Universal Insurance (UVE) 10-Q 2010 Q2 Quarterly report

SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2010
Investment Exhibit
	Codes										Fair Value										Change in Book / Adjusted Carrying Value						Interest						Dates
Investment Type	Cusip ID	Code	Foreign	Bond CHAR	NAIC Desig-nation	Actual Cost		Gross Unrealized Gains	Gross Unrealized Losses		Rate Used to Obtain Fair Value		Fair Value		Par Value		Par Value Foreign Dollars	Par Value US Dollars at Purchase Date	Book / Adjusted Carrying Value		Unrealized Valuation Increase / (Decrease)	Current Year's (Amortization) / Accretion		Current Year's Other Than Temporary Impairment Recognized	Total Foreign Exchange Change in Book / Adjusted Carrying Value		Rate of	Effective Rate of		When Paid	Admitted Amount Due and Accrued	Amount Received During Year	Acquired	Maturity
Fixed maturities, available for sale:
Universal Property and Casualty Insurance Company:
US government and agency obligations
UNITED STATES TREAS NTS	912828-GZ-7	SD			1	$	144,517	$ 6,204	$	-		108	$	146,264		135,000	$     -	$     -		140,060	$     -	(1,169	)	$     0	$     0		4.625		2.780	JJ	$  2,604	$  3,122	07/15/2008	07/31/2012
UNITED STATES TREAS NTS	912828-KC-3	SD			1		35,169	386				101		35,479		35,000	-	-		35,093	-	(28	)	-	-		2.000		1.842	FA	263	241	02/19/2009	02/15/2012
US TREASURY INFLATION INDEX BOND	912810-PZ-5				1		3,105,727	-		(7,022)		115		3,098,658		2,700,000	-	-		3,105,680	-	(47	)	-	-		2.500		1.671	JJ	31,619	-	06/30/2010	01/15/2029
US TREASURY INFLATION INDEX BOND	912828-DH-0				1		5,980,964	-		-		121		6,026,247		5,000,000	-	-		5,989,170	14,450	(6,245	)	-	-		1.625		0.526	JJ	42,796	-	05/25/2010	01/15/2015
US TREASURY INFLATION INDEX BOND	912828-FL-9				1		17,788,150	-		-		120		17,899,249		14,900,000	-	-		17,808,988	54,349	(33,511	)	-	-		2.500		0.680	JJ	185,507	-	06/21/2010	07/15/2016
US TREASURY INFLATION INDEX BOND	912828-HN-3				1		7,109,387	-		-		110		7,184,621		6,550,000	-	-		7,122,498	16,977	(3,866	)	-	-		1.625		1.005	JJ	51,097	-	06/15/2010	01/15/2018
US TREASURY INFLATION INDEX BOND	912828-JE-1				1		9,298,329	-		-		105		9,430,166		9,000,000	-	-		9,320,654	25,120	(2,795	)	-	-		1.375		1.060	JJ	57,716	-	06/10/2010	07/15/2018
US TREASURY INFLATION INDEX BOND	912828-KM-1				1		3,220,700	-		-		108		3,226,318		3,000,000	-	-		3,221,276	1,800	(1,224	)	-	-		1.250		0.129	AO	8,127	-	06/18/2010	04/15/2014
US TREASURY INFLATION INDEX BOND	912828-LA-6	SD			1		2,911,565	-		-		109		3,064,813		2,800,000				2,939,976	24,024	(4,162	)	-	-		1.875		1.539	JJ	24,729	26,585	09/29/2009	07/15/2019
Total US government and agency obligations						$	49,594,508	$ 6,590	$	(7,022)			$	50,111,815	$	44,120,000	0	0	$	49,683,394	136,719	$     (53,046	)	0	0						404,459	29,948
Foreign obligations
