Universal Insurance (UVE) 10-Q 2010 Q3 Quarterly report

SCHEDULE OF INVESTMENTS
AS OF SEPTEMBER 30, 2010
			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, Trading Securities:
Universal Property and Casualty Insurance Company:
US government and agency obligations
UNITED STATES TREAS NTS	912828-GZ-7		SD					1	$	144,517	$	6,055	$	-			107.793		145,520		135,000	$	-	$	-		139,465	$	-		(1,763	)	$	-	$	-		4.625		2.780	JJ	$	1,052	$	6,244	7/15/2008	7/31/2012
UNITED STATES TREAS NTS	912828-KC-3		SD					1		35,169		423					101.434		35,502		35,000		-		-		35,079		-		(42	)		-		-		2.000		1.842	FA		90		481	2/19/2009	2/15/2012
US TREASURY INFLATION INDEX BOND	912828-LA-6		SD					1		2,911,565		265,741		-			113.176		3,168,927		2,800,000						2,937,906		24,052		(6,260	)		-		-		1.875		1.539	JJ		11,362		53,397	9/29/2009	7/15/2019
US TREASURY INFLATION INDEX BOND	912828-NM-8							1		115,959				(574	)		104.894		115,383		3,000,000		-		-		115,957		-		(2	)		-		-		1.250		0.675	JJ		291		-	9/30/2010	7/15/2020
Total US government and agency obligations									$	3,207,210	$	272,219	$	(574	)			$	3,465,332	$	5,970,000	$	-	$	-	$	3,228,407	$	24,052	$	(8,067	)	$	-	$	-						$	12,795	$	60,122
Foreign obligations
NORWAY KINGDOM 6% BDS 16/5/2011		042174-31-8			F			1		3,160,503		13,616		-			102.136		3,097,449		3,032,683		17,760,000		3,000,340		3,114,542		-		(76,671	)		-		30,710		6.000		1.625	May		68,796		135,122	5/27/2010	5/16/2011
NORWAY(KINGDOM OF) 6.5% BDS 15/5/2		073810-76-4			D			1		2,766,164		65,490		-			110.296		2,780,844		2,521,260		14,765,000		2,465,268		2,776,749		-		(50,811	)		-		61,395		6.500		2.479	May		62,410		119,921	5/11/2010	5/15/2013
NORWAY KINGDOM 6% BDS 16/5/2011		042174-31-8			F					275,254		22,608					102.136		295,618		289,437		1,695,000		266,781		296,296		-		(2,244	)		-		23,286		6.000		2.147	May		6,566		-	8/25/2010	5/16/2011
Total Foreign obligations										6,201,921		101,714		-					6,173,911		5,843,380		34,220,000		5,732,389		6,187,587		0		(129,726	)		-		115,391							137,772		255,043
Total fixed maturities									$	9,409,131	$	373,933	$	(574	)			$	9,639,243	$	11,813,380	$	34,220,000	$	5,732,389	$	9,415,994	$	24,052	$	(137,793	)	$	-	$	115,391						$	150,567	$	315,165

Investment Type	Symbol	Cusip ID		Number of Shares		Cost / Book Value		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Equity securities:
Universal Property and       Casualty Insurance Company
NEWCREST MINING NPV	NCM		066371-01-4		12,000		352,622		108,304					460,926
ALEXCO RESOURCE CORP	AXU		01535P-10-6		62,000		210,898		76,782					287,680
CORVUS GOLD INC	KOR		221013-10-5		23,000		12,634		6,916					19,550
DACHA CAP INC	DAC		232972-10-9		221,000		112,599				(13,149	)		99,450
ELDORADO GOLD CORP NEW	EGO		284902-10-3		14,700		279,979				(8,176	)		271,803
EXETER RES CORP	XRA		301835-10-4		48,000		319,354				(7,834	)		311,520
