Universal P&C Expands to New Jersey, New York

Universal Insurance Holdings Inc., an insurance holding company in Fort Lauderdale, Florida, is continuing its expansion into the Northeast.

The company announced in March that its subsidiary Universal Property & Casualty Insurance Company (UPCIC) has been approved by New Jersey and New York insurance regulators as a licensed insurance entity in their respective states.

Universal Insurance Holdings Chairman and CEO Sean P. Downes said his company looks forward to developing relationships and working with independent agents to bring UPCIC’s products to customers in these two states.

UPCIC currently works exclusively with independent agents.

A UPCIC spokesperson said the insurer is in the process of completing the registration procedures to commence operations in these two states. 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 spokesperson said UPCIC will seek to offer the products that best align with market demand in New Jersey and New York as it completes the registration. The insurer is also in the process of appointing independent agents in these two states.

Universal Insurance Holdings is an integrated insurance holding company performing underwriting, distribution and claims. It reported $814 million in direct premiums written for homeowners multiple peril coverages in the U.S. in 2015, making it the 17th largest homeowners insurer in the country, according to the National Association of Insurance Commissioners (NAIC).

UPCIC is a leading writer of homeowners insurance in Florida and is also licensed in Alabama, Delaware, Georgia, Hawaii, Indiana, Maryland, Massachusetts, Michigan, Minnesota, New Hampshire, North Carolina, Pennsylvania, South Carolina, Virginia and now New Jersey and New York.