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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, 1994 and 1995, and the related
consolidated statements of earnings, stockholders' equity and cash flows for
each of the three years in the period ended December 31, 1995 (not presented
separately herein). Our audits also included financial statement schedules III
and IV (supplemental insurance information and reinsurance) for the years ended
December 31, 1993 and 1994 listed in Part IV, Item 14 (not presented separately
herein). 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, 1994 and 1995 and the results of their
operations and their cash flows for each of the three years in the period ended
December 31, 1995 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 (not
presented separately herein), the Company changed its method of accounting for
the carrying value of investments effective December 31, 1993 and for the
amortization of unearned premiums for certain automobile physical damage
premiums effective January 1, 1994.
 
                                            DELOITTE & TOUCHE LLP
 
San Juan, Puerto Rico
February 26, 1996