FRONTEER GOLD INC	FRG		359032-10-9		75,350		450,130		90,883					541,013
GOLDCORP INC NEW	GG		380956-40-9		12,900		530,092		31,316					561,408
HECLA MNG CO	HL		422704-10-6		288,500		1,642,434		180,887					1,823,320
IAMGOLD CORP	IAG		450913-10-8		30,000		536,895				(5,595	)		531,300
MONSANTO CO NEW	MON		61166W-10-1		32,750		2,005,710				(436,002	)		1,569,708
NEWMONT MINING CORP	NEM		651639-10-6		15,300		896,502		64,491					960,993
NORTH AMERN PALLADIUM LTD	PAL		656912-10-2		135,500		422,512		138,458					560,970
SILVERCORP METALS INC	SVM		82835P-10-3		37,650		240,632		71,110					311,742
SPDR Gold Shares	GLD		78463V-10-7		15,025		1,766,516		155,331					1,921,848
STILLWATER MNG CO	SWC		86074Q-10-2		14,300		185,619		55,193					240,812
Barrick Gold Corp	ABX		067901-10-8		26,000		1,141,549		61,991					1,203,540
INTERNATIONAL TOWER HILL MINES	THM		46050R-10-2		51,938		328,708				(1,498	)		327,209
Silver Wheaton Corp	SLW		828336-10-7		159,000		3,024,031		1,213,319					4,237,350
ETFS COM SECURITIE ETFS SUGAR (USD	SUGA:LN	0B15KY-65-1			103,483		1,778,637		325,172					2,103,809
ETFS METAL SEC ETFS PHYSICAL GOLD	PHAU:LN		0B285Z-72-4		6,640		713,855		139,531					853,385
ETFS METAL SECS ETFS PHYSICAL GOLD	GOLD		066055-28-6		8,200		992,107		54,579					1,046,685
BARCLAYS BANK PLC ETN DJUBS NAT37	GAZ		06739H-64-4		120,500		1,148,866				(155,946	)		992,920
BARCLAYS BK PLC IPATH SHRT ETN	VXX		06740C-52-7		140,800		4,753,080				(2,318,648	)		2,434,432
CLAYMORE GOLD BULLION ETF HEDGED C	CGL		0B634C-59-0		203,700		1,918,518		420,610					2,339,128
DIREXION SHS ETF TR CHINA BEAR 3X	CZI		25459W-76-3		5,500		230,435				(120,644	)		109,791
DIREXION SHS ETF TR DLY LRG CAP BE	BGZ		25459W-85-4		161,910		2,336,905				(325,983	)		2,010,922
DIREXION SHS ETF TR LATN AM BEAR3X	LHB		25459W-64-9		2,500		130,540				(72,390	)		58,150
ETF METAL SEC LTD ST HEILER GOLD	PHAU:LN		G3204R-10-1		7,500		737,675		222,775					960,450
ETFS CMMDTY SECS 0% UNDTD NTS CORN	CORN	0B15KX-S0-0			266,270		321,794		87,463					409,257
ETFS CMMDTY SECS LTD CORN	CORN:LN		G3204Q-28-5		707,900		953,084		134,958					1,088,042
ETFS CMMDTY SECS LTD WHEAT	WEAT:LN		G3204Q-22-8		307,800		593,071		109,944					703,015
ETFS COM SECURITIE 0% SEC UNDTD NT	WEAT:LN	0B15KY-76-8			658,350		1,241,163		262,509					1,503,671
ETFS GOLD TR SHS	SGOL		26922Y-10-5		19,770		2,213,703		363,316					2,577,020
ETFS METAL SECS ETFS PHYSICAL SILV	ETPMAG	0B3KMG-42-2			13,000		240,823		3,967					244,790
ETFS METAL SECS PHYSICAL PLATINUM	PHPT LN	0B1VS2-W5-7			250		36,878		3,680					40,558
ETFS METAL SECURIT ETFS PHYSICAL S	PHAG:LN		G3204R-13-5		30,750		501,994		143,756					645,750
ETFS Metal Securitie Ltd Palladium	PHPD:LN	0B1VS3-00-1			9,880		433,238		114,707					547,945
ETFS Metal Securities Ltd Platinum	PHPT:LN	B1VS2W-53-8			5,745		863,388		68,624					932,011
