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<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">As filed with the Securities and Exchange Commission on May&nbsp;11, 2011
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 0pt">Registration No.&nbsp;333-
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 6pt"><B>FORM S-8</B>
</DIV>

<DIV align="center" style="font-size: 10pt">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 20pt; margin-top: 6pt"><B>UNIVERSAL INSURANCE HOLDINGS, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>65-0231984</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of <BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>1110 W. Commercial Blvd.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Fort Lauderdale, Florida</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>33309</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(Address of principal executive offices)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(Zip Code)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>AMENDED AND RESTATED UNIVERSAL INSURANCE HOLDINGS, INC.<BR>
2009 OMNIBUS INCENTIVE PLAN</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EMPLOYMENT AGREEMENT WITH BRADLEY I. MEIER<BR>
NONQUALIFIED STOCK OPTION AGREEMENT WITH<BR>
BRADLEY I. MEIER</B><BR>
(Full title of the plan)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Bradley I. Meier<BR>
President and Chief Executive Officer<BR>
1110 W. Commercial Blvd.<BR>
Fort Lauderdale, Florida 33309<BR>
Telephone (954)&nbsp;958-1200<BR>
Facsimile (954)&nbsp;958-1202</B><BR>
(Name, address, telephone number, including area code, of agent for service)<BR>
<I>with a copy to:</I><BR>
<B>Alan J. Berkeley, Esq.<BR>
Alissa A. Parisi, Esq.<BR>
K&#038;L Gates LLP<BR>
1601 K Street, NW<BR>
Washington, DC 20006<BR>
Telephone (202)&nbsp;778-9000<BR>
Facsimile (202)&nbsp;778-9100</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large accelerated
filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the Exchange Act.</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Large accelerated filer&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Accelerated filer&nbsp;<FONT face="Wingdings">&#120;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Non-accelerated filer&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Smaller reporting company&nbsp;<FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Do not check if a smaller reporting company)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 3px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 3px solid #000000">&nbsp;</TD>

    <TD nowrap align="left"><B>Title of securities</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount to be</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>offering price per</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>aggregate offering</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 3px solid #000000">&nbsp;</TD>

    <TD nowrap align="left"><B>to be registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>registered(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>share</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>price</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>registration fee</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 3px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 3px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock,
par value $0.01 per
share(2)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="3" align="center" style="border-top: 2px solid #000000">2,400,000 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">5.18</TD>
    <TD nowrap style="border-top: 2px solid #000000">(5)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">12,432,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">1,443.36</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 3px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 3px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:30px; text-indent:-15px">Common Stock,
par value $0.01
per share(3)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center" style="border-top: 2px solid #000000">5,900,000 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">5.18</TD>
    <TD nowrap style="border-top: 2px solid #000000">(5)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">30,562,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">3,548.25</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 3px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 3px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:30px; text-indent:-15px">Common Stock,
par value $0.01
per share(4)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="3" align="center" style="border-top: 2px solid #000000">150,000 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">0.60</TD>
    <TD nowrap style="border-top: 2px solid #000000">(6)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">90,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">10.45</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 3px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 3px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:30px; text-indent:-15px">Filing Fee Payable</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">&#151;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">&#151;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">&#151;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">3,436.31 </TD>
    <TD nowrap style="border-top: 2px solid #000000">(7)</TD>
    <TD width="1%" style="border-right: 3px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>This Registration Statement covers such indeterminate number of shares of Common Stock as
may be issued resulting from stock splits, stock dividends or similar transactions in accordance
with Rule&nbsp;416 under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of 2,400,000 shares of Common Stock issuable pursuant to our Amended and
Restated 2009 Omnibus Incentive Plan (&#147;Incentive Plan&#148;). Our Incentive Plan provides for the grant
of incentive stock options, nonqualified stock options, stock appreciation rights, restricted
shares of Common Stock, restricted stock units, performance share or unit awards, other stock-based
awards and cash-based incentive awards.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of 5,900,000 shares of Common Stock issued pursuant to the employment agreement
between the Company and Bradley I. Meier dated August&nbsp;11, 1999, as amended.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of 150,000 shares of Common Stock issuable upon exercise of a compensatory
nonqualified stock option granted by the Registrant to Bradley I. Meier as of December&nbsp;21, 2001.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee pursuant to Rule
457(c) and (h)&nbsp;under the Securities Act. The fee is calculated on the basis of the average of the
high and low prices for the Company&#146;s Common Stock reported on the NYSE Amex LLC on May&nbsp;6, 2011.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Based on the exercise price of the stock option in respect of which the shares may be
issued, in accordance with Rule 457(h) under the Securities Act.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;457(p), the Registrant requests that the filing fees previously paid in
respect of the registration of the Registrant&#146;s Common Stock on the Registration Statement on Form
S-8 (File No.&nbsp;333-170767), filed on November&nbsp;22, 2010 (the &#147;2010 Registration Statement&#148;), be
carried over and offset against the filing fees due with respect to the Registration Statement
filed hereunder. The Registrant states that, as of May&nbsp;11, 2011, the offering under the 2010
Registration Statement was terminated by a Post-Effective Amendment to the 2010 Registration
Statement deregistering all the shares of the Registrant&#146;s Common Stock registered thereunder and
no shares of the Registrant&#146;s Common Stock were sold or issued under such offering prior to its
termination. The amount of the filing fees being carried over and offset against the fees payable
hereunder is $1,565.75.</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>








<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPLANATORY
    NOTE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Registration Statement covers 2,400,000&#160;shares of
    Common Stock issuable pursuant to our Incentive Plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Registration Statement also covers 5,900,000&#160;shares of
    Common Stock the Company issued pursuant to the employment
    agreement between the Company and Bradley I. Meier dated
    August&#160;11, 1999, as amended, and 150,000&#160;shares of
    Common Stock of the Company issuable upon exercise of a
    compensatory nonqualified stock option granted to Bradley I.
