<SEC-DOCUMENT>0001193125-18-128868.txt : 20180424
<SEC-HEADER>0001193125-18-128868.hdr.sgml : 20180424
<ACCEPTANCE-DATETIME>20180424163155
ACCESSION NUMBER:		0001193125-18-128868
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180424
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180424
DATE AS OF CHANGE:		20180424

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:		18771778

	BUSINESS ADDRESS:	
		STREET 1:		1110 W. COMMERCIAL BLVD.
		STREET 2:		SUITE 100
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33309
		BUSINESS PHONE:		954-958-1200

	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>d572048d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO SECTION 13 OR 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>April&nbsp;24, 2018 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Universal
Insurance Holdings, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in charter) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-33251</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">65-0231984</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>file number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1110 W. Commercial Blvd., Fort Lauderdale, Florida 33309 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices) (Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (954) <FONT STYLE="white-space:nowrap">958-1200</FONT></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (<I>see</I> General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined
in Rule 405 of the Securities Act of 1933 (&#167; 230.405) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 (&#167; <FONT STYLE="white-space:nowrap">240.12b-2).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;2.02</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Results of Operations and Financial Condition </U> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On April&nbsp;24, 2018, Universal Insurance
Holdings, Inc. issued a press release announcing its financial results for the fiscal quarter ended March&nbsp;31, 2018. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This information shall not be deemed &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Financial Statements and Exhibits </U> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d572048dex991.htm">Press Release, dated April&nbsp;24, 2018 </A></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: April&nbsp;24, 2018</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><B>UNIVERSAL INSURANCE HOLDINGS, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Frank C. Wilcox</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Frank C. Wilcox</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d572048dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g572048img1.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Universal Insurance Holdings, Inc. Reports First Quarter 2018 Results </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fort Lauderdale, FL, April</B><B></B><B>&nbsp;24, 2018 &#150; </B>Universal Insurance Holdings, Inc. (NYSE: UVE) today reported net income and diluted
earnings per share (EPS) of $40.1&nbsp;million and $1.12, respectively for the first quarter of 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Universal Insurance Holdings, Inc. Chairman and
Chief Executive Officer Sean P. Downes commented: &#147;During the first quarter, Universal reported excellent top line growth and strong underwriting profitability, leading to a robust bottom line result and an annualized return on average equity
of 34.6%. We continue to grow on an organic basis in our home state of <I>Florida</I>, where our average statewide rate increase of 3.4% was approved in December and is now in use for both new and renewal policies. We also made further progress in
our <I>Other States </I>expansion efforts, which contributed substantial premium growth in the first quarter, and we began writing business in New Hampshire during April. Universal Direct<SUP STYLE="font-size:85%; vertical-align:top">SM</SUP>, our
unique direct to consumer online platform, continues to steadily grow, contributing to growth in each of our active states. Our vertically integrated structure again served us well, with Universal Adjusting Corporation contributing profitability
resulting from increased service activity following Hurricane Irma. Lastly, our effective tax rate for the quarter included a sizable benefit from the tax reform legislation passed in late 2017. Overall, we are very pleased with our first quarter
results for 2018, which mark a strong start to the year, and we remain well positioned to deliver outstanding value to shareholders throughout the remainder of 2018 and beyond.&#148; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>First Quarter 2018 Highlights </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Continued Organic Growth &#150;</I></B> Direct premiums written grew 10.0% in the first quarter, with 7.2% growth in <I>Florida </I>and 32.7% growth in <I>Other States; </I>Universal Direct<SUP
STYLE="font-size:85%; vertical-align:top">SM</SUP> contributed to growth in all geographies. We began writing in New Hampshire on April&nbsp;4, 2018, and currently write in 17 states with licenses in 3 additional states. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Strong Underwriting Profitability &#150;</I></B><I> </I>The first quarter net combined ratio was 76.5% compared to 78.9% in the prior year&#146;s quarter, with improvement in both the loss and LAE ratio and the
G&amp;A expense ratio.&nbsp;The current quarter includes approximately $10.4&nbsp;million (5.7 points) of estimated pretax profit relating to additional income generated by Universal Adjusting Corporation (UAC) following Hurricane Irma. The current
quarter includes no impact from weather events beyond plan, compared to $3.0&nbsp;million (1.9 points) of weather losses beyond plan in the first quarter of 2017. There was a de minimis amount of prior year reserve movements in both the current year
