Universal Insurance Holdings sells $10m common stock to RenRe in private placement

Universal Insurance Holdings (UVE) has sold $10 million worth of common stock to RenaissanceRe Ventures, a subsidiary of Bermuda-based RenaissanceRe in a private placement.

The 583,771 common shares of UVE were sold to RenaissanceRe at a price of $17.13 per share.

"I am extremely pleased to have RenaissanceRe, one of our core reinsurance partners, make this investment in our company," said Sean Downes, Universal's chairman and chief executive officer. "This additional equity capital further strengthens our balance sheet and positions us for continued, profitable growth."