    Meier as of December&#160;21, 2001.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    References in this Registration Statement and the prospectus
    which is a part hereof to &#147;the Company,&#148;
    &#147;we,&#148; &#147;us,&#148; &#147;our,&#148; or similar
    terms refer to Universal Insurance Holdings, Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Registration Statement contains two parts. Part&#160;I
    contains a reoffer prospectus pursuant to
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    (in accordance with Section&#160;C of the General Instructions
    to the
    <FONT style="white-space: nowrap">Form&#160;S-8),</FONT>
    which covers reoffers and resales of &#147;restricted
    securities&#148;
    <FONT style="white-space: nowrap">and/or</FONT>
    &#147;control securities&#148; (as such terms are defined in
    Section&#160;C of the General Instructions to
    <FONT style="white-space: nowrap">Form&#160;S-8)</FONT>
    of the Company issued pursuant to the employment agreement
    between the Company and Bradley I. Meier dated August&#160;11,
    1999, as amended, and upon exercise of the nonqualified stock
    option granted to Bradley I. Meier as of December&#160;21, 2001.
    Part&#160;II of this Registration Statement contains information
    required in the Registration Statement pursuant to Part&#160;II
    of
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    with respect to shares of our Common Stock issuable pursuant to
    our Incentive Plan and issued pursuant to Mr.&#160;Meier&#146;s
    employment agreement or the stock option.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;I</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;1.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">PLAN
    INFORMATION.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The document(s) containing the information specified in
    Part&#160;I of
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    will be sent or given to Mr.&#160;Meier as specified by
    Rule&#160;428(b)(1) under the Securities Act. Such documents are
    not being filed with the Securities and Exchange Commission, but
    constitute, along with the documents incorporated by reference
    into this Registration Statement, a prospectus that meets the
    requirements of Section&#160;10(a) of the Securities Act of
    1933, as amended.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;2.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">REGISTRANT
    INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company will furnish without charge to each person to whom
    the prospectus is delivered, upon the written or oral request of
    such person, a copy of any and all of the documents incorporated
    by reference in Item&#160;3 of Part&#160;II of this Registration
    Statement, other than exhibits to such documents (unless such
    exhibits are specifically incorporated by reference to the
    information that is incorporated). Those documents are
    incorporated by reference in the Section&#160;10(a) prospectus.
    Requests should be directed to 1110&#160;West Commercial
    Boulevard, Fort&#160;Lauderdale, Florida 33309, and our
    telephone number is
    <FONT style="white-space: nowrap">(954)&#160;958-1200.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Note:&#160;&#160;The re-offer prospectus referred to in the
    Explanatory Note follows this page.</B>
</DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">REOFFER
    PROSPECTUS<BR>
    <BR>
    <FONT style="font-size: 18pt">UNIVERSAL INSURANCE HOLDINGS,
    INC.<BR>
    </FONT></FONT><FONT style="font-size: 14pt; font-family: 'Times New Roman', Times">6,050,000&#160;Shares
    of Common Stock</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus relates to shares of Common Stock which may be
    offered from time to time by Bradley I. Meier, the
    Company&#146;s President and Chief Executive Officer, who is the
    selling stockholder, for his own account. This prospectus covers
    5,900,000&#160;shares of Common Stock issued pursuant to the
    employment agreement between the Company and Mr.&#160;Meier
    dated August&#160;11, 1999, as amended (&#147;Employment
    Agreement&#148;), and an additional 150,000&#160;shares of
    Common Stock that may be issued upon exercise of a compensatory
    nonqualified stock option granted to Mr.&#160;Meier as of
    December&#160;21, 2001 (the &#147;Stock Option&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus has been prepared for the purpose of registering
    the shares of Common Stock under the Securities Act of 1933, as
    amended (&#147;Securities Act&#148;), to allow for future sale
    to the public by the selling stockholder, on a continuous or
    delayed basis. The selling stockholder and any event any profit
    on the sale of shares by the selling stockholder and any
    commissions or discounts received by those brokers or dealers
    may be deemed to be underwriting compensation under the
    Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our Common Stock is quoted and traded on the NYSE Amex LLC under
    the symbol &#147;UVE.&#148; On May&#160;6, 2011, the last
    reported sale price of our Common Stock was $5.16 per share.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THIS
    DOCUMENT CONSTITUTES PART&#160;OF A PROSPECTUS COVERING<BR>
    SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES
    ACT.</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Investing
    in our Common Stock involves risks.<BR>
    You should consider carefully the <U>risk factors</U> beginning
    on page&#160;2 of this prospectus.</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined that this prospectus is truthful or
    complete. Any representation to the contrary is a criminal
    offense.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The date of this prospectus is May&#160;11, 2011.
