UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

(Mark One)
[X]   QUARTERLY  REPORT  PURSUANT  TO  SECTION  13 OR  15(d)  OF THE  SECURITIES
      EXCHANGE ACT OF 1934
          For the quarterly period ended June 30, 2003

                                       OR

[ ]   TRANSITION   REPORT  PURSUANT  TO  SECTION  13 OR 15(d) OF THE  SECURITIES
      EXCHANGE  ACT OF 1934
          For the  transition  period from  ______________ to  ______________


                         COMMISSION FILE NUMBER 0-20848


                       UNIVERSAL INSURANCE HOLDINGS, INC.
        (Exact name of small business issuer as specified in its charter)


          DELAWARE                                             65-0231984
(State or other jurisdiction of                            (I.R.S. Employer
 incorporation or organization)                            Identification No.)


                             2875 N.E. 191ST STREET
                                    SUITE 300
                              MIAMI, FLORIDA 33180
                    (Address of principal executive offices)


                                 (305) 792-4200
                           (Issuer's telephone number)



      State the number of shares  outstanding of each of the issuer's classes of
common equity,  as of the last  practicable  date:  28,243,580  shares of common
stock as of August 1, 2003.

      Transitional Small Business Disclosure Format Yes __ No X



                       UNIVERSAL INSURANCE HOLDINGS, INC.
                       ----------------------------------

                         PART I - FINANCIAL INFORMATION
                         ------------------------------

Item  1.  Financial Statements
-------   --------------------

      The following  unaudited  consolidated  financial  statements of Universal
Insurance Holdings,  Inc. have been prepared in accordance with the instructions
to Form 10-QSB and,  therefore,  omit or condense  certain  footnotes  and other
information  normally  included in financial  statements  prepared in conformity
with accounting  principles  generally accepted in the United States of America.
In the  opinion  of  management,  all  adjustments  (consisting  only of  normal
recurring   accruals)  necessary  for  a  fair  presentation  of  the  financial
information  for the  interim  periods  reported  have  been  made.  Results  of
operations for the six months ended June 30, 2003 are not necessarily indicative
of the results for the year ending December 31, 2003.

                                       2



               UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEET
                                  JUNE 30, 2003
                                   (Unaudited)

                                     ASSETS

Cash and cash equivalents                                        $    5,866,727
Debt securities held-to-maturity (fair-value of $150,349)               145,940
Equity securities available for sale (cost of $296,032)                 232,200
Prepaid reinsurance premiums and reinsurance recoverables            25,594,987
Premiums and other receivables                                          712,673
Investments in real estate                                              217,715
Property, plant and equipment, net                                      735,670
                                                                 --------------
Total assets                                                     $   33,505,912
                                                                 ==============

                      LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES:
Unpaid losses and loss adjustment expenses                       $    8,097,596
Unearned premiums                                                    17,267,848
Accounts payable                                                      1,115,675
Reinsurance payable                                                   2,052,718
Other accrued expenses                                                  684,305
Loans payable                                                           480,135
                                                                 --------------
Total liabilities                                                    29,698,277
                                                                 ==============

COMMITMENTS AND CONTINGENCIES (Note 5)

STOCKHOLDERS' EQUITY:
Cumulative convertible preferred stock, $.01 par value,
 1,000,000 shares authorized, 138,640 shares issued and
 outstanding, minimum liquidation preference of $1,419,700       $        1,387
Common stock, $.01 par value, 40,000,000 shares authorized,
 22,676,914 shares issued and 22,468,269 shares outstanding             177,175
Common stock in treasury, at cost - 208,645 shares                     (101,820)
Additional paid-in capital                                           15,003,976
Accumulated deficit                                                 (11,209,251)
Accumulated other comprehensive loss                                    (63,832)
                                                                 --------------
Total stockholders' equity                                            3,807,635
                                                                 --------------
Total liabilities and stockholders' equity                       $   33,505,912
                                                                 ==============

The accompanying  notes to condensed  consolidated  financial  statements are an
integral part of these statements.

                                       3





               UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

                                             Six Months Ended            Three Months Ended
                                           June 30,     June 30,        June 30,      June30,
                                             2003         2002            2003         2002
                                             ----         ----            ----         ----
PREMIUMS EARNED AND OTHER REVENUES:
                                                                      

    Premium income, net               $  1,217,416  $  3,501,462    $    595,402  $ 1,617,141
    Net investment income                   41,452       179,272          12,457       82,706
    Commission revenue                   1,155,004       876,521         591,242      579,364
    Other revenue                          700,160       774,893         317,412      303,375
                                      ------------  ------------    ------------  -----------

          Total revenues                 3,114,032     5,332,148       1,516,513    2,582,586
                                      ------------  ------------    ------------  -----------
OPERATING COSTS AND EXPENSES
    Losses and loss adjustment
     expenses                              670,329     3,200,461         226,492    1,863,658
    General and administrative
     expenses                            2,319,662     2,795,178       1,188,015    1,425,253
                                      ------------  ------------    ------------  -----------
          Total operating costs
            and expenses                 2,989,991     5,995,639       1,414,507    3,288,911
                                      ------------  ------------    ------------  -----------

NET INCOME (LOSS)                     $    124,041  $   (663,491)   $    102,006  $  (706,325)
                                      ------------  ------------    ------------  -----------
INCOME (LOSS) PER COMMON SHARE:
    Basic                             $       0.01  $     (0.05)    $       0.00  $     (0.05)
                                      ------------  ------------    ------------  -----------
WEIGHTED AVERAGE COMMON SHARES
   OUTSTANDING - BASIC                  22,197,000   14,686,000       22,369,000   14,886,000
                                      ------------  ------------    ------------  -----------
INCOME (LOSS) PER COMMON SHARE
    Diluted                           $       0.01  $     (0.05)    $       0.00  $     (0.05)
                                      ------------  ------------    ------------  -----------
WEIGHTED AVERAGE COMMON SHARES
   OUTSTANDING - DILUTED                22,765,000   14,686,000       22,937,000   14,686,000
                                      ------------  ------------    ------------  -----------

The accompanying notes to condensed  consolidated  financial  statements are an integral part
of these statements.

