<SEC-DOCUMENT>0000950123-11-055871.txt : 20110602
<SEC-HEADER>0000950123-11-055871.hdr.sgml : 20110602
<ACCEPTANCE-DATETIME>20110601210340
ACCESSION NUMBER:		0000950123-11-055871
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20110601
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110602
DATE AS OF CHANGE:		20110601

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UNIVERSAL INSURANCE HOLDINGS, INC.
		CENTRAL INDEX KEY:			0000891166
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				650231984
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33251
		FILM NUMBER:		11886806

	BUSINESS ADDRESS:	
		STREET 1:		1110 W. COMMERCIAL BLVD.
		STREET 2:		SUITE 100
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33309
		BUSINESS PHONE:		9549581200

	MAIL ADDRESS:	
		STREET 1:		1110 W. COMMERCIAL BLVD.
		STREET 2:		SUITE 100
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNIVERSAL INSURANCE HOLDINGS INC
		DATE OF NAME CHANGE:	20010330

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNIVERSAL HEIGHTS INC
		DATE OF NAME CHANGE:	19950817
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>g27416e8vk.htm
<DESCRIPTION>FORM 8-K
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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B><U>FORM 8-K</U></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CURRENT REPORT
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Pursuant to Section&nbsp;13 or 15 (d)&nbsp;of the<BR>
Securities Exchange Act of 1934
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">June 1, 2011<BR>
<DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">Date of report (Date of earliest event reported)</FONT></DIV>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B><U> Universal Insurance Holdings, Inc.</U></B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="30%">&nbsp;</TD>
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    <TD width="30%">&nbsp;</TD>
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    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">001-33251
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-0231984</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction <BR>
of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission file number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>1110 W. Commercial Blvd. Suite&nbsp;100, Fort Lauderdale, Florida 33309</U><BR>
(Address of Principal Executive Offices)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Registrant&#146;s telephone number, including area code:<U> (954)&nbsp;958-1200</U>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):</DIV>


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    <TD>&nbsp;</TD>
    <TD>Written communication pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425).</TD>
</TR>
</TABLE>
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    <TD nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12).</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
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    <TD width="3%"></TD>
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    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
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    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).</TD>
</TR>
</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ITEM 8.01 <U>Other Events.</U>
</DIV>