</DIV>
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</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="G27177tocpage"></A>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">REOFFER
    PROSPECTUS<BR>
    TABLE OF CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="G27177tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="94%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>PAGE</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177101'>The Company</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177102'>Forward Looking Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177103'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177104'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177105'>The Selling Stockholder</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177106'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177107'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177108'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177109'>Incorporation of Certain Information by
    Reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#G27177110'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g27177exv4w2.htm">EX-4.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g27177exv5w1.htm">EX-5.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g27177exv10w9.htm">EX-10.9</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g27177exv23w1.htm">EX-23.1</A></FONT></TD></TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<A name='G27177101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    COMPANY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We were originally organized as Universal Heights, Inc. in 1990.
    We changed our name to Universal Insurance Holdings, Inc. on
    January&#160;12, 2001. In April 1997, we formed a subsidiary,
    Universal Property&#160;&#038; Casualty Insurance Company
    (&#147;UPCIC&#148;), as part of our strategy to take advantage
    of what management believed to be profitable business and growth
    opportunities in the marketplace. UPCIC was formed to
    participate in the transfer of homeowners&#146; insurance
    policies from the Florida Residential Property and Casualty
    Joint Underwriting Association (&#147;JUA&#148;). We have since
    evolved into a vertically integrated insurance holding company,
    which through our various subsidiaries, covers substantially all
    aspects of insurance underwriting, distribution and claims
    processing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We were incorporated under the laws of the State of Delaware on
    November&#160;13, 1990 and our principal executive offices are
    located at 1110&#160;West Commercial Boulevard,
    Fort&#160;Lauderdale, Florida 33309.
</DIV>

<A name='G27177102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD-LOOKING
    STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus and other documents filed and incorporated by
    reference in this prospectus include or may contain certain
    forward-looking statements. Statements of our intentions,
    beliefs, expectations or predictions for the future, denoted by
    the words &#147;anticipate,&#148; &#147;believe,&#148;
    &#147;estimate,&#148; &#147;expect,&#148; &#147;project,&#148;
    &#147;plan,&#148; &#147;imply,&#148; &#147;intend,&#148;
    &#147;foresee&#148; and similar expressions, are forward-looking
    statements that reflect our current views about future events
    and are subject to risks, uncertainties and assumptions. Such
    risks, uncertainties and assumptions include those described
    under &#147;Risk Factors&#148; below and in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2010, filed with the
    Securities Exchange Commission (&#147;SEC&#148;) on
    March&#160;31, 2011, as well as any amendments thereto reflected
    in subsequent filings with the SEC, which are incorporated
    herein by reference in their entirety.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Actual results could differ materially from those projected in
    these forward-looking statements as a result of these factors,
    among others, many of which are beyond our control.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In making these statements, we are not undertaking, and
    specifically decline to undertake, any obligation to address or
    update each or any factor in future filings or communications
    regarding our business or results, and we are not undertaking to
    address how any of these factors may have caused changes in
    information contained in previous filings or communications. The
    risks described below and in our Annual Report on Form 10-K for
    the fiscal year ended December 31, 2010, as well as any
    amendments reflected in subsequent filings with the SEC, which
    are incorporated herein by reference in their entirety, are not
    the only risks we face, and additional risks and uncertainties
    may also impair our business operations. The occurrence of any
    one or more of the following or other currently unknown factors
    could materially adversely affect our business and operating
    results.