NORWAY KINGDOM 6% BDS 16/5/2011	042174-31-8		F		1	$	3,149,215	$        0	$	0		103.240	$	2,819,468		2,730,984	17,760,000	2,989,507	$	2,834,242	0	$     (45,487	)	0	(269,486	)	6.000		1.625	May	20,651	135,122	05/27/2010	05/16/2011
NORWAY(KINGDOM OF) 6.5% BDS 15/5/2	073810-76-4		D		1		2,766,164	-		-		111.523		2,532,070		2,270,438	14,765,000	2,465,268		2,521,755	-	(28,388	)	-	(216,022	)	6.500		2.479	May	19,003	119,921	05/11/2010	05/15/2013
SWITZERLAND(GOVT) 2.75% BDS	057019-77-0		D		1		1,405,403	-		-		104.745		1,374,460		1,312,190	1,415,000	1,325,643		1,377,664	-	(13,307	)	-	(14,433	)	2.750		0.174	Jun	2,105	22,013	02/25/2010	06/10/2012
SWITZERLAND(GOVT) 4% BDS 10/6/2011	040131-45-0		D		1		2,659,778	-		-		103.465		2,542,604		2,457,458	2,650,000	2,554,160		2,541,135	-	(18,309	)	-	(100,334	)	4.000		2.194	Jun	5,734	58,104	06/29/2010	06/10/2012
SWITZERLAND(GOVT) 4% BDS 11/2/2013	058870-48-6		D		1		203,690	-		-		109.351		202,812		185,469	200,000	184,050		198,538	-	(6,645	)	-	1,492		4.000		-6.989	Feb	2,885		05/11/2010	02/11/2011
SWITZERLAND(GOVT) 3.5% BDS	H7351P-DJ-2		D				750,021	-		-		100.2791		716,047		714,054	770,000	736,350		716,526	-	(10,705	)	-	(22,791	)	3.5		0.039	Aug	22,493	-	01/29/2010	08/7/2010
NORWAY KINGDOM 6% BDS 16/5/2011	042174-31-8		F				150,324	-		-		103.240		148,435		143,776	935,000	144,967		148,941	-	(160	)	-	(1,223	)	6.000		1.834	May	1,087	-	06/25/2010	05/16/2011
Total Foreign obligations						$	11,084,595	$        0	$	0			$	10,335,896	$	9,814,369	38,495,000	10,399,945	$	10,338,800	0	(123,001	)	0	(622,796	)					73,958	335,161
Total fixed maturities, available for sale						$	60,679,103	$ 6,590	$	(7,022			$	60,447,710	$	53,934,369	38,495,000	10,399,945	$	60,022,193	136,719	(176,047	)	0	(622,796	)					478,418	365,109

Investment Type	Symbol	Cusip ID	Number of Shares	Amortized Cost / Book Value	Gross Unrealized Gains		Gross Unrealized Losses	Estimated Fair Value
Equity securities:
Universal Property and Casualty Insurance Company
ALEXCO RESOURCE CORP	AXU	01535P-10-6	94900	$        327,059			$      (29,073)	297,986
BARCLAYS BANK PLC ETN DJUBS SGAR38	SGG	06739H-21-4	18,000	843,015			(45,615)	797,400
DACHA CAP INC	DAC	232972-10-9	100,000	56,835	6,165			63,000
ELDORADO GOLD CORP NEW	EGO	284902-10-3	29,685	518,357	14,786			533,143
EXETER RES CORP	XRA	301835-10-4	20,000	147,600			(21,600)	126,000
FRONTEER GOLD INC	FRG	359032-10-9	91,500	597,738			(53,313)	544,425
GOLDCORP INC NEW	GG	380956-40-9	4,500	192,084	5,241			197,325
HECLA MNG CO	HL	422704-10-6	235,000	1,377,022			(150,322)	1,226,700
IAMGOLD CORP	IAG	450913-10-8	20,450	347,186	14,370			361,556
MONSANTO CO NEW	MON	61166W-10-1	28,750	1,779,919	0		(451,094)	1,328,825
NEWMONT MINING CORP	NEM	651639-10-6	9,350	476,154	101,115			577,269
NORTH AMERN PALLADIUM LTD	PAL	656912-10-2	115,000	398,064			(40,414)	357,650
SEABRIDGE GOLD INC	SA	811916-10-5	7,750	247,676			(7,814)	239,863
