Universal Insurance (UVE) 8-K Universal Insurance Holdings, Inc. Reports

Exhibit 99.1

UNIVERSAL INSURANCE HOLDINGS, INC. REPORTS

FOURTH-QUARTER AND FULL-YEAR 2012 FINANCIAL RESULTS

•    Full-year 2012 diluted EPS grows 50 percent versus 2011

•    Fourth-quarter 2012 diluted EPS increases 17 cents versus the same quarter last year

Fort Lauderdale, Fla., March 8, 2013—Universal Insurance Holdings, Inc. (Company)(NYSE MKT: UVE), a vertically integrated insurance holding company, reported net income of $4.4 million, or $0.11 per diluted share, an increase of $0.17, for the fourth quarter of 2012, compared to a net loss of $2.3 million, or $0.06 per diluted share, for the same period in 2011.

For the full year of 2012, the Company reported net income of $30.3 million and diluted earnings per share of $0.75, an increase of 50.0 percent, compared to net income of $20.1 million, or $0.50 per diluted share, for the same period of 2011.

President and CEO Sean Downes commented, “Our full-year 2012 results reflect the successful execution of our business plan leading to better underwriting margins compared to a year ago. Through successful growth initiatives and favorable rate changes, we were able to grow our top line by 8.1 percent in 2012 while maintaining underwriting discipline and managing our overall exposure to catastrophic risk. We are pleased that this 2012 profitability led to 9.0 percent growth in stockholders’ equity and allowed us to declare and pay dividends totaling $0.46 per share during the year.”

Fourth-Quarter 2012 Results

Net income during the fourth quarter of 2012 increased $6.7 million, or $0.17 per diluted share, primarily as a result of an increase in net earned premiums. The improvement in fourth quarter 2012 profitability was somewhat mitigated by pre-tax charges of $6.3 million related to the previously disclosed mandatory assessment by the Florida Insurance Guaranty Association (FIGA). The Company will recover the assessment from the policyholders of Universal Property & Casualty Insurance Company (UPCIC) over an estimated twelve-month period which began on February 1, 2013.

Direct premiums written collectively by UPCIC and American Platinum Property and Casualty Insurance Company, the Company’s wholly-owned insurance company subsidiaries, rose 6.8 percent during the fourth quarter of 2012. Net premiums earned grew $15.5 million, or 29.8 percent, in the fourth quarter of 2012 compared to the same quarter in 2011, primarily as a result of increases in premium rates over the past 24 months, and a reduction in the quota-share cession rate from 50 percent for the 2011-2012 reinsurance program to 45 percent for the 2012-2013 reinsurance program.

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Fourth-quarter 2012 operating costs increased by 5.9 percent compared to the same quarter last year, as general and administrative expenses increased $12.4 million, or 64.2 percent, partly attributable to the FIGA assessment mentioned above. Meanwhile, somewhat mitigating the rise in operating costs was a reduction in losses and loss adjustment expenses of $8.7 million, or 20.2 percent.

At December 31, 2012, stockholders’ equity was $163.5 million compared to $166.0 million at September 30, 2012, and $150.0 million at December 31, 2011.

Full-Year 2012 Results

For the full year of 2012, the Company’s net income and diluted earnings per share grew by 50.7 percent and 50.0 percent, respectively, compared to the same period of 2011.

Net premiums earned increased 16.1 percent for the full year of 2012 compared to the same period of 2011, primarily as a result of the previously mentioned rate increases, which have had a positive effect on premium generated by renewal policies, and the reduction in the quota-share cession rate.

Cash Dividends

On November 28, 2012, the Company announced that its board of directors declared a cash dividend of $0.20 per share of common stock, which was paid on December 28, 2012 to shareholders of record on December 14, 2012. In total, $0.46 per share in cash dividends were declared and paid in 2012.

Also, on February 8, 2013, the Company announced that its board of directors declared a cash dividend of $0.08 per share of common stock to be paid on April 5, 2013 to shareholders of record on March 14, 2013. The board further indicated that it expects to declare additional quarterly dividends in the same amount to shareholders of record in the second, third and fourth quarters of 2013. If declared and paid as intended, the annual dividend in 2013 would be $0.32 for each common share.

Premium Rate Update

On February 7, 2013, the Company announced that UPCIC received approval from the Florida Office of Insurance Regulation for premium rate increases for its homeowners and dwelling fire programs within Florida. The premium rate increases are expected to average approximately 14.1 percent statewide for its homeowners program and 14.5 percent statewide for its dwelling fire program. The effective dates for the homeowners program rate increase are January 18, 2013, for new business and March 9, 2013, for renewal business. The effective dates for the dwelling fire program rate increase are January 14, 2013, for new business and March 3, 2013, for renewal business.

About Universal Insurance Holdings, Inc.

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 & Casualty Insurance Company (UPCIC), a wholly owned subsidiary of the Company, is one of the three 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 and Maryland. 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 million, which are limits and coverages currently not targeted through its affiliate UPCIC. For additional information on the Company, please visit our investor relations website atwww.universalinsuranceholdings.com.

