Florida-based Universal Insurance Holdings Inc. has raised an additional $10 million in capital by selling shares to one of its reinsurers.
Universal said it sold 583,771 shares of common stock to RenaissanceRe Ventures Ltd., a subsidiary of RenaissanceRe Holdings Ltd. for total consideration of $10 million.
“I am extremely pleased to have RenaissanceRe, one of our core reinsurance partners, make this investment in our company,” said Sean P. Downes, Universal’s chairman and chief executive officer. “This additional equity capital further strengthens our balance sheet and positions us for continued, profitable growth.”
The holding company’s subsidiary, Universal Property & Casualty Insurance Co., is a leading writers of homeowners insurance in Florida. It has also begun selling in North Carolina, South Carolina, Hawaii, Georgia, Massachusetts, Maryland, Delaware, Indiana, Pennsylvania, Minnesota and Michigan.
RenaissanceRe is a global provider of catastrophe and specialty reinsurance and insurance.
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