                                            4





                       UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
                  CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE OPERATIONS
                                           (Unaudited)

                                             Six Months Ended            Three Months Ended
                                           June 30,     June 30,        June 30,      June30,
                                             2003         2002            2003         2002
                                             ----         ----            ----         ----
                                                                      
NET INCOME (LOSS)                     $    124,041  $  (663,491)    $    102,006  $  (706,325)

OTHER COMPREHENSIVE INCOME:
Change in net unrealized gain (loss)
on available-for-sale securities            10,839       22,834           82,793       (1,510)
                                      ------------  ------------    ------------  ------------
COMPREHENSIVE INCOME (LOSS)           $    134,880  $  (640,657)    $    184,799  $  (707,835)
                                      ============  ============    ============  ============

The accompanying notes to condensed consolidated financial statements are an integral part of
these statements.

                                            5



              UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                                                    Six Months       Six Months
                                                       Ended            Ended
                                                   June 30, 2003  June 30, 2002
                                                   ------------   --------------

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)                                  $    124,041     $  (663,491)
   Adjustments to reconcile net income (loss)
       to cash (used in) provided by operations:
   Amortization and depreciation                        123,207         113,127
   Net accretion of bond premiums and discounts           5,441         (10,234)
Net change in assets and liabilities relating
  to operating activities:
    Prepaid reinsurance premiums and reinsurance
     recoverables                                       239,332      (9,172,201)
    Premiums and other receivables                      488,901         198,713
    Reinsurance payables                              1,005,905       6,191,101
    Deferred policy acquisition costs                        -          153,787
    Accounts payable                                   (219,544)         63,807
    Other accrued expenses                             (289,143)         14,149
    Accrued taxes, licenses and fees                         -         (189,728)
    Unpaid losses and loss adjustment expenses          872,841        (761,714)
    Unearned premiums                                (1,157,181)        554,898
                                                   -------------    ------------
Net cash provided by (used in) operating
  activities                                          1,193,800      (3,507,786)
                                                   -------------    ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
    Capital expenditures                                     -          (52,101)
    Purchase of real estate                                  -         (255,487)
    Proceeds from maturities of debt securities
     held to maturity                                   191,037         559,968
    Proceeds from disposal of fixed assets               22,013              -
    Sale of real estate                                 106,228              -
                                                   -------------    ------------

Net cash provided by investing activities               319,278         252,380
                                                   -------------    ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Preferred stock dividend                            (24,974)             -
    Repayments of loans payable                        (469,297)             -
    Proceeds from loans payable                         250,000         673,315
    Issuance of common stock                             10,000              -
                                                   -------------    ------------
Net cash provided by (used in) financing
 activities                                            (234,271)        673,315
                                                   -------------    ------------

NET INCREASE (DECREASE) IN CASH AND CASH              1,278,807      (2,582,091)
EQUIVALENTS

CASH AND CASH EQUIVALENTS, Beginning of period        4,587,920      10,481,699
                                                   -------------    ------------

CASH AND CASH EQUIVALENTS, End of period           $  5,866,727     $ 7,899,608
                                                   -------------    ------------

The accompanying  notes to condensed  consolidated  financial  statements are an
integral part of these statements.

                                       6



               UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  June 30, 2003
                                   (Unaudited)

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

The  accompanying   condensed  consolidated  financial  statements  include  the
accounts of Universal Insurance  Holdings,  Inc.  ("Company"),  its wholly owned
subsidiary, Universal Property & Casualty Insurance Company ("UPCIC"), and other
wholly owned entities.  All  intercompany  accounts and  transactions  have been
eliminated in consolidation.

The condensed consolidated balance sheet of the Company as of June 30, 2003, the
related  condensed  consolidated  statements  of  operations  and  comprehensive
operations  for the six months  ended June 30,  2003 and 2002 and cash flows for
the six  months  ended  June 30,  2003 and 2002 are  unaudited.  The  accounting
policies  followed  for  quarterly  financial  reporting  are the  same as those
disclosed  in the Notes to  Consolidated  Financial  Statements  included in the
Company's Annual Report on Form 10-KSB for the year ended December 31, 2002. The
interim financial statements reflect all adjustments  (consisting of only normal
and recurring accruals and adjustments) which are, in the opinion of management,
necessary for a fair statement of the results for the interim periods presented.
The Company's  operating  results for any  particular  interim period may not be
indicative  of results for the full year and thus should be read in  conjunction
with the Company's annual statements.

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America requires  management to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities  and disclosure of contingent  assets and liabilities at the date of
the  financial  statements  and the  reported  amounts of revenues  and expenses
during the reporting period. Actual results could differ from those estimates.

OFF -BALANCE SHEET  ARRANGEMENTS.  There were no off-balance sheet  arrangements
during the first six months of 2003.

NEW ACCOUNTING PRONOUNCEMENTS.  In July 2001, the Financial Accounting Standards
Board ("FASB")  issued SFAS No. 141,  BUSINESS  COMBINATIONS,  and SFAS No. 142,
GOODWILL AND OTHER INTANGIBLE ASSETS,  which establish  accounting and reporting
standards  for  business  combinations.  SFAS  No.  141  requires  all  business
combinations  entered into subsequent to June 30, 2001 to be accounted for using
the purchase method of accounting. SFAS No. 142 provides that goodwill and other
intangible  assets with  indefinite  lives be tested for impairment on an annual
basis  rather than  amortized.  The  Company  adopted  the  provisions  of these
statements in the first quarter of 2002, which did not have a material effect on
the Company's consolidated financial statements.

In August 2001,  the FASB issued SFAS No. 144,  ACCOUNTING FOR THE IMPAIRMENT OR
DISPOSAL OF LONG-LIVED  ASSETS,  which is effective  for fiscal years  beginning
after  December 15, 2001.  This  Statement  addresses  financial  accounting and
reporting for the  impairment or disposal of  long-lived  assets and  supercedes
SFAS No.  121,  ACCOUNTING  FOR THE  IMPAIRMENT  OF  LONG-LIVED  ASSETS  AND FOR

                                       7



LONG-LIVED ASSETS TO BE DISPOSED OF, and the accounting and reporting provisions
of  Accounting  Principles  Board  Opinion  No.  30,  REPORTING  THE  RESULTS OF
OPERATIONS - REPORTING  THE EFFECTS OF DISPOSAL OF A SEGMENT OF A BUSINESS,  AND
EXTRAORDINARY,  UNUSUAL AND INFREQUENTLY OCCURRING EVENTS AND TRANSACTIONS,  for
the disposal of a segment of a business (as previously defined in that opinion).
This Statement also amends  Accounting  Research  Bulletin No. 51,  CONSOLIDATED
FINANCIAL   STATEMENTS,   to  eliminate  the  exception  to  consolidation   for
subsidiaries  for which control is likely to be temporary.  The Company  adopted
SFAS No. 144 in the first quarter of 2002,  which did not have a material effect
on the Company's consolidated financial statements.

