Universal Insurance Holdings Inc. announces an Equity Buyback for 675,000 shares, for $7.5 million.
January 02, 2014 at 05:24 pm
Share
Universal Insurance Holdings Inc. (NYSE:UVE) announces a share repurchase program. Under the program, the company will repurchase up to 675,000 shares at a price of $11.11 per share for a total of $7.50 million from Bradley I. Meier, the company's former Chief Executive Officer. The share repurchases will be financed from cash on hand.
The company believes that the transaction represents an effective use of capital and reflects its commitment to driving shareholder returns and confidence in the long-term prospects of company.
Universal Insurance Holdings, Inc. is a holding company that offers property and casualty insurance and value-added insurance services. It develops, markets, and underwrites insurance products for consumers in the personal residential homeownerâs lines of business and other insurance-related services for its insurance entities, including risk management, claims management, and distribution. Its primary insurance entities include Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company. UPCIC distributes policies through its independent agency force and offers various types of personal residential insurance, such as homeowners, renters/tenants, condo unit owners, and dwelling/fire. It also offers allied lines, coverage for other structures, and personal property, liability, and personal articles coverages. Through its subsidiary, Evolution Risk Advisors, Inc., it advises on actuarial issues and administers claims payments.
UNIVERSAL INSURANCE HOLDINGS, INC. 
