our proactive approach to driving shareholder value,” said Sean
P. Downes, the Company’s Chairman, President and Chief Executive Officer. “We believe that our healthy balance sheet and
confidence in our long-term prospects provide us with the flexibility to capitalize on market opportunities while continuing to execute
on our strategic growth initiatives.”
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 and the
Form 10-Q for the quarter ended March 31, 2014.
Investor Contact:
Andy Brimmer / Mahmoud Siddig
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Source: UNIVERSAL INSURANCE HOLDINGS, INC., 8-K, May 20, 2014
Powered by Morningstar Document Research.
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any
use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.