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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 30, 2002
Commission File Number 0-20848
UNIVERSAL INSURANCE HOLDINGS, INC.
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(Exact name of registrant)
Delaware 65-0231984
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(State of incorporation) (I.R.S. Employer Identification No.)
2875 N.E. 191st Street, Suite 300
Miami, Florida 33180
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(Address of principal executive offices and zip code)
(305) 792-4200
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(Registrant's telephone number)
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
On September 30, 2002, Deloitte & Touche LLP resigned as the independent
auditor for Universal Insurance Holdings, Inc. ("Company"). The Company has not
yet engaged a new auditor.
During the Company's two most recent fiscal years ended December 31, 2001,
and the subsequent interim period through September 30, 2002, there were no
disagreements between the Company and Deloitte & Touche LLP on any matter of
accounting principles or practices, financial statement disclosure or auditing
scope or procedures, which disagreements, if not resolved to the satisfaction of
Deloitte & Touche LLP, would have caused Deloitte & Touche LLP to make reference
to the subject matter of the disagreements in connection with its report.
In connection with the audit of the Company's consolidated financial
statements for the year ended December 31, 2001, Deloitte & Touche LLP informed
the Company that a material weakness under standards established by the American
Institute of Certified Public Accountants existed in the design and operation of
the Company's internal control related to the processing of claims payments,
including the duplication of drafts issued and the omission of drafts from the
accounting records. This matter was discussed by Deloitte & Touche LLP with the
Company's Audit Committee.
Except as noted above, during the two most recent years and through the
subsequent interim period through September 30, 2002, there have been no events
of the type described in Item 304(a)(1)(iv) of Regulation S-B.
The audit reports of Deloitte & Touche LLP on the consolidated financial
statements of the Company as of and for the fiscal years ended December 31, 2000
and 2001 did not contain any adverse opinion or disclaimer of opinion, nor were
they qualified or modified as to uncertainty, audit scope or accounting
principles, except that the audit report of Deloitte & Touche LLP for the fiscal
year ended December 31, 2001 contained a separate paragraph regarding the
Company's ability to continue as a going concern. The Company provided Deloitte
& Touche LLP a copy of the foregoing disclosures. Attached as Exhibit 16 is a
copy of a letter from Deloitte & Touche LLP stating whether or not it agrees
with such disclosures.
ITEM 7. EXHIBITS.
Exhibit 16 Letter from Deloitte & Touche LLP to the Securities and
Exchange Commission, dated October 7, 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
UNIVERSAL INSURANCE HOLDINGS, INC.
Dated: October 7, 2002 By: /s/ Bradley I. Meier
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Bradley I. Meier
President and Chief Executive Officer