Universal Insurance (UVE) 8-K Universal Insurance Holdings, Inc. Reports Fourth Quarter and Full Year 2016

Exhibit 99.1

Universal Insurance Holdings, Inc. Reports Fourth Quarter and Full Year 2016

Financial Results

Fort Lauderdale, FL, February 21, 2017—Universal Insurance Holdings, Inc. (NYSE: UVE) today reported net income and diluted earnings per share (EPS) of $13.7 million and $0.38, respectively for the fourth quarter of 2016. For the full year 2016, net income was $99.4 million while diluted EPS was $2.79.

Universal Insurance Holdings, Inc. Chairman and Chief Executive Officer Sean P. Downes commented: “During the fourth quarter, Universal reported strong top line growth and meaningful underwriting profit despite the impact of Hurricane Matthew. This result is a testament to the fundamental strength of our business model, including the benefits which our vertically integrated structure afford us, our focus on maintaining high underwriting standards, our superior claims handling abilities, and our exceptional catastrophe response team. Our efforts to produce profitable and rate-adequate organic growth continue to produce results both within Florida and in our thirteen other states. Our unique direct-to-consumer platform, Universal Direct^SM, is now online in all of our active states and will contribute incrementally to this growth going forward, as will our Commercial Residential product, which saw its first policy written during the fourth quarter. Universal enters 2017 extremely well positioned on all fronts, and we remain confident in our ability to deliver outstanding value to our shareholders.”

Fourth Quarter 2016 Highlights

• Strong Growth Continues – Net premiums earned grew by $13.4 million, or 8.9%, to $164.0 million, while total revenues increased by $16.5 million, or 10.2%, to $178.6 million. Net premiums earned and total revenues were each higher than any other quarter in our history.

• Expansion Plan Gaining Steam – Our growth efforts both within Florida and in our other states continue to bear fruit, with our non-Florida states demonstrating impressive 43.0% growth in direct written premium for the full year 2016. Universal Direct^SM is now offered in all of our active states, and we wrote our first Commercial Residential policy through our subsidiary, American Platinum Property and Casualty Insurance Company, during the fourth quarter.

• Profitable Despite Severe Weather –Fourth quarter results included Hurricane Matthew losses of $26.6 million or $0.46 per share. Net income decreased by $15.5 million, or 53.2%, to $13.7 million, while diluted EPS declined by $0.44 or 53.2%, to $0.38 per share.

• Balance Sheet Remains Solid –Book value per share grew by 26.9% from year-end 2015 to $10.59. Our balance sheet remains solid, and is protected by a robust reinsurance program.

• Focused on Shareholder Returns – Return on Average Common Equity (ROE) was 14.4% for the fourth quarter and 29.4% for the full year 2016. We paid dividends of $0.27 per share in the fourth quarter and $0.69 for the full year 2016 (comprised of a $0.14 per share regular quarterly cash dividend and an additional fourth quarter special dividend of $0.13 per share), equating to a 2.6% dividend yield at current share price levels.

1

Fourth Quarter 2016 Results

Direct premiums written grew 6.8% to $212.8 million from the prior year’s quarter, and net premiums earned grew 8.9% to $164.0 million. Premium growth was due to organic growth in policies in force, both within our Florida book and in our expansion states, and the continued rollout of Universal Direct^SM. Commission revenue, policy fees, and other revenue each delivered strong double-digit growth, up 16.8%, 10.2%, and 13.8% respectively versus the prior year’s quarter, driven by increased premium volume and continued geographic footprint expansion.