SILVERCORP METALS INC	SVM	82835P-10-3	35,000	250,561	0		(18,861)	231,700
SPDR Gold Shares	GLD	78463V-10-7	10,000	1,166,118	50,682		0	1,216,800
STILLWATER MNG CO	SWC	86074Q-10-2	41,000	538,917	0		(62,497)	476,420
YAMANA GOLD INC	AUY	98462Y-10-0	37,000	396,291			(15,191)	381,100
Barrick Gold Corp	ABX	067901-10-8	5,600	235,811	18,485			254,296
INTERNATIONAL TOWER HILL MINES	THM	46051L-10-4	31,000	210,719			(5,189)	205,530
Silver Wheaton Corp	SLW	828336-10-7	112,650	2,080,728	183,537			2,264,265
ETFS COM SECURITIE ETFS SUGAR (USD	SUGA:LN	0B15KY-65-1	85,850	1,615,468	0		(513,154)	1,102,314
ETFS METAL SEC ETFS PHYSICAL GOLD	PHAU:LN	0B285Z-72-4	8,340	887,507	137,146			1,024,652
BARCLAYS BK PLC IPATH SHRT ETN	VXX	06740C-52-7	127,750	4,410,867	0		(425,067)	3,985,800
CLAYMORE GOLD BULLION ETF HEDGED C	CGL	0B634C-59-0	213,700	2,010,118	246,340			2,256,458
DIREXION SHS ETF TR CHINA BEAR 3X	CZI	25459W-76-3	5,500	230,435			(41,015)	189,420
DIREXION SHS ETF TR DLY LRG CAP BE	BGZ	25459W-85-4	154,910	2,958,433			(131,325)	2,827,108
DIREXION SHS ETF TR LATN AM BEAR3X	LHB	25459W-64-9	2,500	130,540			(16,390)	114,150
ETF METAL SEC LTD ST HEILER GOLD	PHAU:LN	G3204R-10-1	7,500	737,675	183,775		0	921,450
ETFS CMMDTY SECS 0% UNDTD NTS CORN	CORN	0B15KX-S0-0	371,100	460,471			(19,233)	441,238
ETFS CMMDTY SECS LTD CORN	CORN:LN	G3204Q-28-5	707,900	953,084			(111,391)	841,693
ETFS CMMDTY SECS LTD WHEAT	WEAT:LN	G3204Q-22-8	307,800	593,071			(54,421)	538,650
ETFS COM SECURITIE 0% SEC UNDTD NT	WEAT:LN	0B15KY-76-8	789,850	1,536,921			(154,684)	1,382,238
ETFS GOLD TR SHS	SGOL	26922Y-10-5	23,195	2,562,429	313,055			2,875,484
ETFS METAL SECURIT ETFS PHYSICAL S	PHAG:LN	G3204R-13-5	30,750	501,994	60,731		0	562,725
ETFS Metal Securities Ltd Platinum	PHPT:LN	B1VS2W-53-8	6,825	1,007,395	24,545			1,031,940
ETFS PALLADIUM TR SH BEN INT	PHPD: LN	26923A-10-6	55,190	2,652,377	0		(222,361)	2,430,016
ETFS PLATINUM TR SH BEN INT	PHPT:LN	26922V-10-1	18,730	2,993,113			(135,383)	2,857,730
ETFS SILVER TR SILVER SHS	SIVR	26922X-10-7	125,000	2,128,271	192,979		0	2,321,250
HORIZONS BETA WNTR NAT ETF UNIT CL	HUN:CN	0B61KF-94-6	15,000	106,892			(8,792)	98,100
HORIZONS BETAPRO WINTER TERM NYMEX	HNU	44046T-10-0	30,000	237,970			(43,270)	194,700
IShares Comex Gold Trust ETF	IAU	464285-10-5	153,000	1,758,185	103,825		0	1,862,010
Julius Baer Invt Fnds ETF Gold	JBGOUA:SW	0B3F8G-34-6	280	304,846	40,447	0	0	345,293
Market Vectors ETF Gold Miners	GDX	57060U-10-0	30,100	1,499,692	64,304			1,563,996
MARKET VECTORS ETF TR JR GOLD MINE	GDXJ	57060U-58-9	96,400	2,653,551			(25,687)	2,627,864
Powershares DB Multi Sector Comm	DBA	73936B-40-8	183,000	4,633,987			(243,817)	4,390,170
PROSHARES TR PSHS ULTSH 20YRS	TBT	74347R-29-7	11,200	421,622			(24,246)	397,376
PROSHARES TR SHRT 20+YR TRE	TBF	74347X-84-9	44,000	2,108,976			(225,336)	1,883,640
