Universal Insurance Holdings (UVE) Approves $10M Buyback Plan

Universal Insurance Holdings (NYSE: UVE) announced that its Board of Directors authorized a share repurchase program under which the Company may repurchase up to $10 million of its outstanding shares of common stock through August 1, 2015. The Company may repurchase shares from time to time in its discretion, based on ongoing assessments of the capital needs of the Company, the market price of its common stock and general market conditions. The Company will fund the share repurchase program with cash from operations.

"This new and expanded share repurchase program underscores our confidence in our strategy, the long-term prospects of our business and our commitment to delivering value to our shareholders," said Sean P. Downes, the Company's Chairman, President and Chief Executive Officer. "Our strong financial position and cash flow capabilities provide us with flexibility to capitalize on market opportunities to drive shareholder returns while continuing to execute on strategic growth opportunities."

Share repurchases are subject to relevant rules under the Securities Exchange Act of 1934, as amended (Exchange Act). The Company will also effect repurchase transactions in compliance with Rule 10b-18 under the Exchange Act and the Company's insider trading policy.

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