Reinsurance News

Universal Property enters Wisconsin

21st June 2019 - Author: Luke Gallin

Universal Property & Casualty Insurance Company (Universal Property), a wholly owned subsidiary of Universal Insurance Holdings, Inc., has successfully completed its expansion into Wisconsin.

universal-insurance-holdings-logoThe insurer has announced that it has now received a Certificate of Authority in Wisconsin, meaning it has been approved to operate as a licensed insurance company in the state.

“We are pleased to announce our expansion into Wisconsin, and look forward to creating long standing relationships and serving consumers and independent agents in the state.

“We continue to execute on our strategic priorities, expand our addressable market and diversify our book of business to strengthen our foundation for the future,” said Stephen Donaghy, Chief Operating Officer (COO) of Universal Insurance Holdings.

During the first-quarter of 2019 Universal announced that Universal Property had launched in Illinois, and with the firm now authorised to operate in the state of Wisconsin, the Florida-based property and casualty (P&C) player has continued to both expand and diversify out of the highly competitive and pressured Florida marketplace.

Furthermore, Universal’s P&C units secured their largest ever catastrophe reinsurance programs at the end of May, and with another state added to its books it might well require additional protection in the future.

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