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;1, 2011, Universal Insurance Holdings, Inc. (the &#147;Company&#148;) announced the completion by
Universal Property and Casualty Insurance Company (&#147;UPCIC&#148;), its wholly-owned subsidiary, of its
2011-2012 reinsurance program effective June&nbsp;1, 2011. The announcement, a copy of which is
furnished as Exhibit&nbsp;99.1 to this report, is incorporated herein by reference. The following
provides a description of the program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective June&nbsp;1, 2011, UPCIC entered into a quota share reinsurance contract with Everest Re.
Under the quota share contract, through May&nbsp;31, 2012, UPCIC cedes 50% of its gross written
premiums, losses and LAE for policies with coverage for wind risk with a ceding commission equal to
25% of ceded gross written premiums. In addition, the quota share contract has a limitation for any
one occurrence not to exceed $34,800,000 (of which UPCIC&#146;s net liability on the first $34,800,000
of losses in a first event scenario is $17,400,000, in a second event scenario is $17,400,000 and
in a third event scenario is $30,000,000) and a limitation from losses arising out of events that
are assigned a catastrophe serial number by the Property Claims Services (&#147;PCS&#148;) office not to
exceed $69,600,000. The contract requires UPCIC to reassume 100% of the attritional loss and loss
adjustment expense activity from 30% to 37.5% of gross written premium and has a limitation for
loss adjustment expenses not to exceed 30% of indemnity losses paid during the contract period.
Further, the contract limits the amount of premium which can be deducted for inuring reinsurance to
$288,000,000, excluding reinstatement premiums, or $326,000,000, including reinstatement premiums,
if any.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective June&nbsp;1, 2011 through May&nbsp;31, 2012, UPCIC entered into a multiple line excess per risk
contract with various reinsurers. Under the multiple line excess per risk contract, UPCIC obtained
coverage of $1,400,000 in excess of $600,000 ultimate net loss for each risk and each property
loss, and $1,000,000 in excess of $300,000 for each casualty loss. A $7,000,000 aggregate limit
applies to the term of the contract. Effective June&nbsp;1, 2011 through May&nbsp;31, 2012, UPCIC entered
into a property per risk excess contract covering ex-wind only policies. Under the property per
risk excess contract, UPCIC obtained coverage of $400,000 in excess of $200,000 for each property
loss. A $2,000,000 aggregate limit applies to the term of the contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective June&nbsp;1, 2011 through May&nbsp;31, 2012, under an underlying excess catastrophe contract, UPCIC
obtained catastrophe coverage of $140,200,000 in excess of $44,800,000 covering certain loss
occurrences including hurricanes. UPCIC entered into this contract with a segregated account, which
is owned by the Company, and was established by a third-party reinsurer in accordance with Bermuda
law. The Company has secured the obligations of the segregated account by contributing the amount
of the segregated account&#146;s liability for losses, net of UPCIC&#146;s required premium payments, to a
trust account. The Company has contributed $31,025,138 of collateral to support the current terms
of the June&nbsp;1, 2011 to June&nbsp;1, 2012 contract period. In the event of a loss under the terms of
this contract, the capital contributed by the Company would be used
to pay claims and would have an
adverse effect on stockholders&#146; equity and cash resources.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective June&nbsp;1, 2011 through May&nbsp;31, 2012, under excess catastrophe contracts, UPCIC obtained
catastrophe coverage of $541,300,000 in excess of $185,000,000 covering certain loss occurrences
including hurricanes. The coverage of $541,300,000 in
excess of $185,000,000 has a second full limit available to UPCIC; additional premium is calculated
pro rata as to amount and 100% as to time, as applicable. Effective June&nbsp;1, 2011 through May&nbsp;31,
2012, UPCIC purchased reinstatement premium protection which reimburses UPCIC for its cost to
reinstate the catastrophe coverage of the first $399,300,000 (part of $541,300,000) in excess of
$185,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective June&nbsp;1, 2011 through May&nbsp;31, 2012, UPCIC also obtained subsequent catastrophe event
excess of loss reinsurance to cover certain levels of UPCIC&#146;s net retention through three
catastrophe events including hurricanes. Specifically, UPCIC obtained catastrophe coverage for a
second event of $140,200,000 excess of $44,800,000 in excess of $140,200,000 otherwise recoverable.
UPCIC also obtained catastrophe coverage for a third event of $155,000,000 excess of $30,000,000
in excess of $310,000,000 otherwise recoverable.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective June&nbsp;1, 2011 through May&nbsp;31, 2012, under an excess catastrophe contract specifically
covering risks located in Georgia, North Carolina and South Carolina, UPCIC obtained catastrophe
coverage of 50% of $24,800,000 in excess of $10,000,000 and 100% of $20,000,000 in excess of
$34,800,000 covering certain loss occurrences including hurricanes. Both coverages have a second
full limit available to UPCIC; additional premium is calculated pro rata as to amount and 100% as
to time, as applicable. The cost of UPCIC&#146;s excess catastrophe contracts specifically covering
risks in Georgia, North Carolina and South Carolina is $3,873,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">UPCIC also obtained coverage from the Florida Hurricane Catastrophe Fund (&#147;FHCF&#148;). The approximate
coverage is estimated to be for 90% of $1,193,000,000 in excess of $465,000,000. Also at June&nbsp;1,
2011, the FHCF made available, and UPCIC obtained, $10,000,000 of additional catastrophe excess of
loss coverage with one free reinstatement of coverage to carriers qualified as Limited
Apportionment Companies or companies that participated in the Insurance Capital Build-Up Incentive
Program, such as UPCIC. This particular layer of coverage is $10,000,000 in excess of $34,800,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total cost of UPCIC&#146;s multiple line excess and property per risk reinsurance program effective
June&nbsp;1, 2011 through May&nbsp;31, 2012 is $4,575,000, of which UPCIC&#146;s cost is $2,575,000, and the quota
share reinsurer&#146;s cost is the remaining $2,000,000. The total cost of UPCIC&#146;s underlying excess
catastrophe contract is $111,402,920. The total cost of UPCIC&#146;s private catastrophe reinsurance
program effective June&nbsp;1, 2011 through May&nbsp;31, 2012 is $135,804,000, of which UPCIC&#146;s cost is 50%,
or $67,902,000, and the quota share reinsurer&#146;s cost is the remaining 50%. In addition, UPCIC
purchases reinstatement premium protection as described above, the cost of which is $22,414,376.
UPCIC&#146;s cost of the subsequent catastrophe event excess of loss reinsurance is $19,847,300. The
estimated premium that UPCIC plans to cede to the FHCF for the 2011 hurricane season is $74,600,526
of which UPCIC&#146;s cost is 50%, or $37,300,263, and the quota share reinsurer&#146;s cost is the remaining
50%. UPCIC is also participating in the additional coverage option for Limited Apportionment
Companies or companies that participated in the Insurance Capital Build-Up Incentive Program
offered by the FHCF, the premium for which is $5,000,000, of which UPCIC&#146;s cost is 50%, or
$2,500,000, and the quota share reinsurer&#146;s cost is the remaining 50%. UPCIC is responsible for
insured losses related to catastrophic events in excess of coverage provided by its reinsurance
program. UPCIC also remains responsible for insured losses notwithstanding the failure of any
reinsurer to make payments otherwise due to UPCIC. UPCIC&#146;s inability to satisfy valid
insurance claims resulting from catastrophic events could have a material adverse effect on the
Company&#146;s business, financial condition and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The largest private participants in UPCIC&#146;s reinsurance program continue to include leading
reinsurance companies such as Everest Re, Renaissance Re and Lloyd&#146;s of London syndicates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ITEM 9.01 <U>Financial Statements and Exhibits</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Press Release, dated June 1, 2011.</TD>
</TR>

