The New York State Department of Financial Services has given Universal Insurance Holdings approval to begin underwriting property insurance in New York through its wholly-owned subsidiary Universal Property & Casualty Insurance Company (UPCIC).
Universal Insurance Holdings Chairman and Chief Executive Officer Sean P. Downes said this marks an important step in “launching our homeowners insurance products in New York and further expanding our geographic footprint.
“We look forward to capitalizing on the growth opportunities in this new market and to offering our insurance products to New Yorkers across the Empire State.”
UPCIC is set to begin writing policies in New York later this year.
The New York State subsidiary currently functions as one of the leading writers of homeowners insurance in Florida and is licensed to offer insurance throughout North Carolina, South Carolina, Hawaii, Georgia, Massachusetts, Maryland, Delaware, Indiana, Pennsylvania, Minnesota, Michigan, Alabama, Virginia, and New Jersey.
Universal is a heavy user of reinsurance capacity to back its underwriting expansion, so this foray into yet another state will no doubt result in an enlargement to its program going forwards.