The company says it could begin writing homeowner’s policies in Massachusetts by the end of this month
The Massachusetts Division of Insurance has approved the homeowners rate and forms of Universal Property & Casualty Insurance Company. Universal Property & Casualty Insurance Company, or UPCIC, is the wholly-owned subsidiary of Universal Insurance Holdings, Inc. a vertically integrated insurance holding company that is one of the three leading writers of homeowners insurance in Florida.
“Upon writing our first homeowners policies in Massachusetts, UPCIC will have expanded to its sixth state. We anticipate writing our first policies by the end of July and in preparation we have contacted over 500 independent agents in Massachusetts who are ready to sell our homeowners insurance products,” says Sean Downes, Universal Insurance Holdings Chief Operating Officer. “We are very proud of this forthcoming achievement as it continues our strategy for expansion beyond Florida. We are pleased to be able to offer UPCIC’s homeowners insurance products to the citizens of Massachusetts and look forward to growing our network of independent Massachusetts-area agents.”
In addition to Massachusetts and Florida, Universal Insurance Holdings, writes in four other states, North Carolina, South Carolina, Hawaii and Georgia. Through its subsidiaries, the company is able to cover all aspects of insurance underwriting, distribution, claims processing and exposure management. As of March 31st of this year, the company had serviced approximately 584,000 homeowners and dwelling fires insurance policies through its nine different subsidiaries that boast a network of 4,600 independent insurance agents through which it writes its policies.