</TABLE>
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</DIV>

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    <TD width="48%">&nbsp;</TD>
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<TR>
    <TD valign="top" align="left">Date: <U>June 1, 2011</U>&nbsp;</TD>
    <TD colspan="3" align="left">UNIVERSAL INSURANCE HOLDINGS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ George R. De Heer
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">George R. De Heer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="g27416uih.gif" alt="(UIH LOGO)">
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>UNIVERSAL INSURANCE HOLDINGS, INC. SUBSIDIARY UPCIC<BR>
COMPLETES 2011-2012 REINSURANCE PROGRAM</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Fort Lauderdale, Fla., June&nbsp;1, 2011 &#151; Universal Insurance Holdings, Inc. (&#147;Company&#148;) (NYSE AMEX:
UVE) </B>announced the completion by Universal Property &#038; Casualty Insurance Company (&#147;UPCIC&#148;), the
Company&#146;s wholly-owned regulated insurance subsidiary, of its 2011-2012 reinsurance program
effective June&nbsp;1, 2011. The largest private participants in UPCIC&#146;s reinsurance program continue
to include leading reinsurance companies such as Everest Re, Renaissance Re, and Lloyd&#146;s of London
syndicates. The Company will file a Current Report on Form 8-K with the Securities and Exchange
Commission which will provide additional details regarding the program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>About Universal Insurance Holdings, Inc.</B><BR>
Universal Insurance Holdings, Inc. is a vertically integrated insurance holding company, which
through its subsidiaries, covers substantially all aspects of insurance underwriting, distribution,
claims processing and exposure management. UPCIC, a wholly owned subsidiary of the Company, is one
of the five leading writers of homeowners&#146; insurance in Florida and is now fully licensed and has
commenced its operations in Hawaii, North Carolina and South Carolina. For additional information
on the Company, please visit our investor relations website at <u>www.universalinsuranceholdings.com</u>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Forward-Looking Statements and Risk Factors</B><BR>
This press release may contain &#147;forward-looking statements&#148; within the meaning of the Private
Securities Litigation Reform Act of 1995. The words &#147;believe,&#148; &#147;expect,&#148; &#147;anticipate,&#148; and similar
expressions identify forward-looking statements, which speak only as of the date the statement was
made. Such statements may include commentary on plans, products and lines of business, marketing
arrangements, reinsurance programs and other business developments and assumptions relating to the
foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of
which cannot be predicted or quantified. Future results could differ materially from those
described and the Company undertakes no obligation to correct or update any forward-looking
statements. For further information regarding risk factors that could affect the Company&#146;s
operations and future results, refer to the Company&#146;s reports filed with the Securities and
Exchange Commission, including the Form 10-K for the year ended December&nbsp;31, 2010 and the Form 10-Q
for the quarter ended March&nbsp;31, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Investor Contact:</B><BR>
Steve Carr, Dresner Corporate Services, 312-780-7211, <U>scarr@dresnerco.com</U>
</DIV>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