The combined ratio was 95.1% in the fourth quarter of 2016 compared to 75.8% in the prior year’s quarter. The net loss and LAE ratio increased to 61.9% for the fourth quarter of 2016, compared to 40.2% for the same period last year, with the primary driver of this increase being severe weather during 2016. The current year’s quarter included $26.6 million of pre-tax net losses and loss adjustment expenses, or 16.2 points on the loss and LAE ratio, attributable to Hurricane Matthew. Fourth quarter 2016 results also included $16.8 million of increases to current accident year reserves as well as $4.7 million of favorable prior year reserve development. General and administrative expenses as a percentage of net earned premiums declined to 33.2% in the fourth quarter of 2016 compared to 35.6% in the prior year’s quarter, with the improvement coming predominantly from a decrease in executive compensation and economies of scale.

Net investment income grew by 96.1% from the prior year’s quarter to $3.5 million, with the growth driven by the increasing size of our investment portfolio and a shift in asset mix throughout the year. Realized investment gains were $1.0 million in the fourth quarter of 2016, a modest increase versus $0.8 million in the prior year’s quarter. Total invested assets were $651.6 million at year-end 2016, up from $489.4 million at year-end 2015.

The effective tax rate for the fourth quarter was 39.9%, up modestly from 39.1% in the prior year’s quarter, while the full year 2016 tax rate of 39.0% declined slightly from 39.2% in 2015.

During the fourth quarter, the Company repurchased 3,929 shares for $0.1 million, or an average cost of $24.07 per share, and during the full year 2016 repurchases were 0.4 million shares for $8.5 million, or an average cost of $19.30 per share. $17.9 million remains on our current repurchase authorization.

Stockholders’ equity was $371.2 million as of December 31, 2016, or 26.6% growth from $293.1 million as of December 31, 2015. Book value per common share grew 26.9% to $10.59 at December 31, 2016 compared to $8.34 at December 31, 2015. Return on Average Common Equity (ROE) was 14.4% for the fourth quarter and 29.4% for the full year 2016.

On November 15, 2016, the Company announced that its Board of Directors had declared a cash dividend of $0.27 per share of common stock, comprised of a $0.14 per share regular quarterly dividend and an additional fourth quarter special dividend of $0.13 per share, which was paid on December 12, 2016 to shareholders of record on December 1, 2016. On January 23, 2017, the Company announced that its Board of Directors had declared a cash dividend of $0.14 per share of common stock payable on March 2, 2017 to shareholders of record on February 17, 2017.

2

Conference Call

Members of the Universal management team will host a conference call on Wednesday, February 22, 2017 at 10:00 AM ET to discuss fourth quarter 2016 financial results. Following prepared remarks, management will conduct a question and answer session. The call will be accessible by dialing toll free at (888) 887-7180 or internationally (toll) at (270) 823-1518 using the Conference I.D.: 70825474. A live audio webcast of the call will also be accessible on the Universal Insurance website atwww.universalinsuranceholdings.com. A replay of the call can be accessed toll free at (855) 859-2056 or internationally (toll) at (404) 537-3406 using the Conference I.D.: 70825474, and will be available through March 9, 2017.

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 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, Alabama and Virginia. 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. APPCIC is additionally licensed to write Fire, Commercial Multi-Peril, and Other Liability lines of business in Florida. For additional information on the Company, please visit our investor relations website atwww.universalinsuranceholdings.com.

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 Form 10-K for the year ended December 31, 2015.

3

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(in thousands, except per share data)

	Three Months Ended December 31,
	2016			2015
PREMIUMS EARNED AND OTHER REVENUES
Direct premiums written	$	212,835		$	199,262
Change in unearned premium		25,821			21,286
Direct premium earned		238,656			220,548
Ceded premium earned		(74,683	)		(69,950	)
Premiums earned, net		163,973			150,598
Net investment income (expense)		3,489			1,779
Net realized gains (losses) on investments		950			768
Commission revenue		4,806			4,113
Policy fees		3,787			3,436
Other revenue		1,600			1,406
Total premiums earned and other revenues		178,605			162,100
OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses		101,480			60,591
General and administrative expenses		54,398			53,629
Total operating costs and expenses		155,878			114,220
INCOME BEFORE INCOME TAXES		22,727			47,880
Income tax expense		9,072			18,728
NET INCOME	$	13,655		$	29,152
Basic earnings per common share	$	0.39		$	0.84
Weighted average common shares outstanding–Basic		35,042			34,567
Diluted earnings per common share	$	0.38		$	0.82
Weighted average common shares outstanding–Diluted		35,802			35,747
Cash dividend declared per common share	$	0.27		$	0.27