</DIV>
</DIV><!-- End box 1 -->
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    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='G27177101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>You should carefully consider the risks and uncertainties
    described below before making an investment decision. Any of the
    following risks could materially adversely affect our business,
    operations, industry or financial position or our future
    financial performance. While we believe we have identified and
    discussed below all risk factors affecting our business that we
    believe are material, there may be additional risks and
    uncertainties that are not presently known or that are not
    currently believed to be significant that may adversely affect
    our business, operations, industry, financial position and
    financial performance in the future. The trading price of our
    Common Stock could decline due to any of these risks, and you
    may lose all or part of your investment. You should also refer
    to the other information included or incorporated by reference
    in this prospectus, including our financial statements and
    related notes.</I>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Relating to the Property-Casualty Business</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">As a
    property and casualty insurer, we may face significant losses
    from catastrophes and severe weather events.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because of the exposure of our property and casualty business to
    catastrophic events, our operating results and financial
    condition may vary significantly from one period to the next.
    Catastrophes can be caused by various natural and man-made
    disasters, including wildfires, tornadoes, hurricanes, tropical
    storms and certain types of terrorism. We may incur catastrophe
    losses in excess of those experienced in prior years, those that
    modeling estimate would be incurred based on certain levels of
    probability, the average expected level used in pricing, and our
    current reinsurance coverage limits. Despite our catastrophe
    management programs, we are exposed to catastrophes that could
    have a material adverse effect on operating results and
    financial condition. Our liquidity could be constrained by a
    catastrophe, or multiple catastrophes, which result in
    extraordinary losses or a downgrade of our financial strength
    rating.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, we are subject to claims arising from weather
    events such as rain, hail and high winds. The incidence and
    severity of weather conditions are largely unpredictable. There
    is generally an increase in the frequency and severity of
    property claims when severe weather conditions occur. The nature
    and level of catastrophes in any period cannot be predicted and
    could be material to our operations. In addition, impacts of
    catastrophes and our catastrophe management strategy may
    adversely affect premium growth.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Unanticipated
    increases in the severity or frequency of claims may adversely
    affect our profitability and financial condition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Changes in the severity or frequency of claims may affect the
    profitability of our Company. Changes in homeowner&#146;s claim
    severity are driven by inflation in the construction industry,
    in building materials and in home furnishings and by other
    economic and environmental factors, including increased demand
    for services and supplies in areas affected by catastrophes.
    However, changes in the level of the severity of claims are not
    limited to the effects of inflation and demand surge in these
    various sectors of the economy. Increases in claim severity can
    arise from unexpected events that are inherently difficult to
    predict. Although we pursue various loss management initiatives
    in order to mitigate future increases in claim severity, there
    can be no assurances that these initiatives will successfully
    identify or reduce the effect of future increases in claim
    severity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our Company may experience declines in claim frequency from time
    to time. The short-term level of claim frequency we experience
    may vary from period to period and may not be sustainable over
    the longer term. A significant long-term increase in claim
    frequency could have an adverse effect on our operating results
    and financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Actual
    claims incurred may exceed current reserves established for
    claims and may adversely affect our operating results and
    financial condition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Recorded claim reserves in the property-casualty business are
    based on our best estimates of losses, both reported and
    incurred but not reported (&#147;IBNR&#148;), after considering
    known facts and interpretations of
</DIV>
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    <BR>
    2
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    circumstances. Internal factors are considered including our
    experience with similar cases, actual claims paid, historical
    trends involving claim payment patterns, pending levels of
    unpaid claims and contractual terms. External factors are also
    considered which include but are not limited to law changes,
    court decisions, changes to regulatory requirements and economic
    conditions. Because reserves are estimates of the unpaid portion
    of losses that have occurred, including IBNR losses, the
    establishment of appropriate reserves, including reserves for
    catastrophes, is an inherently uncertain and complex process.