Swedish Expt Cr Corp	RJA	870297-60-3	553,100	4,143,930			(277,761)	3,866,169
United States 12 Month Oil Fnd ETF	USL	91288V-10-3	4,000	150,000			(3,600)	146,400
CLAYMORE SILVER BULLION TR TR UNIT	SVR	0B3N7L-27-3	249,950	2,553,522	36,210			2,589,732
ETF Metal Secs Physical Silver	PHAG:LN	0B285Z-K5-2	61,700	1,033,639	94,731			1,128,370
JULIUS BAER INV FD JB PHYSICAL GOL	JBGOUA:SW	H4547R-10-4	610	687,336	64,910			752,246
SWEDISH EXPT CR CORP RG ENRGY ETN2	RJN	870297-30-6	232,345	1,386,046			(77,943)	1,308,102
Zuercher KTBK Gold ETF	ZGLDUS:SW	0B3KZW-54-8	1,270	1,281,840	289,391			1,571,231
Zuercher KTBK Palladium ETF	ZPAL:SW	0B1XCL-D8-3	531	669,438	74,116			743,554
Zuercher KTBK Silver ETF	ZSIL:SW	0B1XCL-94-7	785	1,347,634	31,642			1,379,276
Total Universal Property and Casualty			$   5,756,796	$    67,537,129	$   2,352,528		$ (3,655,859)	$66,233,797

Investment Type	Symbol	Cusip ID		Number, of Shares		Amortized Cost / Book Value			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
American Platinum Property and Casualty Insurance Company
Equity securities:
EXETER RES CORP	XRA		301835-10-4		11000		69,924					(624	)		69,300
EXTORRE GOLD MINES LTD	XG		30227B-10-9		11000		17,481			11,999					29,480
FRONTEER GOLD INC	FRG		359032-10-9		6000		35,457			243					35,700
HECLA MNG CO	HL		422704-10-6		8000		41,200			560					41,760
NORTH AMERN PALLADIUM LTD	PAL		656912-10-2		40000		138,288					(13,888	)		124,400
SPDR Gold Shares	GLD		78463V-10-7		3150		341,022			42,270					383,292
STILLWATER MNG CO	SWC		86074Q-10-2		10000		132,265					(16,065	)		116,200
AGNICO EAGLE MINES LTD	AEM		008474-10-8		500		28,944			1,446					30,390
Silver Wheaton Corp	SLW		828336-10-7		9000		166,000			14,900					180,900
ETFS COM SECURITIE ETFS SUGAR (USD	SUGA:LN		0B15KY-65-1		10000		169,560					(41,160	)		128,400
ETFS METAL SEC ETFS PHYSICAL GOLD	PHAU:LN		0B285Z-72-4		900		100,100			10,474					110,574
BARCLAYS BANK PLC ETN DJUBS NAT37	GAZ		06739H-64-4		17000		164,616			13,884					178,500
BARCLAYS BK PLC IPATH SHRT ETN	VXX		06740C-52-7		10250		323,940	��				(4,140	)		319,800
DIREXION SHS ETF TR DLY LRG CAP BE	BGZ		25459W-85-4		6500		120,826					(2,201	)		118,625
ETFS CMMDTY SECS 0% UNDTD NTS CORN	CORN		0B15KX-S0-0		100000		119,240					(340	)		118,900
ETFS COM SECURITIE 0% SEC UNDTD NT	WEAT:LN		0B15KY-76-8		140000		261,788					(16,788	)		245,000
ETFS GOLD TR SHS	SGOL		26922Y-10-5		3950		441,916			47,766					489,682
ETFS PALLADIUM TR SH BEN INT	PHPD:LN		26923A-10-6		4700		211,925					(4,984	)		206,941
ETFS PLATINUM TR SH BEN INT	PHPT:LN		26922V-10-1		1870		300,726					(15,411	)		285,315
ETFS SILVER TR SILVER SHS	SIVR		26922X-10-7		11600		202,738			12,674					215,412
IShares Comex Gold Trust ETF	IAU		464285-10-5		27000		296,926			31,664					328,590