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Forward-Looking Statements and Risk Factors

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” 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’s operations and future results, refer to the Company’s reports filed with the Securities and Exchange Commission, including the Form 10-K for the year ended December 31, 2012.

Investor Contact:

Philip Kranz, Dresner Corporate Services, 312-780-7240, pkranz@dresnerco.com

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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(in thousands, except per share data)

	For the Three  Months Ended December 31,
	2012			2011
PREMIUMS EARNED AND OTHER REVENUES
Direct premiums written	$	174,571		$	163,438
Ceded premiums written		(118,961	)		(119,306	)
Net premiums written		55,610			44,132
(Increase) decrease in net unearned premium		11,664			7,691
Premiums earned, net		67,274			51,823
Net investment income		278			430
Net realized gains (losses) on investments		353			(10,146	)
Net unrealized gains (losses) on investments		(2,047	)		4,627
Net foreign currency gains (losses) on investments		(1	)		1,916
Commission revenue		4,889			5,194
Policy Fees		3,041			3,188
Other revenue		1,440			1,411
Total premiums earned and other revenues		75,227			58,443
OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses		34,275			42,929
General and administrative expenses		31,588			19,236
Total operating costs and expenses		65,863			62,165
INCOME BEFORE INCOME TAXES		9,364			(3,722	)
Income taxes, current		7,950			(2,538	)
Income taxes, deferred		(2,992	)		1,129
Income taxes, net		4,958			(1,409	)
NET INCOME	$	4,406		$	(2,313	)
Basic earnings per common share	$	0.11		$	(0.06	)
Weighted average number of common shares outstanding—basic		39,719			39,207
Diluted earnings per common share	$	0.11		$	(0.06	)
Weighted average number of common shares outstanding—diluted		41,091			40,165
Cash dividend declared per common share	$	0.20		$	0.18

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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

	For the Years Ended December 31,
	2012			2011
PREMIUMS EARNED AND OTHER REVENUES
Direct premiums written	$	780,128		$	721,462
Ceded premiums written		(517,604	)		(512,979	)
Net premiums written		262,524			208,483
(Increase) decrease in net unearned premium		(31,404	)		(9,498	)
Premiums earned, net		231,120			198,985
Net investment income		441			788
Net realized gains (losses) on investments		(11,943	)		2,350
Net unrealized gains (losses) on investments		9,443			(18,410	)
Net foreign currency gains (losses) on investments		22			1,532
Commission revenue		20,383			19,507
Policy Fees		14,475			15,298
Other revenue		5,998			5,811
Total premiums earned and other revenues		269,939			225,861
OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses		126,187			124,309
General and administrative expenses		91,193			67,834
Total operating costs and expenses		217,380			192,143
INCOME BEFORE INCOME TAXES		52,559			33,718
Income taxes, current		18,434			23,152
Income taxes, deferred		3,813			(9,543	)
Income taxes, net		22,247			13,609
NET INCOME	$	30,312		$	20,109
Basic earnings per common share	$	0.76		$	0.51
Weighted average number of common shares outstanding—basic		39,614			39,184
Diluted earnings per common share	$	0.75		$	0.50
Weighted average number of common shares outstanding—diluted		40,616			40,442
Cash dividend declared per common share	$	0.46		$	0.32

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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

	December 31,
	2012			2011
ASSETS
Cash and cash equivalents	$	347,392		$	229,685
Restricted cash and cash equivalents		33,009			78,312
Fixed maturities, at fair value		4,009			3,801
Equity securities, at fair value		85,041			95,345
Prepaid reinsurance premiums		239,921			243,095
Reinsurance recoverable		89,191			85,706
Reinsurance receivable, net		24,334			55,205
Premiums receivable, net		50,125			45,828
Receivable from securities sold		1,096			9,737
Other receivables		2,017			2,732
Property and equipment, net		8,968			7,116
Deferred policy acquisition costs, net		17,282			12,996
Income taxes recoverable		2,594			—
Deferred income tax asset, net		19,178			22,991
Other assets		1,578			1,477
Total assets	$	925,735		$	894,026
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Unpaid losses and loss adjustment expenses	$	193,241		$	187,215
Unearned premiums		388,071			359,842
Advance premium		15,022			19,390
Accounts payable		4,368			4,314
Bank overdraft		25,994			25,485
Payable for securities purchased		1,275			1,067
Reinsurance payable, net		85,259			87,497
Income taxes payable		699			12,740
Other liabilities and accrued expenses		28,071			24,780
Long-term debt		20,221			21,691
Total liabilities		762,221			744,021
STOCKHOLDERS’ EQUITY:
Cumulative convertible preferred stock, $.01 par value		1			1
Authorized shares—1,000
Issued shares—108
Outstanding shares—108
Minimum liquidation preference, $2.66 per share
Common stock, $.01 par value		419			411
Authorized shares—55,000
Issued shares—41,889 and 41,100
Outstanding shares—40,871 and 40,082
Treasury shares, at cost—1,018		(3,101	)		(3,101	)
Additional paid-in capital		38,684			36,536
Retained earnings		127,511			116,158
Total stockholders’ equity		163,514			150,005
Total liabilities and stockholders’ equity	$	925,735		$	894,026