    The ultimate cost of losses may vary materially from recorded
    reserves and such variance may adversely affect our operating
    results and financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Predicting
    claim expense relating to environmental liabilities is
    inherently uncertain and may have a material adverse effect on
    our operating results and financial condition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The process of estimating environmental liabilities is
    complicated by complex legal issues concerning, among other
    things, the interpretation of various insurance policy
    provisions and whether those losses are, or were ever intended
    to be covered; and whether losses could be recoverable through
    reinsurance. Litigation is a complex, lengthy proceeding that
    involves substantial uncertainty for insurers. Actuarial
    techniques and databases used in estimating environmental net
    loss reserves may prove to be inadequate indicators of the
    extent of probable loss. Ultimate net losses from environmental
    liabilities could materially exceed established loss reserves
    and expected recoveries and have a material adverse effect on
    our operating results and financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    failure of the risk mitigation strategies we utilize could have
    a material adverse effect on our financial condition or results
    of operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We utilize a number of strategies to mitigate our risk exposure,
    such as:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    engaging in rigorous underwriting;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    carefully evaluating terms and conditions of our
    policies;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    ceding reinsurance.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    However, there are inherent limitations in all of these tactics
    and no assurance can be given that an event or series of events
    will not result in loss levels in excess of our probable maximum
    loss models, which could have a material adverse effect on our
    financial condition or results of operations. It is also
    possible that losses could manifest themselves in ways that we
    do not anticipate and that our risk mitigation strategies are
    not designed to address. Such a manifestation of losses could
    have a material adverse effect on our financial condition or
    results of operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These risks may be heightened during difficult economic
    conditions such as those currently being experienced in the
    Florida market and elsewhere.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Regulation
    limiting rate increases and requiring us to participate in loss
    sharing may decrease our profitability.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    From time to time, political dispositions affect the insurance
    market, including efforts to effectively suppress rates at a
    level that may not allow us to reach targeted levels of
    profitability. Despite efforts to remove politics from insurance
    regulation, facts and history demonstrate that public
    policymakers, when faced with untoward events and adverse public
    sentiment, can act in ways that impede a satisfactory
    correlation between rates and risk. Such acts may affect our
    ability to obtain approval for rate changes that may be required
    to attain rate adequacy along with targeted levels of
    profitability and returns on equity. Our ability to afford
    reinsurance required to reduce our catastrophe risk may be
    dependent upon the ability to adjust rates for its cost.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Additionally, the Company is required to participate in guaranty
    funds for impaired or insolvent insurance companies. The funds
    periodically assess losses against all insurance companies doing
    business in the state. Our operating results and financial
    condition could be adversely affected by any of these factors.
</DIV>
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    <BR>
    3
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    potential benefits of implementing our profitability model may
    not be fully realized.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We believe that our profitability model has allowed us to be
    more competitive and operate more profitably. However, because
    many of our competitors have adopted underwriting criteria and
    sophisticated models similar to those we use and because other
    competitors may follow suit, our competitive advantage could
    decline or be lost. Competitive pressures could also force us to
    modify our profitability model. Furthermore, we cannot be
    assured that the profitability model will accurately reflect the
    level of losses that we will ultimately incur from the business
    generated.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">UPCIC&#146;s
    financial condition and operating results may be adversely
    affected by the cyclical nature of the property and casualty
    business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The property and casualty market is cyclical and has experienced
    periods characterized by relatively high levels of price
    competition, less restrictive underwriting standards and
    relatively low premium rates, followed by periods of relatively
    lower levels of competition, more selective underwriting
    standards and relatively high premium rates. A downturn in the
    profitability cycle of the property and casualty business could
    have a material adverse effect on our financial condition and
    results of operations.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Relating to Investments</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    experience reduced returns or losses on our investments
    especially during periods of heightened volatility, which could
    have a material adverse effect on our results of operations or
    financial condition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The returns on our investment portfolio may be reduced or we may
    incur losses as a result of changes in general economic
    conditions, interest rates, real estate markets, fixed income
    markets, metals markets, energy markets, agriculture markets,
    equity markets, alternative investment markets, credit markets,
    exchange rates, global capital market conditions and numerous
    other factors that are beyond our control.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The worldwide financial markets experience high levels of
    volatility during certain periods, which could have an
    increasingly adverse impact on the U.S.&#160;and foreign
    economies. The financial market volatility and the resulting
    negative economic impact could continue and it is possible that
    it may be prolonged, which could adversely affect our current
    investment portfolio, make it difficult to determine the value
    of certain assets in our portfolio
    <FONT style="white-space: nowrap">and/or</FONT> make
    it difficult for us to purchase suitable investments that meet
    our risk and return criteria. These factors could cause us to
    realize less than expected returns on invested assets, sell
    investments for a loss or write off or write down investments,
    any of which could have a material adverse effect on our results
    of operations or financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    subject to market risk which may adversely impact investment
    income.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our primary market risk exposure is to changes in interest
    rates. A decline in market interest rates could have an adverse
    effect on our investment income as we invest cash in new
    investments that may yield less than the portfolio&#146;s
    average rate. A decline could also lead us to purchase
    longer-term or riskier assets in order to obtain adequate
    investment yields resulting in a duration gap when compared to
