Universal Insurance Holdings, Inc. Announces the Election of Two New Independent Directors to Its Board of Directors
FORT LAUDERDALE, FL -- (Marketwired) -- 06/06/13 -- Universal Insurance Holdings, Inc. ("the Company") (NYSE MKT: UVE), announced the election of two new independent directors to its board of directors, a result of its annual meeting which took place earlier today. The election of Scott P. Callahan and Darryl L. Lewis expands Universal's board of directors to eight.
Mr. Scott P. Callahan served as executive vice president of Everest Reinsurance Holdings, Inc. and Everest Reinsurance Company from 2002 until his retirement in 2011. Mr. Callahan also served as a director of Everest Reinsurance Company from 2001 to 2011, a director of Everest International Reinsurance, Ltd. from 2003 to 2007 and director of Everest Reinsurance (Bermuda), Ltd. from 2001 to 2007. Each of these entities is a direct or indirect subsidiary of Everest Re Group, Ltd., a provider of reinsurance coverage in the property and casualty reinsurance industry. Dating back to 1979, Mr. Callahan held various positions with subsidiaries and affiliates of Everest Re Group, Ltd. and its predecessor, Prudential Reinsurance Company.
Mr. Darryl L. Lewis, an established trial attorney in Florida and throughout the southeast region of the United States, has been a shareholder with the law firm of Searcy Denney Scarola Barnhart & Shipley, P.A. since 2003. Mr. Lewis was named in the Best Lawyers in America publication in connection with this litigation practice. Mr. Lewis has been recognized in Florida Trend magazine as one of the "legal elite" and named in the South Florida Legal Guide as one of Florida's top trial lawyers. Mr. Lewis proudly served in the U.S. Army Reserve as a Judge Advocate General (JAG) attorney. He earned a Bachelor of Science degree, summa cum laude, in political science from Kentucky State University and his law degree from the University of Kentucky.
Sean Downes, president and chief executive officer of the Company, commented, "Universal is fortunate to add two very distinguished professionals to our board of directors. Scott's broad knowledge of the reinsurance industry will allow him to provide valuable perspective to our board, particularly on matters related to the Company's reinsurance program. Meanwhile, Darryl's legal experience and deep knowledge of the Florida business market will make him a valuable member of our board. We look forward to collaborating with both Scott and Darryl as we seek to further grow the Company."
About Universal Insurance Holdings, Inc.
Universal Insurance Holdings, Inc., with its wholly-owned subsidiaries, is a vertically integrated insurance holding company performing all aspects of insurance underwriting, distribution and claims. Universal Property & Casualty Insurance Company (UPCIC), a wholly-owned subsidiary of the Company, is one of the leading writers of homeowners insurance in Florida and is now fully licensed and has commenced its operations in North Carolina, South Carolina, Hawaii, Georgia, Massachusetts and Maryland. American Platinum Property and Casualty Insurance Company, also a wholly-owned subsidiary, currently writes homeowners multi-peril insurance on Florida homes valued in excess of $1 million, which are limits and coverages currently not targeted through its affiliate UPCIC. For additional information on the Company, please visit our investor relations website at www.universalinsuranceholdings.com.
Forward-Looking Statements and Risk Factors
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Such statements may include commentary on plans, products and lines of business, marketing arrangements, reinsurance programs and other business developments and assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future results could differ materially from those described and the Company undertakes no obligation to correct or update any forward-looking statements. For further information regarding risk factors that could affect the Company's operations and future results, refer to the Company's reports filed with the Securities and Exchange Commission, including the Form 10-K for the year ended December 31, 2012 and the Form 10-Q for the quarter ended March 31, 2013.
Investor Contact: Philip Kranz Dresner Corporate Services 312-780-7240 Email Contact
Source: Universal Insurance Holdings, Inc.