4

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(in thousands, except per share data)

	Year Ended December 31,
	2016			2015
PREMIUMS EARNED AND OTHER REVENUES
Direct premiums written	$	954,617		$	883,409
Change in unearned premium		(33,390	)		(46,617	)
Direct premium earned		921,227			836,792
Ceded premium earned		(288,811	)		(332,793	)
Premiums earned, net		632,416			503,999
Net investment income (expense)		9,540			5,155
Net realized gains (losses) on investments		2,294			1,060
Commission revenue		17,733			14,870
Policy fees		16,880			15,440
Other revenue		6,426			6,020
Total premiums earned and other revenues		685,289			546,544
OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses		301,229			187,739
General and administrative expenses		221,177			183,782
Total operating costs and expenses		522,406			371,521
INCOME BEFORE INCOME TAXES		162,883			175,023
Income tax expense		63,473			68,539
NET INCOME	$	99,410		$	106,484
Basic earnings per common share	$	2.85		$	3.06
Weighted average common shares outstanding-Basic		34,919			34,799
Diluted earnings per common share	$	2.79		$	2.97
Weighted average common shares outstanding-Diluted		35,650			35,884
Cash dividend declared per common share	$	0.69		$	0.63

5

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

(in thousands, except per share data)

ASSETS	December 31, 2016			December 31, 2015
Cash and cash equivalents	$	105,730		$	197,014
Restricted cash and cash equivalents		2,635			2,635
Fixed maturities, at fair value		584,361			416,083
Equity securities, at fair value		50,803			42,214
Short-term investments, at fair value		5,002			25,021
Investment real estate, net		11,435			6,117
Prepaid reinsurance premiums		124,385			114,673
Reinsurance recoverable		106			22,853
Premiums receivable, net		53,833			50,980
Other receivables		5,824			4,979
Property and equipment, net		32,162			27,065
Deferred policy acquisition costs, net		64,912			60,019
Income taxes recoverable		3,262			5,420
Deferred income tax asset, net		10,674			13,912
Other assets		4,883			4,563
Total assets	$	1,060,007		$	993,548
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Unpaid losses and loss adjustment expenses	$	58,494		$	98,840
Unearned premiums		475,756			442,366
Advance premium		17,796			24,813
Accounts payable		3,187			378
Reinsurance payable, net		80,891			73,585
Other liabilities and accrued expenses		37,665			36,424
Long-term debt		15,028			24,050
Total liabilities		688,817			700,456
STOCKHOLDERS’ EQUITY:
Cumulative convertible preferred stock, $.01 par value		—			—
Authorized shares-1,000; Issued shares–10 and 10
Outstanding shares-10 and 10; Minimum liquidation preference, $9.99 and $9.99 per share
Common stock, $.01 par value		453			455
Authorized shares-55,000; Issued shares–45,324 and
45,525; Outstanding shares-35,052 and 35,110
Treasury shares, at cost-10,272 and 10,415		(86,982	)		(80,802	)
Additional paid-in capital		82,263			70,789
Accumulated other comprehensive income (loss), net of taxes		(6,408	)		(4,006	)
Retained earnings		381,864			306,656
Total stockholders’ equity		371,190			293,092
Total liabilities and stockholders’ equity	$	1,060,007		$	993,548

6

Contacts:

Investors

Dean Evans

VP Investor Relations

954-958-1306

de0130@universalproperty.com

Media

Andy Brimmer / Mahmoud Siddig

Joele Frank, Wilkinson Brimmer Katcher

212-355-4449

7