Universal Insurance Holdings sells $10m common stock to RenRe

Universal Insurance Holdings (UVE) has sold 583,771 shares of common stock to RenaissanceRe Ventures, a subsidiary of RenaissanceRe in a private placement.

The common shares of UVE were sold to RenaissanceRe at a price of $17.13 per share, the closing price of UVE common stock on April 26, 2016, for total consideration of $10 million.

"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."