In December  2002,  the FASB issued SFAS No.  148,  ACCOUNTING  FOR  STOCK-BASED
COMPENSATION - TRANSITION AND DISCLOSURE. This Statement, which is effective for
years ending after December 15, 2002,  amends Statement No. 123,  ACCOUNTING FOR
STOCK-BASED  COMPENSATION,  and provides alternative methods of transition for a
voluntary  change to the fair  value-based  method of accounting for stock-based
employee  compensation.  In addition,  Statement  No. 148 amends the  disclosure
requirements  of Statement No. 123 regardless of the  accounting  method used to
account  for  stock-based  compensation.  The  Company has chosen to continue to
account for  stock-based  compensation  of employees  using the intrinsic  value
method prescribed in Accounting  Principles Board Opinion No. 25, ACCOUNTING FOR
STOCK ISSUED TO EMPLOYEES,  and related  interpretations.  However, the enhanced
disclosure  provisions as defined by SFAS No. 148 became  effective in the first
quarter of 2003. There has been no stock based compensation in 2003.

CRITICAL  ACCOUNTING  POLICIES AND  ESTIMATES.  Management  has  reassessed  the
critical  accounting  policies  as  disclosed  in  our  2002  Annual  Report  to
Stockholders  on Form  10-KSB and  determined  that no  changes,  additions,  or
deletions  are  needed  to  the  policies  as  disclosed.  Also  there  were  no
significant changes in our estimates associated with those policies.

RISKS AND UNCERTAINTIES.  The Company's business could be affected by regulatory
and competitive  restrictions on pricing for new and renewal business,  the cost
of  catastrophic  reinsurance,  adverse  loss  experience  and federal and state
legislation or governmental regulations of insurance companies. Changes in these
areas could adversely affect the Company's operations in the future.

Management  attributes  recent  operating  losses and unfavorable loss ratios of
UPCIC  primarily to higher than expected costs of  catastrophic  reinsurance and
adverse loss experience in the homeowners line of business. Management has taken
the following  actions to improve and strengthen  UPCIC's  financial  condition.
Premium rate increases of approximately 7% and 9% were implemented in July, 2001
and April, 2002, respectively.  UPCIC changed the geographic and coverage mix of
the property  insurance it writes,  which is a key determinant in the amount and
pricing  of  reinsurance  procured  by UPCIC.  The  Company  has  achieved  more
favorable ceding commission terms on its quota share reinsurance program.  UPCIC
was also able to obtain a less expensive  catastrophic  reinsurance  program for
2003 - 2004.

In addition to the actions  described above, the Company  terminated its outside
management  agreement  in  January,  2002.  The Company  believes  that this has
enhanced  UPCIC's  operating  results  through its ability to improve and better
control underwriting and loss adjusting activities,  as well as reducing overall
management expenses.

                                       8



Management  believes the  implementation  of, and results  attributable  to, the
actions  described  above,  along  with  the  capital  contribution  to UPCIC of
$1,768,000  in 2002,  removes the  substantial  doubt  associated  with  UPCIC's
ability to continue as a going concern for a reasonable period of time, as UPCIC
has met the minimum statutory  requirements for surplus as regards policyholders
as of June 30, 2003. However,  there can be no assurance of the ultimate success
of these plans, or that the Company will be able to achieve profitability.

NOTE 2 - INSURANCE OPERATIONS

UPCIC  commenced  its insurance  activity in February 1998 by assuming  policies
from  the  Florida   Residential   Property  and  Casualty  Joint   Underwriting
Association  ("JUA").  UPCIC received the unearned  premiums and began servicing
such  policies.  Since then,  UPCIC has been renewing  these policies as well as
soliciting business actively in the open market through independent agents.

Unearned  premiums  represent  amounts that UPCIC would refund  policyholders if
their policies were canceled.  UPCIC determines unearned premiums by calculating
the pro-rata  amount that would be due to the  policyholder  at a given point in
time  based upon the  premiums  owed over the life of each  policy.  At June 30,
2003, the Company had unearned premiums totaling $17,267,848.

Effective   January  15,  2002,  UPCIC  and  Universal   Property  and  Casualty
Management,  Inc.  ("Universal  Management"),  an unaffiliated  managing agency,
terminated their prior management agreement so that services previously provided
by Universal Management are now provided by UPCIC, Universal Risk Advisors, Inc.
and unaffiliated third parties.  Universal Risk Advisors,  Inc. is an affiliated
managing  general agency that provides the Company with management and personnel
for UPCIC's underwriting, together with support offices, equipment and services.

Premiums  earned are included in earnings evenly over the terms of the policies.
UPCIC does not have policies that provide for retroactive premium adjustments.

Policy  acquisition  costs,  consisting of commissions and other costs that vary
with and are  directly  related to the  production  of  business,  net of ceding
commissions, are deferred and amortized over the terms of the policies, but only
to the extent that unearned  premiums are  sufficient to cover all related costs
and expenses. At June 30, 2003, deferred policy acquisition costs amounted to $0
due to the effect of deferred reinsurance commissions.

An allowance  for  uncollectible  premiums  receivable  is  established  when it
becomes evident collection is doubtful. No allowance is deemed necessary at June
30, 2003.

Claims and claims adjustment expenses,  less related  reinsurance,  are provided
for as claims are incurred. The provision for unpaid claims and claim adjustment
expenses includes:  (1) the accumulation of individual case estimates for claims
and claims  adjustment  expenses  reported  prior to the close of the accounting
period;  (2) estimates for unreported  claims based on past experience  modified
for  current  trends;  and (3)  estimates  of  expenses  for  investigating  and
adjusting claims based on past experience.

