<SEC-DOCUMENT>0001193125-13-239737.txt : 20130529
<SEC-HEADER>0001193125-13-239737.hdr.sgml : 20130529
<ACCEPTANCE-DATETIME>20130529172440
ACCESSION NUMBER:		0001193125-13-239737
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20130528
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20130529
DATE AS OF CHANGE:		20130529

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:		13879154

	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>d546334d8k.htm
<DESCRIPTION>FORM 8-K
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<TITLE>FORM 8-K</TITLE>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5">UNITED STATES </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5">SECURITIES AND EXCHANGE COMMISSION </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3">Washington, D.C. 20549 </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><U>FORM 8-K</U>
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4">CURRENT REPORT </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3">Pursuant to Section&nbsp;13 or 15(d) of the </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3">Securities Exchange Act of 1934
</FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 28, 2013&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U></U>Date of report (Date of earliest event reported) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="6"><U>Universal Insurance Holdings, Inc.</U> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U></U>(Exact name of registrant as
specified in its charter) </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">001-33251</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">65-0231984</FONT></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(State or other jurisdiction of</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">incorporation or organization)</FONT></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(IRS Employer</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Identification No.)</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>1110 W. Commercial Blvd., Fort Lauderdale, Florida 33309</U> </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Address of Principal Executive Offices) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Registrant&#146;s telephone number, including area code:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(954)
958-1200&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">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): </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425). </FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12). </FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)). </FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)). </FONT></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;8.01 <U>Other Events</U>. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">On May&nbsp;28, 2013, Universal Property&nbsp;&amp; Casualty Insurance Company (&#147;UPCIC&#148;) and American Platinum Property and Casualty Insurance Company (&#147;APPCIC&#148;, and together with
UPCIC, the &#147;Insurance Entities&#148;), each a wholly-owned subsidiary of Universal Insurance Holdings, Inc. (the &#147;Company&#148;), completed the placement of the Company&#146;s 2013-2014 reinsurance program effective June&nbsp;1, 2013.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Reinsurance Generally </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In
the normal course of business, the Company seeks to limit the maximum net loss to the Insurance Entities that can arise from large risks, from having risks in concentrated areas of exposure and from catastrophes such as hurricanes or other similar
loss occurrences. The Insurance Entities therefore purchase certain reinsurance from other insurers or reinsurers to mitigate these potential losses. The Company&#146;s intention is to limit its exposure and the exposure of its Insurance Entities,
thereby protecting stockholders&#146; equity and the Insurance Entities&#146; capital and surplus, even in the event of catastrophic occurrences, through reinsurance agreements. Without these reinsurance agreements, the Insurance Entities would be
more substantially exposed to catastrophic losses with a greater likelihood that those losses could exceed their available capital and surplus. Any such catastrophic event, or multiple catastrophes, could have a material adverse effect on the
Insurance Entities&#146; solvency and our results of operations, financial condition and liquidity. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Below is a description of our 2013-2014
reinsurance program. Although the terms of the individual contracts vary, we believe that the overall terms of the 2013-2014 reinsurance program are more favorable than the 2012-2013 reinsurance program. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Insurance Entities are responsible for insured losses related to catastrophic events in excess of coverage provided by their reinsurance programs.