and prior year&#146;s quarter. Our underwriting results reflect increased underlying loss trends resulting from the impact of continued geographic expansion, an increased level of catastrophic activity in recent years, and the marketplace dynamics
within Florida, including the impact of Assignment of Benefits (AOB) related claims. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Solid Balance Sheet &#150;</I></B><I> </I>Book value per share grew 4.8% from December&nbsp;31, 2017 (16.8% from March&nbsp;31, 2017) to $13.28. Our investment portfolio is conservative and composed of high
quality securities, we have minimal debt or goodwill, we believe our loss reserves are appropriately set at current levels, and we are protected by a comprehensive reinsurance program. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Focused on Shareholder Returns &#150;</I></B> Return on Average Common Equity (ROE) was 34.6% for the first quarter of 2018. We paid dividends of $0.14 per share in the first quarter, equating to an annualized
dividend yield of 1.7% at current share price levels. During the first quarter, we repurchased 92,749 shares for $2.7&nbsp;million ($29.61 per share) and $17.0&nbsp;million remains on our current share repurchase authorization.<B>
</B></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g572048img1.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>First Quarter 2018 Results </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Direct premiums written grew 10.0% from the prior year&#146;s quarter to $270.0&nbsp;million, with 7.2% growth in our <I>Florida</I> book and 32.7% growth in
our <I>Other States </I>book. Our organic growth strategy within our home state of Florida remains on track, and we highlight that we received approval for an average statewide rate increase of 3.4% in early December, which went into effect for new
business on December&nbsp;7, 2017 and for renewal business on January&nbsp;26, 2018. Our organic geographic expansion efforts within our <I>Other States</I> book continue to produce results; on April&nbsp;4, 2018, we announced that we had written
our first policy in New Hampshire, our 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> state of operation. For the quarter, net premiums earned grew 13.0% to $182.6&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Commission revenue grew by 14.6% versus the prior year&#146;s quarter to $5.3&nbsp;million, including a benefit of approximately $0.6&nbsp;million of
reinstatement commissions received by Blue Atlantic Reinsurance Corporation during the first quarter of 2018. Policy fees grew by 6.5% versus the prior year&#146;s quarter to $4.8&nbsp;million, driven by an increase in the number of new and renewal
policies written compared to the prior year. Other revenue grew 15.6% versus the prior year&#146;s quarter to $1.8&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The net combined ratio
was 76.5% in the first quarter of 2018 compared to 78.9% in the prior year&#146;s quarter. The increase in underwriting profitability was driven by a reduction in both the loss and loss adjustment expense ratio and the general and administrative
expense ratio. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The net loss and LAE ratio was 41.6% in the first quarter of 2018, compared to 43.7% for the prior year&#146;s quarter.&nbsp;The main
drivers of the change in the loss and LAE ratio are as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The current year&#146;s quarter includes no impact from weather events beyond plan, compared to $3.0&nbsp;million (1.9 points) of weather losses beyond plan in the first quarter of 2017. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Universal Adjusting Corporation (UAC) generated additional revenues following Hurricane Irma (which occurred during the third quarter of 2017). During the first quarter of 2018, UAC produced $10.4&nbsp;million (5.7
points) of pretax profit, the vast majority of which related to additional revenues resulting from Hurricane Irma. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">First quarter 2018 results include $44&nbsp;thousand (0.0 points) of favorable prior year reserve development, compared to $96&nbsp;thousand (0.1 points) of unfavorable prior year reserve development in the first
quarter of 2017. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our underlying loss and LAE ratio reflects continued geographic expansion into states outside of Florida (where <FONT STYLE="white-space:nowrap">non-catastrophe</FONT> loss ratios are generally higher than in Florida),
an increased level of catastrophic activity in recent years, and the marketplace dynamics within our home state of Florida, including the impact of Assignment of Benefits (AOB) related claims. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The net general and administrative expense ratio was 34.9% in the first quarter of 2018, compared to 35.2% for the prior year&#146;s quarter, as a modest
increase in the policy acquisition cost ratio was more than offset by a decline in the other operating expense ratio. The net policy acquisition cost ratio was 20.8% compared to 20.1% in the prior year, while the net other operating expense ratio
was 14.1% compared to 15.1% in the prior year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Net investment income grew by 77.0% from the prior year&#146;s quarter to $4.8&nbsp;million, driven by the
increasing size of our investment portfolio compared to the prior year, a shift in asset mix, and an increased investment portfolio yield as compared to the prior year&#146;s quarter. Net realized investment losses were $2.6&nbsp;million in the
first quarter of 2018, compared to net realized losses of $63&nbsp;thousand in the prior year&#146;s quarter. Net unrealized investment losses were $5.1&nbsp;million during the first quarter of 2018; we highlight that this line item was added during
the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g572048img1.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
quarter ended March&nbsp;31, 2018, because of the adoption of accounting guidance for equity securities, and as such, this item was not presented in the comparable prior year&#146;s quarter.