    the duration of liabilities. An increase in market interest
    rates could have an adverse effect on the value of our
    investment portfolio by decreasing the fair values of the fixed
    income securities that comprise a portion of our investment
    portfolio. A decline in the quality of our investment portfolio
    as a result of adverse economic conditions or otherwise could
    cause additional realized losses on securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Concentration
    of our investment portfolios in any particular segment of the
    economy may have adverse effects on our operating results and
    financial condition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The concentration of our investment portfolios in any particular
    industry, collateral types, group of related industries or
    geographic sector could have an adverse effect on our investment
    portfolios and consequently on our results of operations and
    financial condition. Events or developments that have a negative
    impact on any particular industry, group of related industries
    or geographic region may have a greater adverse effect on the
    investment portfolios to the extent that the portfolios are
    concentrated rather than diversified.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Relating to the Insurance Industry</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    future results are dependent in part on our ability to
    successfully operate in an insurance industry that is highly
    competitive.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The insurance industry is highly competitive. Many of our
    competitors have well-established national reputations and
    market similar products. Because of the competitive nature of
    the insurance industry, including competition for producers such
    as independent agents, there can be no assurance that we will
    continue to effectively compete with our industry rivals, or
    that competitive pressures will not have a material adverse
    effect on our business, operating results or financial
    condition. Furthermore, certain competitors operate using a
    mutual insurance company structure and therefore, may have
    dissimilar profitability and return targets. Our ability to
    successfully operate may also be impaired if we are not
    effective in filling critical leadership positions, in
    developing the talent and skills of our human resources, in
    assimilating new executive talent into our organization, or in
    deploying human resource talent consistently with our business
    goals.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Difficult
    conditions in the economy generally could adversely affect our
    business and operating results.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The United States economy has experienced widespread job losses,
    higher unemployment, lower consumer spending, continued declines
    in home prices and substantial increases in delinquencies on
    consumer debt, including defaults on home mortgages. Moreover,
    recent disruptions in the financial markets, particularly the
    reduced availability of credit and tightened lending
    requirements, have affected the ability of borrowers to
    refinance loans at more affordable rates. We cannot predict the
    length and severity of a recession, but as with most businesses,
    we believe a longer or more severe recession could have an
    adverse effect on our business and results of operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A general economic slowdown could adversely affect us in the
    form of consumer behavior and pressure on our investment
    portfolio. Consumer behavior could include decreased demand for
    insurance. In 2008 and 2009, weakness in the housing market and
    a highly competitive environment contributed to reduced growth
    in policies in force. Our investment portfolio could be
    adversely affected as a result of deteriorating financial and
    business conditions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">There
    can be no assurance that actions of the U.S. federal government,
    Federal Reserve and other governmental and regulatory bodies for
    the purpose of stabilizing the financial markets and stimulating
    the economy will achieve the intended effect.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In response to the financial crises affecting the banking
    system, the financial markets and the broader economy, the
    U.S.&#160;federal government, the Federal Reserve and other
    governmental and regulatory bodies have taken or are considering
    taking action to address such conditions including, among other
    things, purchasing mortgage-backed and other securities from
    financial institutions, investing directly in banks, thrifts and
    bank and savings and loan holding companies and increasing
    federal spending to stimulate the economy. There can be no
    assurance as to what impact such actions will have on the
    financial markets or on economic conditions. Such continued
    volatility and economic deterioration could materially and
    adversely affect our business, financial condition and results
    of operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    subject to extensive regulation and potential further
    restrictive regulation may increase our operating costs and
    limit our growth.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As an insurance company, we are subject to extensive laws and
    regulations. These laws and regulations are complex and subject
    to change. Moreover, they are administered and enforced by a
    number of different governmental authorities, including state
    insurance regulators, state securities administrators, the SEC,
    the U.S.&#160;Department of Justice, and state attorneys
    general, each of which exercises a degree of interpretive
    latitude. Consequently, we are subject to the risk that
    compliance with any particular regulator&#146;s or enforcement
    authority&#146;s interpretation of a legal issue may not result
    in compliance with another&#146;s interpretation of the same
    issue, particularly when compliance is judged in hindsight. In
    addition, there is risk that any particular regulator&#146;s or
    enforcement authority&#146;s interpretation of a legal issue may
    change over time to our detriment, or that changes in the
    overall legal environment may, even absent any particular
    regulator&#146;s or enforcement authority&#146;s interpretation
    of a legal issue
</DIV>
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    changing, cause us to change our views regarding the actions we
    need to take from a legal risk management perspective, thus
    necessitating changes to our practices that may, in some cases,
    limit our ability to grow and improve the profitability of our
    business. Furthermore, in some cases, these laws and regulations
    are designed to protect or benefit the interests of a specific
    constituency rather than a range of constituencies. For example,
    state insurance laws and regulations are generally intended to
    protect or benefit purchasers or users of insurance products,
    not holders of securities issued by the Company. In many
    respects, these laws and regulations limit our ability to grow
    and improve the profitability of our business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In recent years, the state insurance regulatory framework has
    come under public scrutiny and members of Congress have
    discussed proposals to provide for federal chartering of
    insurance companies. We can make no assurances regarding the
    potential impact of state or federal measures that may change
    the nature or scope of insurance regulation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Reinsurance
    may be unavailable at current levels and prices, which may limit
    our ability to write new business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our reinsurance program was designed, utilizing our risk
    management methodology, to address our exposure to catastrophes.
