Florida Insurer Completes $3 Million Repurchase Program
Universal Insurance Holdings, Inc. announced it has completed a $3 million common stock repurchase program.
The program, authorized by Universal’s board of directors, repurchased 808,900 shares of Universal stock for an average per-share price of $3.71. Universal says it intends to evaluate the possibility of future stock repurchase programs subject to business conditions, the company’s financial position, and requirements for working capital and other corporate purposes.
Universal Insurance Holding is a vertically integrated insurer, with subsidiaries engaged in insurance underwriting, distribution and claims. One such subsidiary, UPCIC, is one of the top five writers of homeowners' insurance policies in the state of Florida.
Published on August 26, 2008
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