Universal Insurance Holdings said that it has withdrawn its application to form and license a new Texas subsidiary, to be named Texas Platinum Property and Casualty Insurance Company, which would have written homeowners' insurance coverage in Texas.

The company said that it will explore strategic alternatives, including the possible acquisition of an established, licensed homeowners’ insurance company in Texas.

Universal Insurance Holdings is an insurance holding company, which through its subsidiaries, covers insurance underwriting, distribution, claims processing and exposure management.

Universal Property & Casualty Insurance Company, a wholly owned subsidiary of UIH, is a writer of homeowners’ insurance in Florida and has commenced its operations in Georgia, Hawaii, North Carolina and South Carolina. It offers coverage options such as dwelling coverage, personal property coverage, personal liability coverage, condominium policy, dwelling fire policy, and renter’s policy coverages.