Liabilities  for  unpaid  claims  and claims  adjustment  expenses  are based on
estimates of ultimate cost of settlement.  Changes in claims estimates resulting
from the  continuous  review  process  and  differences  between  estimates  and

                                       9



ultimate  payments are reflected in expense for the period in which the revision
of these  estimates  first  becomes  known.  UPCIC  estimates  claims and claims
expenses based on its historical  experience and payment and reporting  patterns
for the type of risk  involved.  These  estimates are  continuously  reviewed by
UPCIC's management  professionals and any resulting adjustments are reflected in
operations for the period in which they are determined.

Inherent in the  estimates  of  ultimate  claims are  expected  trends in claims
severity,  frequency and other factors that may vary as claims are settled.  The
amount of  uncertainty in the estimates for casualty  coverage is  significantly
affected by such factors as the amount of historical claims experience  relative
to the development period, knowledge of the actual facts and circumstances,  and
the amount of insurance risk retained.

NOTE 3 - REINSURANCE

UPCIC's in-force  policyholder  coverage for windstorm  exposures as of June 30,
2003 was  approximately  $5.1 billion.  In the normal course of business,  UPCIC
seeks to reduce the loss that may arise from  catastrophes  or other events that
cause unfavorable  underwriting  results by reinsuring certain levels of risk in
various areas of exposure with other insurance enterprises or reinsurers.

Amounts  recoverable  from reinsurers are estimated in a manner  consistent with
the  reinsurance  policy.  Reinsurance  premiums,  losses  and  loss  adjustment
expenses are accounted for on bases consistent with those used in accounting for
the  original  policies  issued  and the  terms  of the  reinsurance  contracts.
Reinsurance  ceding  commissions  received are deferred and  amortized  over the
effective period of the related insurance policies.

UPCIC  limits the  maximum  net loss that can arise from large risks or risks in
concentrated  areas of exposure by reinsuring  (ceding)  certain levels of risks
with other  insurers or reinsurers,  either on an automatic  basis under general
reinsurance  contracts  known as "treaties"  or by  negotiation  on  substantial
individual  risks.  The reinsurance  arrangements  are intended to provide UPCIC
with the ability to maintain its exposure to loss within its capital  resources.
Such reinsurance  includes quota share,  excess of loss and catastrophe forms of
reinsurance.

Effective June 1, 2003, UPCIC entered into a quota share reinsurance  treaty and
excess  per risk  agreements  with  various  reinsurers.  Under the quota  share
treaty,  UPCIC  cedes  90%  of its  gross  written  premiums,  losses  and  loss
adjustment  expenses  for  policies  with  coverage  for wind risk with a ceding
commission equal to 28% of ceded gross written premium.  In addition,  the quota
share treaty has a limitation for any one  occurrence of  $2,000,000.  Effective
June 1, 2003, UPCIC entered into an excess per risk agreement.  Under the excess
per risk agreement,  UPCIC obtained coverage of $1,300,000 in excess of $500,000
ultimate net loss for each risk and each property loss, and $1,000,000 in excess
of $300,000 for each casualty loss,  excluding  losses arising from the peril of
wind to the extent such wind  related  losses are the result of a  hurricane.  A
$5,200,000 limit applies to the term of the contract.

Effective June 1, 2003,  under an excess  catastrophe  contract,  UPCIC obtained
catastrophe  coverage of  $26,000,000 in excess of $2,000,000  covering  certain
loss occurrences  including  hurricanes.  UPCIC also obtained  coverage from the
Florida   Hurricane   Catastrophe   Fund.  The  coverage  is  for  approximately
$56,600,000.

                                       10



The ceded reinsurance  arrangements had the following effect on certain items in
the accompanying consolidated financial statements:



                       Six Months Ended                        Six Months Ended
                        June 30, 2003                           June 30, 2002
                        -------------                           -------------
                                          Loss                                     Loss
                                          and Loss                                 and Loss
             Premiums      Premiums       Adjustment    Premiums       Premiums    Adjustment
             Written       Earned         Expenses      Written        Earned      Expenses
             -------       ------         --------      -------        ------      --------
                                                                
Direct     $15,380,462   $16,537,643     $6,139,584   $14,543,187    $13,988,288  $7,892,205
Ceded      (14,026,986)  (15,320,227)    (5,469,255)  (13,282,182)   (10,486,826) (4,691,744)
           ------------  ------------    -----------  ------------   ------------ -----------
Net         $1,353,476    $1,217,416       $670,329    $1,261,005     $3,501,462  $3,200,461
           ============  ============    ===========  ============   ============ ===========




                     Three Months Ended                          Three Months Ended
                       June 30, 2003                                June 30, 2002
                       -------------                                -------------
                                          Loss                                     Loss
                                          and Loss                                 and Loss
             Premiums      Premiums       Adjustment    Premiums       Premiums    Adjustment
             Written       Earned         Expenses      Written        Earned      Expenses
             -------       ------         --------      -------        ------      --------
                                                                
Direct      $7,843,060    $8,459,768     $2,435,382    $6,630,198     $7,071,999  $4,991,788
Ceded       (6,993,031)   (7,864,366)    (2,208,890)   (9,325,687)    (5,454,858) (3,128,130)
            -----------  ------------    -----------  ------------   ------------ -----------
Net           $850,029      $595,402       $226,492   $(2,695,489)    $1,617,141  $1,863,658
            ===========  ============    ===========  ============   ============ ===========




Other Amounts:
                                                                June 30, 2003
                                                                -------------
Reinsurance recoverable on paid and unpaid losses
  and loss adjustment expenses                                   $  9,953,065
Unearned premiums ceded                                            15,641,922
                                                                   ----------
Prepaid reinsurance premiums and reinsurance recoverable         $ 25,594,987
                                                                   ==========

UPCIC's  reinsurance  contracts  do not relieve  UPCIC from its  obligations  to
policyholders.  Failure of reinsurers to honor their obligations could result in
losses to UPCIC;  consequently,  allowances are  established  for amounts deemed
uncollectible.  No  allowance  is  deemed  necessary  at June  30,  2003.  UPCIC
evaluates   the   similar   geographic   regions,    activities,   or   economic
characteristics of the reinsurers to minimize its exposure to significant losses
from reinsurer  insolvencies.  UPCIC  currently has  reinsurance  contracts with
various  reinsurers  located  throughout the United States and  internationally.
UPCIC  believes  that this  distribution  of  reinsurance  contracts  adequately
minimizes  UPCIC's  risk  from  any  potential  operating  difficulties  of  its
reinsurers.