The Insurance Entities also remain responsible for insured losses notwithstanding the failure of any reinsurer to make payments otherwise due to the Insurance Entities. The Insurance Entities&#146; inability to satisfy valid insurance claims
resulting from catastrophic events could have a material adverse effect on the Company&#146;s results of operations, financial condition and liquidity. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>UPCIC Reinsurance Program </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Effective June&nbsp;1, 2013, UPCIC entered into two quota share
reinsurance contracts, both of which provide coverage through May&nbsp;31, 2014 and one of which extends and provides coverage through May&nbsp;31, 2015. Under the quota share contracts, through May&nbsp;31, 2014, UPCIC cedes 45% of its gross
written premiums, losses and loss adjustment expenses for policies with coverage for wind risk with a ceding commission equal to 26.7% of ceded gross written premiums. In addition, the quota share contract has a limitation for any one occurrence not
to exceed $125,000,000 from losses arising out of events that are assigned a catastrophe serial number by the Property Claims Services (&#147;PCS&#148;) office (of which UPCIC&#146;s net liability on the first $125,000,000 of losses in a first
event, second event and third event scenario is $27,500,000 for events affecting Florida; $16,500,000 in a first and second event scenario for events affecting </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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Georgia, Maryland, Massachusetts, North Carolina and South Carolina; $5,500,000 in a first and second event scenario for events affecting Hawaii), and an aggregate limitation from losses arising
out of events that are assigned a catastrophe serial number by the PCS office not to exceed $280,000,000. The contracts limit the amount of premium which can be deducted for inuring reinsurance. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Effective June&nbsp;1, 2013 through May&nbsp;31, 2014, under various excess catastrophe contracts, UPCIC obtained catastrophe coverage of 45% of
$698,500,000 in excess of the quota share occurrence cap of $125,000,000, covering certain loss occurrences including hurricanes. The catastrophe coverage has a second full limit available with additional premium calculated pro rata as to amount and
100% as to time, as applicable. Effective June&nbsp;1, 2013 through May&nbsp;31, 2014, under various excess catastrophe contracts, UPCIC also obtained catastrophe coverage of 55% of $773,500,000 in excess of $50,000,000, covering certain loss
occurrences including hurricanes. Of this capacity, 7.6% has 2 free reinstatements, 29.3% has one free reinstatement, and 63.1% has a second full limit available with additional premium calculated pro rata as to amount and 100% as to time, as
applicable. For capacity with reinstatement premium, UPCIC purchased reinstatement premium protection which reimburses UPCIC for its cost to reinstate the catastrophe coverage up to the top of the estimated Florida Hurricane Catastrophe Fund
(&#147;FHCF&#148;). The total cost of UPCIC&#146;s private catastrophe reinsurance program, effective June&nbsp;1, 2013 through May&nbsp;31, 2014, is $104,889,225 to UPCIC and $60,780,600 to the quota share reinsurers. In addition, UPCIC purchases
reinstatement premium protection as described above, the cost of which is $11,511,459. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Effective June&nbsp;1, 2013 through May&nbsp;31, 2014,
UPCIC purchased subsequent catastrophe event excess of loss reinsurance to cover certain levels of loss through three catastrophe events including hurricanes. Specifically, UPCIC obtained catastrophe coverage in two separate contracts for a third
event. The first contract covers 45% of $95,000,000 excess of $30,000,000 in excess of $190,000,000 otherwise recoverable. The total cost of the first third event catastrophe excess of loss reinsurance contract is $5,567,000, of which UPCIC&#146;s
cost is $0, and the quota share reinsurer&#146;s cost is the entire amount. The second contract covers 15% of $25,000,000 in excess of $100,000,000 in excess of $50,000,000 otherwise recoverable. The total cost of the second third event catastrophe
excess of loss reinsurance contract is $187,500, of which UPCIC is responsible for the entire amount. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Effective June&nbsp;1, 2013 through
May&nbsp;31, 2014, 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. The contract has a limitation for any one occurrence not to exceed $1,400,000 and a $7,000,000 aggregate limit that applies to the term of the contract. Effective
June&nbsp;1, 2013 through May&nbsp;31, 2014, UPCIC entered into a property per risk excess contract covering its policies that do not provide wind coverage. Under the property per risk excess contract, UPCIC obtained coverage of $350,000 in excess
of $250,000 for each property loss. The contract has a limitation for any one occurrence not to exceed $1,050,000 and a $1,750,000 aggregate limit that applies to the term of the contract. The total cost of UPCIC&#146;s multiple line excess and
property per risk reinsurance program, effective </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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June&nbsp;1, 2013 through May&nbsp;31, 2014, is $4,450,000, of which UPCIC&#146;s cost is $2,672,500, and the quota share reinsurers&#146; cost is the remaining $1,777,500. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Effective June&nbsp;1, 2013 through June&nbsp;1, 2014, under an excess catastrophe contract specifically covering risks located in Georgia, Maryland,
