Business News • MarketWire • Universal Insurance Holdings, Inc. Reports a Florida Insurance Guaranty Association Assessment and Receives Approval for Recoupment |
Universal Insurance Holdings, Inc. Reports a Florida Insurance Guaranty Association Assessment and Receives Approval for Recoupment |
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Universal Insurance Holdings, Inc. Reports a Florida Insurance Guaranty Association Assessment and Receives Approval for Recoupment
FORT LAUDERDALE, FL--(Marketwire - 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.
View More : http://www.marketwire.com/mw/release.do?id=1099257&sourceType=3
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