ETFS PALLADIUM TR SH BEN INT	PHPD: LN		26923A-10-6		54,890		2,520,793		573,905					3,094,698
ETFS PLATINUM TR SH BEN INT	PHPT:LN		26922V-10-1		15,030		2,276,080		204,050					2,480,130
ETFS SILVER TR SILVER SHS	SIVR		26922X-10-7		114,000		1,953,613		520,187					2,473,800
HORIZONS BETA WNTR NAT ETF UNIT CL	HUN:CN	0B61KF-94-6			15,000		106,892				(30,711	)		76,181
HORIZONS BETAPRO WINTER TERM NYMEX	HNU		44046T-10-0		30,000		237,970				(81,670	)		156,300
IPATH DJ-UBS GRAINS SUB INDEX ETN	JJG		06739H-30-5		6,000		247,753		14,147					261,900
IShares Comex Gold Trust ETF	IAU		464285-10-5		143,000		1,655,246		175,154					1,830,400
Ishares Silver Trust ETF	SLV		46428Q-10-9		42,000		739,948		155,072					895,020
Julius Baer Invt Fnds ETF Gold	JBGOUA:SW		0B3F8G-34-6		280		304,846		55,399					360,245
Market Vectors ETF Gold Miners	GDX		57060U-10-0		50,500		2,519,446		305,019					2,824,465
MARKET VECTORS ETF TR JR GOLD MINE	GDXJ		57060U-58-9		107,000		2,901,683		672,117					3,573,800
Powershares DB Multi Sector Comm	DBA		73936B-40-8		136,300		3,473,945		271,579					3,745,524
PROSHARES TR PSHS ULSHT SP500	SDS		74347R-88-3		34,550		1,261,655				(239,320	)		1,022,335
PROSHARES TR PSHS ULTSH 20YRS	TBT		74347R-29-7		9,000		307,590				(26,340	)		281,250
PROSHARES TR SHRT 20+YR TRE	TBF		74347X-84-9		49,750		2,350,596				(348,158	)		2,002,438
Swedish Expt Cr Corp	RJA		870297-60-3		458,100		3,363,630		640,164					4,003,794
CLAYMORE SILVER BULLION TR TR UNIT	SVR		0B3N7L-27-3		220,050		2,261,483		501,332					2,762,816
ETF Metal Secs Physical Silver	PHAG:LN		0B285Z-K5-2		70,250		1,196,882		301,161					1,498,043
JULIUS BAER INV FD JB PHYSICAL GOL	JBGOUA:SW		H4547R-10-4		480		539,544		78,019					617,563
SWEDISH EXPT CR CORP RG ENRGY ETN2	RJN		870297-30-6		260,345		1,546,436				(33,831	)		1,512,604
Zuercher KTBK Gold ETF	ZGLDUS:SW	0B3KZW-54-8			1,020		1,031,132		288,748					1,319,880
Zuercher KTBK Palladium ETF	ZPAL:SW	0B1XCL-D8-3			406		561,918		164,734					726,653
Zuercher KTBK Silver ETF	ZSIL:SW	0B1XCL-94-7			785		1,347,634		261,015					1,608,649
Zuercher KTBK Silver ETF	ZSIL:SW	0B1XCL-95-4			55		93,607		19,101					112,708
Zuercher KZKB Platinum ETF	ZPLA:SW	0B1XCL-H3-0			30		71,140		7,209					78,349
					5,874,182	$	71,470,632	$	9,918,684	$	(4,225,897	)	$	77,163,419

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:
DACHA CAP INC	DAC		232972-10-9		50,000		17,380		5,120					22,500
ELDORADO GOLD CORP NEW	EGO		284902-10-3		9,250		176,084		-		(5,052	)		171,033
EXTORRE GOLD MINES LTD	XG		30227B-10-9		11,000		17,481		32,019					49,500
IAMGOLD CORP	IAG		450913-10-8		16,500		295,101		-		(2,886	)		292,215
MONSANTO CO NEW	MON		61166W-10-1		2,850		161,108		-		(24,508	)		136,601
NEWMONT MINING CORP	NEM		651639-10-6		1,780		102,662		9,140					111,802
