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                                                                    EXHIBIT 28.1
 
                          INDEPENDENT AUDITORS' REPORT
 
To the Board of Directors
  and Stockholders of
Universal Insurance Company
San Juan, Puerto Rico
 
     We have audited the consolidated balance sheets of Universal Insurance
Company and its subsidiaries as of December 31, 1992 and 1993, and the related
consolidated statements of earnings, stockholders' equity and cash flows for the
years then ended (not presented separately herein). Our audits also included
financial statement schedules V and VI (supplemental insurance information and
reinsurance) for the years ended December 31, 1992 and 1993 listed in Part IV,
Item 14. These financial statements and financial statement schedules are the
responsibility of the Company's management. Our responsibility is to express an
opinion on the financial statements and financial statement schedules based on
our audits.
 
     We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
 
     In our opinion, such consolidated financial statements present fairly, in
all material respects, the financial position of Universal Insurance Company and
its subsidiaries at December 31, 1992 and 1993, and the results of their
operations and their cash flows for the years then ended in conformity with
generally accepted accounting principles. Also, in our opinion such financial
statement schedules, when considered in relation to the basic consolidated
financial statements taken as a whole, present fairly in all material respects
the information set forth therein.
 
     As discussed in Note 1 to the consolidated financial statements, the
Company changed its method of accounting for income taxes effective January 1,
1992, for reissuance of short duration and long duration contracts effective
January 1, 1993 and for the carrying value of its investments effective December
31, 1993, to conform with new accounting standards.
 
                                            DELOITTE & TOUCHE
 
San Juan, Puerto Rico
February 28, 1994