Fla.’s Universal Insurance Reports Net Income Way Up in 1st Quarter

Universal Insurance Holdings, Inc. of Fort Lauderdale, Fla., reported net income of $12,374,829 or $.30 per share on a fully diluted basis on revenues of $44,569,042 for the three months ended March 31, 2007 compared to net income of $3,312,594 or $.09 per share on a fully diluted basis on revenues of $5,629,275 for the three months ended March 31, 2006.

The company is currently servicing approximately 310,000 homeowners’ insurance policies.

“Although the Florida marketplace has become more competitive in recent months, the company has successfully combined both growth and profitability by writing rate adequate business,” commented Bradley I. Meier, president and CEO. “Based on the strength of both the company’s balance sheet and its infrastructure, we believe the company is well-positioned in the Florida marketplace.”

Source: Universal Insurance Holdings, Inc.