                                       11



NOTE 4 - LOAN PAYABLE

On May 29,  2002,  Universal  Insurance  Holdings,  Inc.  entered  into a Senior
Promissory  Note with  Renaissance  Reinsurance  LTD. for the  principal  sum of
$750,000 payable in 12 monthly installments of $62,500.  Interest accrued on the
unpaid balance of the principal  amount at a fixed annual rate of 9%.  Universal
Risk  Advisors,  Inc.  signed as  guarantor  of the note.  The loan  amount  was
contributed to UPCIC as additional paid in capital. The remaining balance of the
loan was paid off during the quarter. Loans payable at June 30, 2003 consists of
various  bank loans  secured by the assets to which they are subject and amounts
loaned by vendors.

NOTE 5 - LEGAL PROCEEDINGS

Universal  Management performed various services with respect to UPCIC insurance
policies and received fees for  performing  these  services  based upon policies
written pursuant to an agreement originally executed in 1997. The parties agreed
to terminate  the agreement  effective  January 15, 2002.  Universal  Management
communicated  to UPCIC that all  management  services would cease on the date of
termination  rather than  continuing  through the life of the policies for which
fees were paid on a premiums written basis. As a result, UPCIC ceased remittance
of the  management  fees to Universal  Management  as of  September 1, 2001.  On
November 6, 2001, UPCIC filed a complaint  against  Universal  Management in the
United  States  District  Court for the  Southern  District  of  Florida,  Miami
Division,  alleging  breach of contract and demanding  specific  performance and
unspecified  damages.  On  December  28,  2001,  Universal  Management  filed  a
counterclaim  for breach of contract,  alleging  that it is entitled to fees for
policies written from September 2001 through the date of termination. During the
quarter,  the  parties  settled the matter out of court and the  settlement  was
finalized. Accordingly, the Company has no further liability with respect to the
management  fees claimed by Universal  Management.  The terms of the  settlement
included a cash payment of $250,000 by the Company to Universal Management. This
amount was recorded as an expense and paid during the second quarter.

NOTE 6 - EARNINGS PER SHARE

Earnings per share ("EPS")  amounts are  calculated in accordance  with SFAS No.
128,  EARNINGS PER SHARE.  Basic EPS is based on the weighted  average number of
shares  outstanding  for  the  period,   excluding  any  dilutive  common  share
equivalents.  Diluted EPS reflects the  potential  dilution  that could occur if
securities to issue common stock were exercised.

A reconciliation of shares used in calculating basic and diluted EPS for the six
months  and  three  month  periods  ended  June 30,  2003  and  June  30,  2002,
respectively, follows:

                                               Six Months Ended
                                        June 30, 2003      June 30, 2002
                                        -------------      -------------

     Basic EPS                            22,197,000         14,686,000
     Effect of assumed conversion of
       common stock equivalents              568,000            568,000
                                        ------------      -------------
     Diluted EPS                          22,765,000         15,254,000

      Options and warrants to purchase  approximately  11,462,000 and 11,262,000
shares of common  stock were  outstanding  during the six months  ended June 30,
2003  and  June  30,  2002,  respectively.   Such  options  and  warrants  could

                                       12



potentially  dilute  basic  EPS  in  the  future  but  were  excluded  from  the
computation of diluted earnings per share due to being anti-dilutive.

                                                  Three Months Ended
                                        June 30, 2003      June 30, 2002
                                        -------------      -------------

     Basic EPS                            22,369,000         14,686,000
     Effect of assumed conversion of
     common stock equivalents                568,000            568,000
                                        -------------      -------------
     Diluted EPS                          23,937,000         15,254,000

      Options and warrants to purchase  approximately  11,462,000 and 11,262,000
shares of common stock were  outstanding  during the three months ended June 30,
2003  and  June  30,  2002,  respectively.   Such  options  and  warrants  could
potentially  dilute  basic  EPS  in  the  future  but  were  excluded  from  the
computation of diluted earnings per share due to being anti-dilutive.

      Pursuant to SFAS No. 123, the Company  elected to account for  stock-based
compensation plans under Accounting  Principles Board Opinion No. 25, ACCOUNTING
FOR STOCK ISSUED TO EMPLOYEES. Accordingly, no compensation expense was included
in the  determination  of net income for the six months  ended June 30, 2003 and
June 30, 2002. Had compensation  cost for stock options been recognized based on
the  fair  value  at the  grant  dates  for the  options,  consistent  with  the
provisions  of SFAS No. 123,  net income  (loss) and  earnings  (loss) per share
would have been as indicated in the table below.

                                                      Six Months Ended
                                             June 30, 2003        June 30, 2002
                                             -------------        -------------
     Net income (loss)
       As reported                              $124,041            $(663,491)
       Pro forma                                $(71,685)           $(858,533)
     Basic and diluted earnings (loss)
      per share
       As reported                                $0.01               $(0.05)
       Pro forma                                  $0.00               $(0.06)

                                                     Three Months Ended
                                             June 30, 2003        June 30, 2002
                                             -------------        -------------

     Net income (loss)
       As reported                              $102,006            $(706,325)
       Pro forma                                $ 26,511            $(803,855)
     Basic and diluted earnings (loss) per share
       As reported                                $0.00               $(0.05)
       Pro forma                                  $0.00               $(0.06)

                                       13




Item 2. Management's Discussion and Analysis or Plan of Operation
------  ---------------------------------------------------------

      The  following  discussion  and analysis by  management  of the  Company's
consolidated  financial  condition and results of  operations  should be read in
conjunction with the Company's Condensed  Consolidated  Financial Statements and
Notes thereto.

FORWARD-LOOKING STATEMENTS

      Certain  statements made by the Company's  management may be considered to
be  "forward-looking  statements"  within the meaning of the Private  Securities
Reform Litigation Act of 1995.  Forward-looking  statements are based on various
factors and assumptions that include known and unknown risks and  uncertainties.
The  words  "believe,"  "expect,"   "anticipate,"  and  "project,"  and  similar
expressions,  identify  forward-looking  statements,  which speak only as of the
date the statement was made. Such statements may include, but not be limited to,
projections of revenues, income or loss, expenses, plans, as well as 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  in   forward-looking
statements as a result of the risks set forth in the following discussion, among
others.