NORTH AMERN PALLADIUM LTD	PAL		656912-10-2		33,709		107,282		32,273					139,555
RAYTHEON CO	RTN		755111-50-7		3,000		138,039		-		(909	)		137,130
SPDR Gold Shares	GLD		78463V-10-7		2,750		297,598		54,155					351,753
Silver Wheaton Corp	SLW		828336-10-7		3,500		84,595		8,680					93,275
ETFS COM SECURITIE ETFS SUGAR (USD	SUGA:LN	0B15KY-65-1			5,900		94,006		25,941					119,947
ETFS METAL SEC ETFS PHYSICAL GOLD	GOLD		0B285Z-72-4		900		100,100		15,570					115,670
ETFS OIL SECURITIE 0% SEC UNDATED	OILB:LN	0B0CTW-C0-6			2,500		106,140		6,260					112,400
BARCLAYS BANK PLC ETN DJUBS NAT37	GAZ		06739H-64-4		55,500		543,125		-		(85,805	)		457,320
BARCLAYS BK PLC IPATH SHRT ETN	VXX		06740C-52-7		12,950		386,530		-		(162,625	)		223,906
DIREXION SHS ETF TR DLY LRG CAP BE	BGZ		25459W-85-4		12,500		182,451		-		(27,201	)		155,250
ETFS CMMDTY SECS 0% UNDTD NTS CORN	CORN	0B15KX-S0-0			125,000		159,013		33,113					192,125
ETFS COM SECURITIE 0% SEC UNDTD NT	WEAT:LN	0B15KY-76-8			114,000		212,973		47,403					260,376
ETFS COMMODITY SECS 0% SECD	HOGS:LN	0B15KX-Z7-7			72,500		81,458		539					81,998
ETFS GOLD TR SHS	SGOL		26922Y-10-5		3,150		352,572		58,030					410,603
ETFS PALLADIUM TR SH BEN INT	PHPD: LN		26923A-10-6		3,550		157,334		42,815					200,149
ETFS PLATINUM TR SH BEN INT	PHPT:LN		26922V-10-1		670		101,685		8,873					110,558
ETFS SILVER TR SILVER SHS	SIVR		26922X-10-7		10,000		175,952		41,049					217,000
IShares Comex Gold Trust ETF	IAU		464285-10-5		24,500		269,362		44,238					313,600
Market Vectors ETF Gold Miners	GDX		57060U-10-0		2,300		114,970		13,669					128,639
MARKET VECTORS ETF TR JR GOLD MINE	GDXJ		57060U-58-9		1,710		50,297		6,817					57,114
Powershares DB Multi Sector Comm	DBA		73936B-40-8		7,500		185,133		20,967					206,100
PROSHARES TR PSHS ULSHT SP500	SDS		74347R-88-3		8,500		310,958		-		(59,443	)		251,515
PROSHARES TR PSHS ULTSH 20YRS	TBT		74347R-29-7		9,500		337,693		-		(40,818	)		296,875
PROSHARES TR SHRT 20+YR TRE	TBF		74347X-84-9		6,500		299,870		-		(38,245	)		261,625
CLAYMORE SILVER BULLION TR TR UNIT	SVR		0B3N7L-27-3		6,250		64,419		14,053					78,471
CLAYMORE SILVER BULLION TR TR UNIT	SVR		18387H-16-4		1,000		9,840		2,715					12,555
SWEDISH EXPT CR CORP RG ENRGY ETN2	RJN		870297-30-6		43,000		242,130		7,700					249,830
Zuercher KTBK Palladium ETF	ZPAL:SW	0B1XCL-D8-3			59		62,619		42,978					105,597
Zuercher KTBK Silver ETF	ZSIL:SW	0B1XCL-94-7			54		91,189		19,470					110,659
Zuercher KZKB Platinum ETF	ZPLA:SW	0B1XCL-H2-2			27		58,257		12,257					70,515
					664,359	$	6,147,406	$	605,843	$	(447,491	)	$	6,305,758

Investment Type	Symbol	Cusip ID		Number of Shares		Cost / Book Value		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Universal Insurance        Holdings, Inc. Equity        Securities:
ALLIED NEVADA GOLD CORP	ANV		019344-10-0		2,500		66,587				(337	)		66,250