Powershares DB Multi Sector Comm	DBA		73936B-40-8		11000		272,246					(8,356	)		263,890
PROSHARES TR PSHS ULTSH 20YRS	TBT		74347R-29-7		2500		91,297					(2,597	)		88,700
PROSHARES TR SHRT 20+YR TRE	TBF		74347X-84-9		5000		236,532					(22,482	)		214,050
Swedish Expt Cr Corp	RJA		870297-60-3		38000		284,680					(19,060	)		265,620
UNITED STS GASOLINE FD LP UNITS	UGA		91201T-10-2		3500		111,300			6,755					118,055
CLAYMORE SILVER BULLION TR TR UNIT	SVR		0B3N7L-27-3		7000		71,840			687					72,527
CLAYMORE SILVER BULLION TR TR UNIT	SVR		18387H-16-4		2000		19,680			1,042					20,722
SWEDISH EXPT CR CORP RG ENRGY ETN2	RJN		870297-30-6		25000		144,950					(4,200	)		140,750
Zuercher KTBK Palladium ETF	ZPAL:SW		0B1XCL-D8-3		70		74,294			23,726					98,020
Zuercher KTBK Silver ETF	ZSIL:SW		0B1XCL-94-7		60		101,321			4,101					105,422
Zuercher KZKB Platinum ETF	ZPLA:SW		0B1XCL-H2-2		30		64,730			8,036					72,766
Total American Platinum					499,420	$	5,157,752		$	232,227	$	(172,296	)	$	5,217,683

Investment Type	Symbol	Cusip ID		Number of Shares		Amortized Cost / Book Value		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Universal Insurance Holdings, Inc.
Equity Securities:
HECLA MNG CO	HL		422704-10-6		15,000		84,195				(5,895	)		78,300
AGNICO EAGLE MINES LTD	AEM		008474-10-8		5,000		295,676		8,224					303,900
Silver Wheaton Corp	SLW		828336-10-7		14,500		266,517		24,933					291,450
ETFS COM SECURITIE ETFS SUGAR (USD	SUGA:LN		0B15KY-65-1		14,000		246,960				(67,200	)		179,760
BARCLAYS BANK PLC ETN DJUBS NAT37	GAZ		06739H-64-4		13,500		132,434		9,316					141,750
BARCLAYS BK PLC IPATH SHRT ETN	VXX		06740C-52-7		31,750		1,138,239				(147,639	)		990,600
DIREXION SHS ETF TR DLY LRG CAP BE	BGZ		25459W-85-4		9,880		175,424		4,886					180,310
ETF METAL SEC LTD ST HEILER GOLD	PHAU:LN		G3204R-10-1		900		88,521		22,053					110,574
ETFS GOLD TR SHS	SGOL		26922Y-10-5		400		45,975		3,613					49,588
ETFS PALLADIUM TR SH BEN INT	PHPD:LN		26923A-10-6		3,000		151,133				(19,043	)		132,090
ETFS SILVER TR SILVER SHS	SIVR		26922X-10-7		6,000		105,005		6,415					111,420
Julius Baer Invt Fnds ETF Gold	JBGOUA:SW		0B3F8G-34-6		150		168,308		16,671					184,979
Market Vectors ETF Gold Miners	GDX		57060U-10-0		10,950		517,611		51,351					568,962
MARKET VECTORS ETF TR JR GOLD MINE	GDXJ		57060U-58-9		19,700		529,497		7,525					537,022
Powershares DB Multi Sector Comm	DBA		73936B-40-8		41,850		1,043,978				(39,996	)		1,003,982
Swedish Expt Cr Corp	RJA		870297-60-3		159,000		1,139,532				(28,122	)		1,111,410
Zuercher KTBK Gold ETF	ZGLDUS:SW		0B3KZW-54-8		40		38,119		11,368					49,487
									-		-
Total Universal Insurance Holdings					345,620	$	6,167,124	$	166,355	$	(307,895	)	$	6,025,584
Total equity securities				6,601,836		$            78,862,005		$              2,751,110		$           (4,136,050)			$            77,477,064