29 April 2016News
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."
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22 October 2023 The sale will enable the legacy re/insurer to reduce ‘unsustainable’ debt.
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1 November 2023 The reinsurer says merger brings together ‘two of the best reinsurance underwriters’.
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11 September 2023 The reinsurer’s strong balance sheet and ability to raise capital have beenpraised by the ratings agency.
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2 November 2023 The re/insurer reported a $194m profit compared to a $825m loss in Q3 2022.
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1 November 2023 The reinsurer says merger brings together ‘two of the best reinsurance underwriters’.
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11 September 2023 The reinsurer’s strong balance sheet and ability to raise capital have beenpraised by the ratings agency.
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