Total unrestricted cash and invested assets was $974.4&nbsp;million at March&nbsp;31, 2018, growth of 17.9% from $826.4&nbsp;million at March&nbsp;31, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Interest expense was $79&nbsp;thousand for the first quarter of 2018, compared to $103&nbsp;thousand in the prior year&#146;s quarter, with long term debt of
$12.5&nbsp;million at March&nbsp;31, 2018 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(debt-to-equity</FONT></FONT> of 2.7%), compared to $14.0&nbsp;million as of March&nbsp;31, 2017 <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">(debt-to-equity</FONT></FONT> of 3.5%). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The effective tax rate for the first quarter of 2018 was 22.5%, compared to 34.1% in
the prior year&#146;s quarter. The decrease in our effective tax rate is primarily the result of the enactment of the Tax Cuts and Jobs Act of 2017, which resulted in a reduction in the federal corporate tax rate from 35.0% to 21.0% effective
January&nbsp;1, 2018. The current year&#146;s quarter included a credit to income tax expense of $1.8&nbsp;million for excess tax benefits resulting from stock-based awards that vested and/or were exercised during the first quarter, benefitting the
current quarter&#146;s effective tax rate by 3.5 percentage points. The prior year&#146;s quarter included $2.1&nbsp;million of credits to income tax expense relating to discrete items, benefitting the first quarter 2017 effective tax rate by 4.4
percentage points. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stockholders&#146; equity was $465.1&nbsp;million at March&nbsp;31, 2018, growth of 5.7% from December&nbsp;31, 2017, or 16.6% from
March&nbsp;31, 2017. Book value per common was $13.28 at March&nbsp;31, 2018, growth of 4.8% from December&nbsp;31, 2017, or 16.8% from March&nbsp;31, 2017. Annualized Return on Average Common Equity (ROE) was 34.6% for the first quarter of 2018
compared to 31.4% for the first quarter of 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the first quarter, the Company repurchased 92,749 shares for $2.7&nbsp;million, or an average
cost of $29.61 per share. Our current share repurchase authorization program has $17.0&nbsp;million remaining and runs through December&nbsp;31, 2018.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
January&nbsp;22, 2018, the Company announced that its Board of Directors declared a cash dividend of $0.14 per share of common stock, which was paid on March&nbsp;12, 2018 to shareholders of record as of February&nbsp;28, 2018. On April&nbsp;12,
2018, the Company announced that its Board of Directors declared a cash dividend of $0.14 per share of common stock, to be paid on May&nbsp;4, 2018 to shareholders of record as of April&nbsp;27, 2018. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Conference Call </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Members of the Universal management team
will host a conference call on Wednesday, April&nbsp;25, 2018 at 10:00 AM ET to discuss first quarter 2018 financial results. Following prepared remarks, management will conduct a question and answer session. The call will be accessible by dialing
toll free at (855) <FONT STYLE="white-space:nowrap">752-6647</FONT> or internationally (toll) at (503) <FONT STYLE="white-space:nowrap">343-6667</FONT> using the Conference ID: 4868529. A live audio webcast of the call will also be accessible on the
Universal Insurance website at <U>www.universalinsuranceholdings.com</U>. A replay of the call can be accessed toll free at (855) <FONT STYLE="white-space:nowrap">859-2056</FONT> or internationally (toll) at (404)
<FONT STYLE="white-space:nowrap">537-3406</FONT> using the Conference ID: 4868529, and will be available through May&nbsp;9, 2018. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Universal
Insurance Holdings, Inc. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Universal Insurance Holdings, Inc., with its wholly-owned subsidiaries, is a vertically integrated insurance holding company
performing all aspects of insurance underwriting, distribution and claims. Universal Property&nbsp;&amp; Casualty Insurance Company (UPCIC), a wholly-owned subsidiary of the Company, is one of the leading writers of homeowners insurance in Florida
and is now fully licensed and has commenced its operations in North Carolina, South Carolina, Hawaii, Georgia, Massachusetts, Maryland, Delaware, Indiana, Pennsylvania, Minnesota, Michigan, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g572048img1.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Alabama, Virginia, New Jersey, New York, and New Hampshire. American Platinum Property and Casualty Insurance Company (APPCIC), also a wholly-owned subsidiary, currently writes homeowners
multi-peril insurance on Florida homes valued in excess of $1&nbsp;million, which are limits and coverages currently not targeted through its affiliate UPCIC. APPCIC is additionally licensed and has commenced writing Fire, Commercial Multi-Peril,
and Other Liability lines of business in Florida. For additional information on the Company, please visit our investor relations website at <U>www.universalinsuranceholdings.com</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements and Risk Factors </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2017. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g572048img1.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONSOLIDATED BALANCE SHEETS (UNAUDITED) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(in thousands, except per share data) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>March&nbsp;31,<BR>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>ASSETS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Invested Assets</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fixed maturities, at fair value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">634,238</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">639,334</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equity securities, at fair value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66,043</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,215</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Short-term investments, at fair value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investment real estate, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,406</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,474</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total invested assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>729,687</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>730,023</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">244,673</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">213,486</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Restricted cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,635</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,635</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid reinsurance premiums</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53,123</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">132,806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reinsurance recoverable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72,641</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">182,405</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Premiums receivable, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57,455</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Property