Florida's Office of Insurance Regulation (OIR) has approved Universal Insurance Holdings' application to form a second property-casualty insurance subsidiary to write coverages for certain homes.
Universal said the new company, American Platinum Property and Casualty Insurance Company, will write homeowners' multiperil and inland marine coverages on homes valued in excess of $1 million, which are limits and coverages not offered by Universal's other affiliate, Universal Property & Casualty Insurance Company (UPCIC).
The new company also plans to write excess flood insurance on homes valued in excess of $250,000, Universal said.
The insurer added that the new company intends to file for the approval of its rates and forms by the first quarter of 2009, with anticipation of writing new business in Florida immediately after approval.
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