OVERVIEW

      The Company is a vertically  integrated  insurance  holding  company.  The
Company,   through  its   subsidiaries,   is  currently   engaged  in  insurance
underwriting,   distribution  and  claims.  UPCIC  generates  revenue  from  the
collection and investment of premiums.  The Company's agency  operations,  which
include  Universal  Florida  Insurance Agency and Coastal  Homeowners  Insurance
Specialists,  Inc.,  generate  income  from  commissions  and the  marketing  of
ancillary  services.  Universal  Risk  Advisors,  Inc.,  the Company's  managing
general  agent,   generates   revenue   through  policy  fee  income  and  other
administrative  fees from the  marketing  of UPCIC's and  third-party  insurance
products through the Company's distribution network and UPCIC. Capital Resources
Group Ltd. was formed to participate in contingent  capital products.  Universal
Risk Life Advisors,  Inc. was formed to be the Company's  managing general agent
for life insurance products. In addition,  the Company has formed an independent
claims adjusting company,  Universal Adjusting Corporation,  which adjusts UPCIC
claims  in  certain  geographic  areas,  and an  inspection  company,  Universal
Inspection  Corporation,  which performs  property  inspections  for homeowners'
policies underwritten by UPCIC.

      The Company has formed  subsidiaries that specialize,  or will specialize,
in  selling   insurance  and  generating   insurance  leads  via  the  Internet.
Tigerquote.com  Insurance  &  Financial  Services  Group,  Inc.  is an  Internet
insurance   lead   generating   network,   and   its   wholly-owned   subsidiary
Tigerquote.com  Insurance  Solutions,  Inc., is a network of Internet  insurance
agencies.  At June 30,  2003,  agencies  have  been  established  in 22  states.
Separate  legal entities have been formed for each state and are governed by the
respective states' departments of insurance.

      The Company has also formed Tiger Home  Services,  Inc.,  which  furnishes
pest control, pool services,  landscaping, house cleaning and hurricane shutters
to homeowners.  The services are currently offered to commercial and residential
customers in certain areas in the state of Florida.

                                       14



FINANCIAL CONDITION

      Cash and cash  equivalents  at June 30, 2003  aggregated  $5,866,727.  The
source of liquidity for possible claims payments consists of net premiums, after
deductions for expenses.

      UPCIC  believes that  premiums will be sufficient to meet UPCIC's  working
capital requirements for at least the next twelve months.  Amounts considered to
be in excess of current working capital requirements have been invested. At June
30,  2003,  UPCIC's  investments  were  comprised  of  $5,866,727  in  cash  and
repurchase  agreements,  $145,940 in fixed  maturity  securities and $232,200 in
equity securities.

      Policies  originally  obtained from the Florida  Residential  Property and
Casualty Joint  Underwriting  Association  ("JUA")  provided the opportunity for
UPCIC to solicit future renewal premiums. Less than 50% of the policies obtained
from the JUA are  currently  renewed with the Company.  UPCIC does not expect to
participate  in takeouts of  additional  policies  from the JUA. In an effort to
further  grow its  insurance  operations,  in 1998 the Company  began to solicit
business  actively in the open market.  Through renewal of JUA business combined
with  business  solicited in the market  through  independent  agents,  UPCIC is
currently servicing  approximately 47,000 homeowners and dwelling fire insurance
policies.  In  determining  appropriate  guidelines  for such open market policy
sales,  UPCIC  employs  standards  similar to those used in its selection of JUA
policies.  Also,  to improve  underwriting  and manage  risk,  the Company  uses
analytical tools and data currently  developed in conjunction with the Company's
reinsurers and their  utilization of catastrophe  models.  To diversify  UPCIC's
product lines,  management may consider underwriting personal umbrella liability
policies in the  future.  Any such  program  will  require  the  approval of the
Florida Department of Insurance.

RESULTS OF  OPERATIONS  - SIX MONTHS ENDED JUNE 30, 2003 VERSUS SIX MONTHS ENDED
JUNE 30, 2002

      Gross premiums  written  increased  5.8% to $15,380,462  for the six-month
period ended June 30, 2003 from  $14,543,187 for the six-month period ended June
30, 2002. The increase in gross premiums written is primarily attributable to an
increase in new business as well as premium rate increases.

      Net premiums earned decreased 65.2% to $1,217,416 for the six-month period
ended June 30, 2003 from  $3,501,462  for the  six-month  period  ended June 30,
2002.  The decrease is primarily  due to the change in the  reinsurance  program
effective June 1, 2002.

      Investment  income  decreased  76.9% to $41,452 for the  six-month  period
ended June 30, 2003 from $179,272 for the six-month  period ended June 30, 2002.
The  decrease  is  primarily  due to lower  investment  balances  and the  lower
interest rate environment during the six months ended June 30, 2003.

      Other revenue  decreased  9.6% to $700,160 for the six-month  period ended
June 30, 2003 from  $774,893 for the six-month  period ended June 30, 2002.  The
decrease  is  primarily  attributable  to a  decrease  in revenue  generated  by
Tigerquote.com for leads sold over the Internet during the six-months ended June
30, 2003.

                                       15



      Commission  income increased  31.8% to $1,155,004 for the six-month period
ended June 30, 2003 from $876,521 for the six-month  period ended June 30, 2002.
Commission  income is  comprised  principally  of the managing  general  agent's
policy  fee income on all new and  renewal  insurance  policies  and to a lesser
extent commissions  generated from agency operations.  The increase is primarily
attributable to an increase in policy fees related to new business.

      Losses and loss adjustment  expenses ("LAE")  incurred  decreased 79.1% to
$670,329 for the six-month  period ended June 30, 2003 from  $3,200,461  for the
six-month period ended June 30, 2002.  Losses and LAE incurred  decreased due to
changes related to the Company's  reinsurance program. The Company's direct loss
ratio for the six-month  period ended June 30, 2003 was 37.1%  compared to 56.4%
for the six-month  period ended June 30, 2002.  The Company's  direct loss ratio
decreased principally due to the lower frequency and severity of claims and also
because of premium rate increases in the six-months ended June 30, 2003.  Losses
and LAE, the Company's most significant expenses, represent actual payments made
and  changes  in  estimated  future  payments  to be made to or on behalf of its
policyholders,  including expenses required to settle claims and losses.  Losses
and LAE are influenced by loss severity and frequency.