and equipment, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,169</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,866</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred policy acquisition costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73,059</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Goodwill</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,319</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,319</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,998</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL ASSETS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,295,707</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,454,999</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>LIABILITIES:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unpaid losses and loss adjustment expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129,637</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">248,425</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unearned premiums</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">540,167</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">532,444</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advance premium</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,322</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,216</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reinsurance payable, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54,218</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110,381</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,868</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54,769</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84,677</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>830,613</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,015,011</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>STOCKHOLDERS&#146; EQUITY:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cumulative convertible preferred stock ($0.01 par value) <SUP
STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common stock ($0.01 par value) <SUP STYLE="font-size:85%; vertical-align:top">2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">461</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">458</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Treasury shares, at cost - 11,136 and 11,043</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(107,869</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(105,123</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additional <FONT STYLE="white-space:nowrap">paid-in</FONT> capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84,294</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86,186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated other comprehensive income (loss), net of taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,312</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,281</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Retained earnings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">495,520</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">464,748</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total stockholders&#146; equity</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>465,094</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>439,988</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,295,707</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,454,999</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Notes:</I></B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1 -
Cumulative convertible preferred stock ($0.01 par value): Authorized - 1,000 shares; Issued - 10 and 10 shares; Outstanding - 10 and 10 shares; Minimum liquidation preference - $9.99 and $9.99 per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2 - Common stock ($0.01 par value): Authorized - 55,000 shares; Issued - 46,148 and 45,778 shares; Outstanding 35,012 and 34,735 shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g572048img1.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(in thousands) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Three Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>March&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>REVENUES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net premiums earned</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">182,577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">161,559</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net investment income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,785</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,704</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net realized gains/(losses) on investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,641</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(63</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net unrealized gains/(losses) on investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,109</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Commission revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,271</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,598</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Policy fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,775</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,483</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,842</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,593</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total revenues</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">191,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">174,874</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EXPENSES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Losses and loss adjustment expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75,926</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70,570</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Policy acquisition costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38,043</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,428</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other operating expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,753</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,402</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">139,801</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127,503</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income before income tax expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51,699</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,644</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,172</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>NET INCOME</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>40,055</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>31,199</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SHARE AND PER SHARE INFORMATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(in thousands, except per share data) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Three Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>March&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average common shares outstanding - basic</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,839</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,140</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average common shares outstanding - diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,660</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36,180</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Shares outstanding, end of period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,012</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,073</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Basic earnings per common share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Diluted earnings per common share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash dividend declared per common share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Book value per share, end of period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13.28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">11.37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Return on average equity (ROE)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g572048img1.