Press Release

Universal to Offer Homeowner Policies in South Carolina Market


SARASOTA, FL — (May 3, 2007) Universal Insurance Holdings of North America (Universal North America), a personal lines insurance carrier, has announced plans to expand into South Carolina. The company is expected to begin writing homeowners policies throughout the state, including coastal areas, later this summer.

The announcement comes after a recent initiative launched by Gov. Mark Sanford and Department of Insurance Director Scott Richardson to make homeowners insurance widely available and avoid pullouts that plagued Florida after four major hurricanes hit the state in 2004. The initiative includes proposed legislation aimed at impacting rates and availability, including tax incentives for disaster mitigation measures and incentives for carrying higher-deductible insurance plans.

Universal, one of Florida’s top homeowner carriers, weathered the Florida hurricanes and emerged as a leading carrier in the state, when many other companies decided to flee after heavy losses. “Many property insurance carriers left the Florida insurance market after four hurricanes, including Charley, Frances, Ivan and Jeanne, hit in 2004, but not Universal,” said Universal President Rick Espino. “Our financial strength, coupled with local knowledge of the Florida market, allowed us to provide our customers with the highest level of security and customer satisfaction, even during extremely volatile times. We plan to carry forward our stability and focus on exemplary customer service to build the same trust in South Carolina.”

Besides its Florida operation, which serves more than 135 thousand policyholders, Universal began offering homeowner’s insurance coverage in Texas in 2005. “The expansion into South Carolina is a continuation of Universal’s strategic expansion plan into the North America personal lines market,” said Espino. Expansion into other states, including Nevada, Georgia and Arizona, also is expected later this year.

About Universal Group, Inc.
Expansion plans are aided by the company’s powerful financial backing. UIHNA is a wholly-owned subsidiary of Universal Group, Inc., the top property and casualty underwriter in Puerto Rico. An A.M. Best “A” (Excellent) rated carrier with more the $250 million in surplus, Universal Group has more than 30 years experience. The parent company employs more than 900 people.

In South Carolina, Universal North America’s first offering will be homeowner’s policies, with automobile, flood and personal umbrella coverage expected after operations are underway.

For more information, visit www.uihna.com or call Universal at (803) 719-1370.