      Catastrophes  are an  inherent  risk of the  property-liability  insurance
business which may contribute to material  year-to-year  fluctuations in UPCIC's
and the Company's  results of operations  and financial  position.  The level of
catastrophe  loss  experienced  in any year  cannot  be  predicted  and could be
material to the results of operations and financial  position.  While management
believes UPCIC's and the Company's catastrophe management strategies will reduce
the severity of future losses,  UPCIC and the Company  continue to be exposed to
catastrophic losses.

      General and administrative  expenses decreased 17.0% to $2,319,662 for the
six-month  period ended June 30, 2003 from  $2,795,178 for the six-month  period
ended June 30, 2002. General and  administrative  expenses have decreased mainly
due to higher ceding commissions on premiums ceded to reinsurers.

RESULTS OF  OPERATIONS  - THREE  MONTHS  ENDED JUNE 30, 2003 VERSUS THREE MONTHS
ENDED JUNE 30, 2002

      Gross premiums  written  increased 18.3% to $7,843,060 for the three-month
period ended June 30, 2003 from $6,630,198 for the three-month period ended June
30, 2002. The increase in gross premiums written is primarily attributable to an
increase in new business as well as premium rate increases.

      Net premiums earned decreased 63.2% to $595,402 for the three-month period
ended June 30, 2003 from  $1,617,141 for the  three-month  period ended June 30,
2002.  The decrease is primarily  due to the change in the  reinsurance  program
effective June 1, 2002.

      Investment  income  decreased 84.9% to $12,457 for the three-month  period
ended June 30, 2003 from $82,706 for the three-month period ended June 30, 2002.
The  decrease  is  primarily  due to the  lower  investment  balances  and lower
interest rate environment during the three months ended June 30, 2003.

                                       16



      Other revenue increased 4.6% to $317,412 for the three-month  period ended
June 30, 2003 from $303,375 for the three-month  period ended June 30, 2002. The
increase  is  primarily  attributable  to a  increase  in revenue  generated  by
Tigerquote.com  for leads sold over the  Internet  during the three months ended
June 30, 2003.

      Commission  income  increased 2.1% to $591,242 for the three-month  period
ended June 30, 2003 from  $579,364  for the  three-month  period  ended June 30,
2002. Commission income is comprised principally of the managing general agent's
policy  fee income on all new and  renewal  insurance  policies  and to a lesser
extent commissions  generated from agency operations.  The increase is primarily
attributable to an increase in policy fees related to new business.

      Losses and loss adjustment  expenses incurred  decreased 87.8% to $226,492
for  the  three-month  period  ended  June  30,  2003  from  $1,863,658  for the
three-month period ended June 30, 2002. Losses and LAE incurred decreased due to
changes related to the Company's  reinsurance program. The Company's direct loss
ratio for the three-month period ended June 30, 2003 was 28.8% compared to 70.6%
for the three-month  period ended June 30, 2002. The Company's direct loss ratio
decreased principally due to the lower frequency and severity of claims and also
because of premium  rate  increases  in the three  months  ended June 30,  2003.
Losses and LAE,  the  Company's  most  significant  expenses,  represent  actual
payments  made and  changes in  estimated  future  payments  to be made to or on
behalf of its  policyholders,  including  expenses required to settle claims and
losses. Losses and LAE are influenced by loss severity and frequency.

      Catastrophes  are an  inherent  risk of the  property-liability  insurance
business which may contribute to material  year-to-year  fluctuations in UPCIC's
and the Company's  results of operations  and financial  position.  The level of
catastrophe  loss  experienced  in any year  cannot  be  predicted  and could be
material to the results of operations and financial  position.  While management
believes UPCIC's and the Company's catastrophe management strategies will reduce
the severity of future losses,  UPCIC and the Company  continue to be exposed to
catastrophic losses.

      General and administrative  expenses decreased 16.6% to $1,188,015 for the
three-month  period  ended June 30,  2003 from  $1,425,253  for the  three-month
period ended June 30, 2002. General and  administrative  expenses have decreased
mainly due to higher ceding commissions on premiums ceded to reinsurers.

LIQUIDITY AND CAPITAL RESOURCES

      The  Company's  primary  sources  of cash flow are  premium  revenues  and
investment income.

      For the  six-month  period  ended June 30,  2003,  cash flows  provided by
operating  activities were  $1,193,800.  The Company's  investment  portfolio is
highly liquid as it consists almost entirely of readily  marketable  securities.
Cash flows from investing  activities  are primarily  comprised of proceeds from
maturities  of debt  securities  held to maturity and sale of real estate.  Cash
flows from financing  activities  primarily  relate to Company  borrowings.  The
Company  was party to a senior  Promissory  Note with a reinsurer  for  $750,000
payable in 12 monthly installments, and the Company paid the balance of the loan
in the second quarter of 2003. The funds were used to make an additional capital
contribution  to UPCIC.  In January  2003,  loans in the amount of $250,000 were

                                       17



made to the Company by two vendors.  The proceeds  from the loans are being used
for working capital.

      The Company has incurred  losses in prior  years.  In order to improve the
Company's financial position and achieve profitable  operations,  management has
implemented  rate increases for new and renewal  business,  has restructured the
homeowners'  coverage  offered,  has restructured  its catastrophic  reinsurance
coverage to reduce the cost, and has worked to reduce general and administrative
expenses.  In addition,  management is exploring sources of additional  capital,
including the sale of its insurance operations.

      Management  believes  that  the  implementation  of  these  plans  will be
successful over the next twelve months.  However, there can be no assurance that
successful  implementation of these plans will be achieved or will be sufficient
to ensure UPCIC's future compliance with Florida insurance regulations,  or that
the Company will be able to maintain profitability. Failure by UPCIC to maintain
the  required  level of  statutory  capital  and  surplus  could  result  in the
suspension  of  UPCIC's  authority  to  write  new or  renewal  business,  other
regulatory  actions or ultimately,  in the revocation of UPCIC's  certificate of
authority by the Florida Department of Insurance.

      The Company  believes  that its current  capital  resources  together with
management's  plan as  described  above will be  sufficient  to support  current
operations and expected growth for at least 12 months.