DACHA CAP INC	DAC		232972-10-9		50,000		17,385		5,116					22,500
ELDORADO GOLD CORP NEW	EGO		284902-10-3		7,000		133,524				(4,094	)		129,430
FRONTEER GOLD INC	FRG		359032-10-9		16,500		122,307				(3,837	)		118,470
HECLA MNG CO	HL		422704-10-6		37,000		191,823		42,017					233,840
IAMGOLD CORP	IAG		450913-10-8		6,700		117,451		1,206					118,657
MONSANTO CO NEW	MON		61166W-10-1		7,300		418,213				(68,324	)		349,889
NEWMONT MINING CORP	NEM		651639-10-6		1,900		118,260		1,079					119,339
NORTH AMERN PALLADIUM LTD	PAL		656912-10-2		18,000		56,189		18,331					74,520
STILLWATER MNG CO	SWC		86074Q-10-2		4,800		61,957		18,875					80,832
INTERNATIONAL TOWER HILL MINES	THM		46050R-10-2		20,000		125,205		796					126,000
Silver Wheaton Corp	SLW		828336-10-7		2,250		46,015		13,947					59,963
ETFS COM SECURITIE ETFS SUGAR (USD	SUGA:LN	0B15KY-65-1			13,700		234,988		43,533					278,521
ETFS OIL SECURITIE 0% SEC UNDATED	OILB:LN	0B0CTW-C0-6			2,700		114,658		6,734					121,392
BARCLAYS BANK PLC ETN DJUBS NAT37	GAZ		06739H-64-4		20,000		173,014				(8,214	)		164,800
BARCLAYS BANK PLC ETN DJUBS SGAR38	SGG		06739H-21-4		40,000		492,149		2,253,531					2,745,680
BARCLAYS BK PLC IPATH SHRT ETN	VXX		06740C-52-7		36,350		1,240,337				(611,846	)		628,492
DIREXION SHS ETF TR DLY LRG CAP BE	BGZ		25459W-85-4		14,880		214,603				(29,793	)		184,810
ETF METAL SEC LTD ST HEILER GOLD	PHAU:LN		G3204R-10-1		900		88,521		26,733					115,254
ETFS CMMDTY SECS 0% UNDTD NTS CORN	CORN	0B15KX-S0-0			80,000		106,042		16,918					122,960
ETFS COMMODITY SECS 0% SECD	HOGS:LN	0B15KX-Z7-7			47,500		53,171		551					53,723
ETFS GOLD TR SHS	SGOL		26922Y-10-5		350		40,228		5,395					45,623
ETFS PALLADIUM TR SH BEN INT	PHPD: LN		26923A-10-6		5,700		280,428		40,938					321,366
ETFS PLATINUM TR SH BEN INT	PHPT:LN		26922V-10-1		1,350		206,691		16,075					222,766
GLOBAL X FDS SILVERS MINERS ETF	SIL		37950E-85-3		10,500		193,648		2,072					195,720
IPATH DJ-UBS GRAINS SUB INDEX ETN	JJG		06739H-30-5		4,750		196,124		11,214					207,338
Julius Baer Invt Fnds ETF Gold	JBGOUA:SW		0B3F8G-34-6		150		168,308		24,680					192,989
Market Vectors ETF Gold Miners	GDX		57060U-10-0		9,750		465,042		80,275					545,318
MARKET VECTORS ETF TR JR GOLD MINE	GDXJ		57060U-58-9		17,150		468,050		104,760					572,810
Powershares DB Multi Sector Comm	DBA		73936B-40-8		40,850		1,019,016		103,542					1,122,558
PROSHARES TR PSHS ULTSH 20YRS	TBT		74347R-29-7		4,000		139,947				(14,947	)		125,000
Swedish Expt Cr Corp	RJA		870297-60-3		153,000		1,093,721		243,499					1,337,220
UNITED STS GASOLINE FD LP UNITS	UGA		91201T-10-2		11,500		373,134		18,671					391,805
Zuercher KTBK Gold ETF	ZGLDUS:SW	0B3KZW-54-8			40		38,120		13,640					51,760
					689,070	$	8,874,857	$	3,114,126	$	(741,392	)	$	11,247,591
Total equity securities					7,227,611	$	86,492,895	$	13,638,653	$	(5,414,780	)	$	94,716,768