By Isha Marathe
May 2 - (The Insurer) - Universal Insurance Holdings' board of directors has authorised a new share repurchase programme under which the Florida carrier may repurchase up to $20 million of its outstanding common stock through May 1, 2027.
The share repurchases can be made by Universal from time to time in open market transactions at prevailing market prices.
In February, Universal said that it had already placed 92% of its first event catastrophe tower ahead of its June 1 renewal, while also securing “significant” additional multiyear capacity that will carry over to the 2026 hurricane season.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.