    Market conditions beyond our control determine the availability
    and cost of the reinsurance we purchase. No assurances can be
    made that reinsurance will remain continuously available to us
    to the same extent and on the same terms and rates as are
    currently available. For example, our ability to afford
    reinsurance to reduce our catastrophe risk may be dependent upon
    our ability to adjust premium rates for its cost, and there are
    no assurances that the terms and rates for our current
    reinsurance program will continue to be available next year. If
    we were unable to maintain our current level of reinsurance or
    purchase new reinsurance protection in amounts that we consider
    sufficient and at prices that we consider acceptable, we would
    have to either accept an increase in our exposure risk, reduce
    our insurance writings, or develop or seek other alternatives.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Reinsurance
    subjects us to the credit risk of our reinsurers and may not be
    adequate to protect us against losses arising from ceded
    insurance, which could have a material adverse effect on our
    operating results and financial condition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The collectability of reinsurance recoverables is subject to
    uncertainty arising from a number of factors, including changes
    in market conditions, whether insured losses meet the qualifying
    conditions of the reinsurance contract and whether reinsurers,
    or their affiliates, have the financial capacity and willingness
    to make payments under the terms of a reinsurance treaty or
    contract. Our inability to collect a material recovery from a
    reinsurer could have a material adverse effect on our operating
    results and financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    continued threat of terrorism and ongoing military actions may
    adversely affect the level of claim losses we incur and the
    value of our investment portfolio.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The continued threat of terrorism, both within the United States
    and abroad, and ongoing military and other actions and
    heightened security measures in response to these types of
    threats, may cause significant volatility and losses from
    declines in the equity markets and from interest rate changes in
    the United States, Europe and elsewhere, and result in loss of
    life, property damage, disruptions to commerce and reduced
    economic activity. Some of the assets in our investment
    portfolio may be adversely affected by reduced economic activity
    caused by the continued threat of terrorism. Additionally, in
    the event that terrorist acts occur, the Company could be
    adversely affected, depending on the nature of the event.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">A
    downgrade in our financial strength ratings may have an adverse
    effect on our competitive position, the marketability of our
    product offerings, and our liquidity, operating results and
    financial condition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Financial strength ratings are important factors in establishing
    the competitive position of insurance companies and generally
    have an effect on an insurance company&#146;s business. On an
    ongoing basis, rating agencies review the financial performance
    and condition of insurers and could downgrade or change the
    outlook on an insurer&#146;s ratings due to, for example, a
    change in an insurer&#146;s statutory capital; a change in a
    rating agency&#146;s determination of the amount of
    risk-adjusted capital required to maintain a particular rating;
    an increase in the
</DIV>
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    perceived risk of an insurer&#146;s investment portfolio; a
    reduced confidence in management or a host of other
    considerations that may or may not be under insurer&#146;s
    control. The current insurance financial strength rating of
    UPCIC is from Demotech, Inc. The assigned rating is A. Because
    this rating is subject to continuous review, the retention of
    this rating cannot be assured. A downgrade in this rating could
    have a material adverse effect on our sales, our
    competitiveness, the marketability of our product offerings, and
    our liquidity, operating results and financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Adverse
    capital and credit market conditions may significantly affect
    our ability to meet liquidity needs or our ability to obtain
    credit on acceptable terms.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The capital and credit markets have been experiencing extreme
    volatility and disruption. In some cases, the markets have
    exerted downward pressure on the availability of liquidity and
    credit capacity. In the event that we need access to additional
    capital to pay our operating expenses, make payments on our
    indebtedness, pay for capital expenditures or fund acquisitions,
    our ability to obtain such capital may be limited and the cost
    of any such capital may be significant. Our access to additional
    financing will depend on a variety of factors such as market
    conditions, the general availability of credit, the overall
    availability of credit to our industry, and credit capacity, as
    well as lenders&#146; perception of our long- or short-term
    financial prospects. Similarly, our access to funds may be
    impaired if regulatory authorities or rating agencies take
    negative actions against us. If a combination of these factors
    were to occur, our internal sources of liquidity may prove to be
    insufficient, and in such case, we may not be able to
    successfully obtain financing on favorable terms.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Changing
    climate conditions may adversely affect our financial condition,
    profitability or cash flows.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Property and casualty insurers are subject to claims arising
    from catastrophes. Catastrophic losses have had a significant
    impact on our historical results. Catastrophes can be caused by
    various events, including hurricanes, tsunamis, windstorms,
    earthquakes, hailstorms, explosions, flooding, severe winter
    weather and fires and may include man-made events, such as
    terrorist attacks. The incidence, frequency and severity of
    catastrophes are inherently unpredictable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Longer-term weather trends may be changing and new types of
    catastrophe losses may be developing due to climate change, a
    phenomenon that has been associated with extreme weather events
    linked to rising temperatures, including effects on global
    weather patterns, greenhouse gases, sea, land and air
    temperature, sea levels, rain and snow. The emerging science
    regarding climate change and its connection to extreme weather
    events is far from conclusive. If a connection to increased
    extreme weather events related to climate change is ultimately
    proven true, this could increase the frequency and severity of
    catastrophe losses we experience in both coastal and non-coastal
    areas.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Loss
    of key executives could affect our operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    UPCIC&#146;s operations also depend in large part on the efforts
    of Bradley I. Meier, who serves as President of UPCIC.
