Universal Insurance Holdings of Ft. Lauderdale reported it lost $2.8 million in the fourth quarter of 2009. It said the Florida residential insurance market was a primary reason for the losses, citing windstorm mitigation credits, assessments, and rates.
Universal Property & Casualty Insurance Co. (UPCIC) is a wholly owned subsidiary. In October 2009, it gained approval from the Florida Office of Insurance Regulation for an increase in homeowners' rates of 14.6 percent. The company said it expects that rate increase to "positively affect UPCIC's premiums on a greater level as 2010 progresses." UPCIC currently services approximately 541,000 homeowner and dwelling fire insurance policies.
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