Universal Insurance To Open 2nd Fla. P-C Subsidiary
Jun 24, 2008
National Underwriter--June 24
Ft. Lauderdale, Fla.-based Universal Insurance Holdings Inc. said it is seeking to open a second property-casualty insurance company subsidiary in Florida after filing an application with the state’s Office of Insurance Regulation.
The new operation, to be named Infinity Property & Casualty Insurance Company, would be a wholly owned subsidiary of Universal Insurance Holdings.
Universal said the company intends to write homeowners multiperil and inland marine coverage on homes valued in excess of $1 million.
It was explained that the Universal affiliate Universal Property & Casualty Insurance Company does not offer limits and coverage to those risks. Additionally, Infinity Property & Casualty Insurance plans to write excess flood insurance on homes valued in excess of $250,000.
Bradley I. Meier, president and chief executive officer on Universal Insurance, said in a statement, “The formation of Infinity Property & Casualty Insurance Company and the application to the state of Florida is consistent with Universal’s strategy to capitalize on its expertise and expand its product offerings as it continues to seek additional growth opportunities.”
According to Highline Data, a Summit Business Media Company which also owns National Underwriter, Universal Property & Casualty in 2007 was the second largest homeowners insurer in the state behind State Farm, with more than 6 percent of the market and $450 million in direct premium written.
The figures do not include the state’s residual market insurer, Citizens Property Insurance Corporation, which is regarded as the number one market in the state. According to its Web site, as of May 31, the company has written more than $2.8 billion in premium on 1.2 million policies.