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Universal Insurance wins regulatory approval to form new subsidiary in Florida

Universal Insurance Holdings has announced that the Florida Office of Insurance Regulation has approved the company's application to form a second property and casualty insurance subsidiary, to be named American Platinum Property and Casualty Insurance Company.

The new company, a wholly owned subsidiary of Universal Insurance, intends to write insurance in Florida in the lines of homeowners’ multi-peril and inland marine on homes valued in excess of $1 million, which are limits and coverages currently not offered by its affiliate, Universal Property & Casualty Insurance Company.

Additionally, the new company plans to write excess flood insurance on homes valued in excess of $250,000. The new company intends to file for the approval of its rates and forms by the Florida Office of Insurance Regulation by the first quarter of 2009, with anticipation of writing new business in Florida promptly following approval of its rates and forms.

Bradley Meier, president and CEO of Universal Insurance Holdings, said: Universal Insurance Holdings is pleased with the approval of a second property and casualty insurance company, as we believe it offers an opportunity for us to utilize our expertise and further grow within Florida. Through this subsidiary, we look forward to offering additional property and casualty products to the citizens of Florida.