Massachusetts, North Carolina and South Carolina, UPCIC obtained catastrophe coverage consisting of three layers of 55% of $20,000,000 in excess of $30,000,000, 55% of $25,000,000 in excess of $50,000,000 and 55% of $50,000,000 in excess of
$75,000,000 covering certain loss occurrences including hurricanes. All three layers of coverage have a second full limit available to UPCIC with additional premium 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, Maryland, Massachusetts, North Carolina and South Carolina is $2,983,750. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Effective June&nbsp;1, 2013 through June&nbsp;1, 2014, under an excess catastrophe contract specifically covering risks located in Hawaii, UPCIC obtained catastrophe coverage of 55% of $20,000,000 in
excess of $10,000,000 covering certain loss occurrences including hurricanes. The layer of coverage has a second full limit available to UPCIC with additional premium calculated pro rata as to amount and 100% as to time, as applicable. The cost of
UPCIC&#146;s excess catastrophe contract specifically covering risks in Hawaii is $330,000. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">UPCIC also obtained coverage from the FHCF. The
approximate coverage is estimated to be 90% of $1,090,000,000 in excess of $409,500,000. The estimated premium that UPCIC plans to cede to the FHCF for the 2013 hurricane season is $72,893,790 of which UPCIC&#146;s cost is 55%, or $40,091,584, and
the quota share reinsurers&#146; cost is the remaining 45%. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The largest private participants in UPCIC&#146;s reinsurance program include
leading reinsurance companies such as Odyssey Re, Everest Re, Renaissance Re and Lloyd&#146;s of London syndicates. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">With the implementation
of the Company&#146;s 2013-2014 reinsurance program at June&nbsp;1, 2013, the Company retains a maximum pre-tax net liability of $27,500,000 for the first catastrophic event up to $1.805 billion of losses relating to the UPCIC Florida program, a
maximum pre-tax net liability of $16,500,000 for the first catastrophic event up to $125,000,000 of losses relating to the UPCIC Georgia, Maryland, Massachusetts, North Carolina and South Carolina program, and a maximum pre-tax net liability of
$5,500,000 for the first catastrophic event up to $30,000,000 of losses relating to the UPCIC Hawaii program. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>APPCIC Reinsurance Program
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Effective June&nbsp;1, 2013 through May&nbsp;31, 2014, under three layers in an excess catastrophe contract, APPCIC obtained catastrophe
coverage of $20,250,000 in excess of $2,500,000 covering certain loss occurrences including hurricanes. The coverage of $20,250,000 in excess of $2,500,000 has a second full limit available to APPCIC; additional premium is calculated pro rata as to
amount and 100% as to time, as applicable. The total cost of APPCIC&#146;s private catastrophe reinsurance program effective June&nbsp;1, 2013 through May&nbsp;31, 2014 is $3,222,250. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Effective June&nbsp;1, 2013 through May&nbsp;31, 2014, APPCIC purchased reinstatement premium protection
which reimburses APPCIC for its cost to reinstate the entire $20,250,000 of catastrophe coverage in one contract. The cost of APPCIC&#146;s purchased reinstatement premium protection is $528,118. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">APPCIC also obtained coverage from the FHCF. The approximate coverage is estimated to be 90% of $39,450,000 in excess of $14,800,000. The estimated
premium that APPCIC plans to cede to the FHCF for the 2013 hurricane season is $2,637,234. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Effective June&nbsp;1, 2013 through May&nbsp;31,
2014, APPCIC entered into a multiple line excess per risk contract with various reinsurers. Under the current multiple line excess per risk contract, APPCIC has coverage of $8,700,000 in excess of $300,000 ultimate net loss for each risk and each
property loss, and $1,000,000 in excess of $300,000 for each casualty loss. A $21,500,000 aggregate limit applies to the term of the contract for property related losses and a $2,000,000 aggregate limit applies to the term of the contract for
casualty related losses. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The total cost of the APPCIC multiple line excess reinsurance program effective June&nbsp;1, 2013 through
May&nbsp;31, 2014 is $3,300,000. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The largest private participants in APPCIC&#146;s reinsurance program include leading reinsurance companies
such as ACE Tempest Re, Everest Re, Hiscox, Odyssey Re, Hannover Ruck, Amlin Bermuda and Lloyd&#146;s of London syndicates. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">With the
implementation of the Company&#146;s 2013-2014 reinsurance program at June&nbsp;1, 2013, the Company retains a maximum pre-tax net liability of $2,500,000 for the first catastrophic event up to $58,250,000 of losses relating to the APPCIC program.
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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SIGNATURES </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">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. </FONT></P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: May&nbsp;29, 2013</FONT></TD>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">UNIVERSAL INSURANCE HOLDINGS, INC.</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Sean P. Downes</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">President and Chief Executive Officer</FONT></TD></TR>
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