Universal Insurance Holdings Inc., an insurance holding company based in Fort Lauderdale, Florida, announced that its subsidiary Universal Property & Casualty Insurance Company (UPCIC) has been approved by the New York State Department of Financial Services as a licensed insurance entity in New York. UPCIC also received approval in New Jersey last week.
“We are excited to extend our offerings into New York as we continue successfully executing on our geographic expansion strategy,” said Sean P. Downes, chairman and chief executive officer of Universal Insurance Holdings.
“We look forward to developing relationships and working with independent agents to bring our leading products and services to customers throughout the state,” Downes said.
A UPCIC spokesperson said the insurer is in the process of completing the registration process to commence operations in New York, including the filing of its rates and forms.
UPCIC currently works exclusively with independent agents. UPCIC’s property/casualty products include homeowner’s policies, dwelling coverage, personal property coverage, renter’s policies and condominium policies in the various states it serves.
The UPCIC spokesperson said the insurer will seek to offer the products that best align with market demand in New York as it completes the registration process. The insurer is in the process of appointing independent agents in New York.
Universal Insurance Holdings, with its wholly-owned subsidiaries, is a vertically integrated insurance holding company performing insurance underwriting, distribution and claims.
UPCIC is one of the leading writers of homeowners insurance in Florida and is also licensed in Alabama, Delaware, Georgia, Hawaii, Indiana, Maryland, Massachusetts, Michigan, Minnesota, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Virginia and West Virginia.