Actionable news
All posts from Actionable news

Universal Insurance Holdings, Inc. Authorizes New $10 Million Share Repurchase Program

The following excerpt is from the company's SEC filing.

Fort Lauderdale, FL, November 19, 2015 - Universal Insurance Holdings, Inc. (NYSE: UVE)

announced today 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 December 31, 2016. 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.

Universal Insurance report ed record results in the third quarter of 2015 and our business remains robust, said Sean P. Downes, the Companys Chairman, President and Chief Executive Officer. This new $10 million share repurchase program underscores our confidence in our strategy, the long-term prospects of our business and our strong financial position and cash flow capabilities. The Company will continue to regularly review its capital allocation to ensure it is best positioned for growth and shareholder value creation.

Share repurchases may be made by the Company from time to time in open market transactions at prevailing market prices and are subject to relevant...