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENTARY INFORMATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(in thousands, except Policies <FONT STYLE="white-space:nowrap">In-Force)</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Three Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>March&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I>Premiums</I></B><B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Direct premiums written - Florida</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">234,178</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">218,438</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Direct premiums written - Other States</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,977</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Direct premiums written - Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">269,984</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">245,415</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net premiums written</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">269,984</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">245,229</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Direct premiums earned</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">262,261</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">236,375</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net premiums earned</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">182,577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">161,559</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I>Underwriting Ratios - Net</I></B><B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss and loss adjustment expense ratio</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Policy acquisition cost ratio</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other operating expense ratio</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative expense ratio</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Combined ratio</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I>Other Items</I></B><B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Favorable)/Unfavorable prior year reserve development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(44</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Points on the loss and loss adjustment expense ratio</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>As of</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>March&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I>Policies <FONT STYLE="white-space:nowrap">In-Force</FONT></I></B><B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Florida</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">621,820</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">585,359</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other States</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">155,787</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">777,607</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">699,475</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I><FONT STYLE="white-space:nowrap">In-Force</FONT> Premium</I></B><B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Florida</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">941,418</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">872,307</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other States</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">140,806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102,223</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,082,224</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">974,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I>Total Insured Value</I></B><B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Florida</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">148,659,550</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">136,641,073</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other States</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55,952,252</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38,986,908</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">204,611,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">175,627,981</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Contacts: </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="40%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="58%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Investors</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Media</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dean Evans</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Andy Brimmer / Mahmoud Siddig</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">VP Investor Relations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Joele Frank, Wilkinson Brimmer Katcher</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">954-958-1306</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">212-355-4449</FONT></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>de0130@universalproperty.com</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g572048img1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g572048img1.jpg
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MR+?)>"\T8C0'6'?K_^X )D%D;V)E &3      0, %00#!@H-   00P  +:\
M #UQ  !-^/_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$" @(!
M @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,#_\( $0@ 0P#4 P$1  (1 0,1 ?_$ 0X   $$ P$! 0
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MF.S:HQ>T/7WIIK;7)EW:.[B4ZU/G8G.WZ*+AX]A5HEUV9#7P
M   '%ZO^@*+47W/JEC1JU[ RI! 'W&K*W+=(+1W1QC?6<4?4B!WOTPLOFH
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MF!CX'GG  &.0 #$P!AG#]:':9DJJ1P   I8VR-H+F.M41MR_4RIR: >H
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M=MZZM52WU<1E=NH(/ W2DA856]IU2L;;7DJ2OWM2M3'LVN"6!M]$G-3>%:R
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M%4<6)'94LF26G!K4\Z\$5<2X^M*M6W%S!AV8!])2M5<K)5W(%U)<ESJ.TJN
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MX]P^8+G]^/\ :[6S.U? O'>[F[U?<KL8O%I)W+G:Y\!W=X)+BE!7M]FJ9^O
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M>_\ <^>_QGS?^,^5_P 9\[_C/D?\9\C_ (SY_P#QGS_^,^3_ ,9\G_C/D_\
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MX<&@YV/ \PZ+HV HU*J$JN)C']5$HZIM%2X<$I7[?X9 +04=>2XL40@I*6(
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MXUW3'UA6WVX3HJ4.>4]]LU@JR0J@XM,8&L""K))Y)K6QP3^LE"Z.1L)!#8S
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;A\#7OH^GR\LK=]3Z='?]<?\ TNJ^FGZ;1__9

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