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.
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