      The balance of cash and cash  equivalents  at June 30, 2003 is $5,866,727.
Most of this  amount,  along  with  readily  marketable  securities  aggregating
$378,140,  would be available to pay claims in the event of a catastrophic event
pending  reimbursement  for any  aggregate  amount in excess of  $200,000  up to
approximately  the 100 year  probable  maximum  loss  which  would be covered by
reinsurers.  Catastrophic  reinsurance is recoverable  upon  presentation to the
reinsurer of evidence of claim payment.

      Generally  accepted  accounting  principles  differ in some  respects from
reporting  practices   prescribed  or  permitted  by  the  DOI.  To  retain  its
certificate of authority,  the Florida  insurance laws and  regulations  require
that UPCIC maintain  capital surplus equal to the statutory  minimum capital and
surplus  requirement  defined in the Florida  Insurance Code.  UPCIC's statutory
capital and surplus  exceeded the minimum  capital and surplus  requirements  of
$4,000,000  as of June 30, 2003.  UPCIC is also required to adhere to prescribed
premium-to-capital   surplus   ratios.   UPCIC  is  in  compliance   with  these
requirements  and expects to remain in  compliance,  if  management's  plans are
successful.

      The maximum  amount of  dividends  which can be paid by Florida  insurance
companies  without  prior  approval  of the Florida  Commissioner  is subject to
restrictions  relating to statutory  surplus.  The maximum  dividend that may be
paid by UPCIC without  prior  approval is limited to the lesser of statutory net
income from  operations  of the  preceding  calendar  year or 10.0% of statutory
unassigned capital surplus as of the preceding year end.

      The  Company  is  required  to comply  with the  National  Association  of
Insurance  Commissioner's ("NAIC") Risk-Based Capital ("RBC") requirements.  RBC
requirements  prescribe a method of measuring the amount of capital  appropriate
for an insurance company to support its overall business  operations in light of

                                       18



its size and risk  profile.  NAIC's RBC  requirements  are used by regulators to
determine appropriate  regulatory actions relating to insurers who show signs of
weak or deteriorating  condition. As of December 31, 2002, based on calculations
using the appropriate  NAIC RBC formula,  the Company's  reported total adjusted
capital was in excess of the requirements.

OFF-BALANCE SHEET ARRANGEMENTS

      There were no off-balance sheet  arrangements  during the first six months
of 2003.

Item 3. Controls and Procedures.
------  -----------------------

      Based on the evaluation by the Chief Executive Officer and Chief Financial
Officer of the  Company as of a date  within 90 days of the filing  date of this
quarterly  report,  the  Company's   disclosure   controls  and  procedures  are
adequately  designed to ensure that the  information  required to be included in
this report has been  recorded,  processed,  summarized and reported on a timely
basis.  There have not been any  significant  changes in the Company's  internal
controls or in any other factors that could significantly  affect these controls
and there  have been no  corrective  actions  taken with  regard to  significant
deficiencies  and material  weaknesses  subsequent to the date of such officers'
evaluation.

PART II - OTHER INFORMATION
---------------------------

Item 1.  Legal Proceedings
-------  -----------------

      The  Company  did not have any  reportable  legal  proceedings  during the
six-months  ending June 30, 2003.  Certain claims and complaints have been filed
or are pending  against  the Company  with  respect to various  matters.  In the
opinion  of  management  none of these  lawsuits,  except for the  lawsuit  with
Universal Property and Casualty  Management Company which was settled during the
quarter  as  described  in  Note  5  to  the  condensed  consolidated  Financial
Statements included herewith, are material, and they are adequately provided for
or covered by  insurance  or, if not so covered,  are without any or have little
merit or involve such amounts that if disposed of  unfavorably  would not have a
material adverse effect on the Company.

Item 2.  Changes in Securities
-------  ---------------------

Under an amendment to the employment  agreement  between the Company and Bradley
I. Meier dated June 27, 2002, and approved by the Board of Directors,  Mr. Meier
elected to convert salary into shares of common stock. The shares were issued to
Mr. Meier in private  transactions on April 10, 2003 for 1,000,000 shares,  July
16,  2003 for  1,000,000  shares and July 21,  2003 for  1,666,666  shares.  The
transactions  were  performed in accordance  with the terms of the amendment and
pursuant to section 4(2) of the Securities Act of 1933, as amended.

Item 3.  Defaults upon Senior Securities
-------  -------------------------------

     None.

                                       19



Item 4.  Submission of Matters to a Vote of Security Holders
------   ---------------------------------------------------

     None.

Item 5.  Other Information
-------  -----------------

     Effective May 1, 2003,  Irwin L. Kellner  resigned from the Company's Board
of Directors.  The Company plans on timely filling this vacancy when a qualified
candidate becomes  available.  The resignation was not because of a disagreement
with the Company on any matter relating to the Company's operations, policies or
practices.

Item 6.  Exhibits and Reports on Form 8-K
------   --------------------------------

(a)   Exhibits

      Exhibit No.          Exhibit
      -----------          -------

      11.1                 Statement Regarding Computation of Per Share Income

      31.1                 Certification of Chief Executive  Officer Pursuant to
                           Rule  13a-14(a)/15d-14(a),  as  Adopted  Pursuant  to
                           Section 302 of the Sarbanes-Oxley Act of 2002

      31.2                 Certification of Chief Financial  Officer Pursuant to
                           Rule  13a-14(a)/15d-14(a),  as  Adopted  Pursuant  to
                           Section 302 of the Sarbanes-Oxley Act of 2002

      32                   Certification  of Chief  Executive  Officer and Chief
                           Financial Officer Pursuant to Title 18, United States
                           Code,  Section 1350,  as Adopted  Pursuant to Section
                           906 of the Sabanes-Oxley Act of 2002

(b)   Reports on Form 8-K

      None.

                                       20



                                   SIGNATURES

      In accordance  with the  requirements  of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                                      UNIVERSAL INSURANCE HOLDINGS, INC.


Date:  August 13, 2003                /s/ Bradley I. Meier
                                      ------------------------------------------
                                      Bradley I. Meier, Chief Executive Officer



                                      /s/ James M. Lynch
                                      ------------------------------------------
                                      James M. Lynch, Chief Financial Officer

                                       21