From the Wires
Universal Insurance Holdings, Inc. Announces Bradley Meier's Resignation
By: Marketwired .
Feb. 6, 2013 04:15 PM
FORT LAUDERDALE, FL -- (Marketwire) -- 02/06/13 -- Universal Insurance Holdings, Inc. ("Company") (NYSE MKT: UVE) announced today that Bradley I. Meier will resign as Chairman, President and Chief Executive Officer of the Company to pursue other opportunities outside the residential homeowners insurance industry. Mr. Meier's resignation will be effective as of February 22, 2013. Mr. Meier will remain available to the Company as needed in an advisory capacity.
The Company also announced that it expects that Sean P. Downes will become President and Chief Executive Officer. Mr. Downes, a 14-year veteran with the Company, has been the Company's Senior Vice President, Chief Operating Officer and a director since January 2005, and Chief Operating Officer and a director of Universal Property & Casualty Insurance Company, a wholly-owned subsidiary of the Company, since July 2003. Mr. Downes, age 43, was Chief Operating Officer of Universal Adjusting Corporation, a wholly-owned subsidiary of the Company, from July 1999 to July 2003. During that time Mr. Downes created the Company's claims operation. Before joining the Company in July 1999, Mr. Downes was Vice President of Downes and Associates, a multi-line insurance adjustment corporation.
"I would like to thank Brad for his vision and his 20-plus years of leadership at the Company," said Mr. Downes. "As a founder of the Company, there wouldn't be a Universal without Brad and he leaves the Company at a time of strength, growth and positive energy. We wish him the very best in the future."
"I want to thank the Board of Directors, our employees and our policyholders for their support over the past two decades," said Mr. Meier. "We have grown the Company into one of the three leading writers of homeowners insurance in Florida and now write policies in six other states. We are fortunate to have someone of Sean's caliber to lead the Company into the future in new and exciting ways."
The Company further announced that it expects that Jon W. Springer will become Chief Operating Officer. Mr. Springer, age 43, has been the Executive Vice President of Blue Atlantic Reinsurance Corporation, a wholly-owned subsidiary of the Company, since June 2006. Before joining Blue Atlantic Reinsurance Corporation, Mr. Springer was an Executive Vice President of Willis Re, Inc. and was responsible for managing property and casualty operations in its Minneapolis office.
About Universal Insurance Holdings, Inc.
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