Florida Approves New Homeowners, Inland Marine, Excess Flood Insurer

Universal Insurance Holdings, Inc., an insurance holding company, reports that Florida’s officials have approved its application to form a second property/ casualty insurance subsidiary to be named American Platinum Property and Casualty Insurance Co.

The name initially filed was Infinity Property and Casualty Insurance Co. but it was changed.

The new company, a wholly owned subsidiary of Universal Insurance Holdings, Inc., intends to write insurance in Florida in the lines of homeowners’ multi-peril and inland marine on homes valued in excess of $1 million, which are limits and coverages currently not offered by its affiliate, Universal Property & Casualty Insurance Co. (UPCIC).

Additionally, the new company said it plans to write excess flood insurance on homes valued in excess of $250,000.

The company must file for the approval of its rates and forms by the Florida Office of Insurance Regulation by the first quarter of 2009, with anticipation of writing new business in Florida following approval of its rates and forms.

Source: Universal Insurance Holdings, Inc.