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Actionable news in UVE: UNIVERSAL INSURANCE HLDG Inc,

Universal Insurance Holdings Inc. Issues Statement

FORT LAUDERDALE, Fla., Nov. 17, 2015 /PRNewswire/ -- Universal Insurance Holdings, Inc. (UVE) today issued the following statement to correct misleading allegations and misinformation presented by Lakewood Capital Management, a short seller:

"Universal Insurance is a national homeowners insurance company with operations in 11 states and direct written premium of $684 million through September 30, 2015. The Company operates in a highly regulated industry, and has received all necessary certifications from the states in which it operates. Universal has established a consistent track record of top- and bottom-line growth. For the first nine months of 2015, the Company reported net income of $77.3 million, an increase of 48.7% year over year. Diluted EPS for the first nine months of the year was $2.15, an increase of 45.3% year over year. The Company's growth has been driven by its focus on 100% organic expansion based on a rate adequate, high quality book of business, first-rate customer service and claims processing. Universal believes that the strategic changes and improvements made to its reinsurance program in 2015 will continue to drive financial improvements. Specifically, the Company's...


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