News Column

Universal Insurance Holdings, Inc. Announces Completion of $1 Million Share Repurchase

May 30, 2014

By a News Reporter-Staff News Editor at Insurance Weekly News -- Universal Insurance Holdings, Inc. (NYSE: UVE) announced 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.

Keywords for this news article include: Industry, Financial Companies, Property and Casualty Insurance Companies.

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Source: Insurance Weekly News

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