Universal Insurance Gets Nod for Second P/C Sub

Universal Insurance Holdings Inc. announced that the State of Florida's Office of Insurance Regulation has approved Universal Insurance Holdings' application to form a second property and casualty subsidiary (initially filed as Infinity Property and Casualty Insurance Company), to be named American Platinum Property and Casualty Insurance Company.

The new company, a wholly owned subsidiary of Universal Insurance Holdings Inc., intends to write insurance in the state of 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 (UPCIC).

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.