    Mr.&#160;Meier has also served as President, Chief Executive
    Officer and Director of the Company since its inception in
    November 1990. In addition, UPCIC&#146;s operations have become
    materially dependent on the efforts of Sean P. Downes, who
    serves as Chief Operating Officer of UPCIC. Mr.&#160;Downes has
    also served as Chief Operating Officer, Senior Vice President
    and Director of the Company since January 2005 and as a Director
    of UPCIC since May 2003. The loss of the services provided by
    either Mr.&#160;Meier or Mr.&#160;Downes could have a material
    adverse effect on UPCIC&#146;s and the Company&#146;s financial
    condition and results of operations. In addition, if
    Mr.&#160;Meier were to become incapacitated or elect to reduce
    his responsibilities with the Company, we would expect that
    Mr.&#160;Downes would assume his responsibilities.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to our Common Stock</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    price of our Common Stock is highly volatile and could decline
    regardless of our operating performance.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The market price of our Common Stock could fluctuate in response
    to, among other things:
</DIV>
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    <BR>
    7
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in economic and general market conditions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in the outlook and financial condition of certain
    markets in which we have a concentration of business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in financial estimates or investment recommendations by
    securities analysts following our business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in accounting standards, policies, guidance or
    interpretations or principles;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    sales of Common Stock by our directors, officers and significant
    stockholders;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    factors affecting securities of companies included in the
    Russell
    3000<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Index, to which our Common Stock was added in 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our failure to achieve operating results consistent with
    securities analysts&#146; projections; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the operating and stock price performance of competitors.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These factors might adversely affect the trading price of our
    Common Stock and prevent you from selling your Common Stock at
    or above the price at which you purchased it. In addition, in
    recent periods, the stock market has experienced significant
    price and volume fluctuations. This volatility has had a
    significant impact on the market price of securities issued by
    many companies, including ours and others in our industry. These
    changes can occur without regard to the operating performance of
    the affected companies. As a result, the price of our Common
    Stock could fluctuate based upon factors that have little or
    nothing to do with our company, and these fluctuations could
    materially reduce our share price.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    large number of shares eligible for future sale may adversely
    affect the market price of our Common Stock.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The sale, or availability for sale, of a substantial number of
    shares of Common Stock in the public market could materially
    adversely affect the market price of our Common Stock and could
    impair our ability to raise additional capital through the sale
    of our equity securities. As of May&#160;6, 2011, there were
    39,387,998&#160;shares of our Common Stock issued and
    outstanding. The registration statement of which this prospectus
    is a part registers 6,050,000&#160;shares of Common Stock for
    resale and an additional 2,400,000&#160;shares of Common Stock
    under our Amended and Restated 2009 Omnibus Incentive Plan
    (&#147;Incentive Plan&#148;). The availability of our shares for
    resale by the selling stockholder identified in this prospectus,
    as well as any actual sales of these shares or shares being
    registered under the Incentive Plan, could materially adversely
    affect the market price of our Common Stock. In addition, our
    executive officers and directors, including the selling
    stockholder, beneficially own approximately
    21,301,596&#160;shares of Common Stock, or 54.1% of our
    outstanding shares, which would be eligible for resale, subject
    to the volume and manner of sale limitations of Rule&#160;144
    under the Securities Act of 1933.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    selling stockholder identified in this prospectus has
    significant voting power.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The selling stockholder identified in this prospectus currently
    beneficially owns approximately 41.5% of our Common Stock. This
    concentration of ownership may have the effect of delaying or
    preventing a change in control and might adversely affect the
    market price of our Common Stock.
</DIV>
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<A name='G27177104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The selling stockholder will receive all of the proceeds from
    the sale of shares of Common Stock offered by this prospectus.
    We will not receive any of the proceeds from the sale of such
    shares by the selling stockholder.
</DIV>

<A name='G27177105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    SELLING STOCKHOLDER</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The shares of our Common Stock to which this prospectus relates
    are being registered for offer and resale by Bradley I. Meier,
    the Company&#146;s President and Chief Executive Officer, or the
    selling stockholder, who has acquired or may acquire such shares
    of Common Stock pursuant to the Employment Agreement and the
    Stock Option. The following table sets forth certain information
    regarding the shares of our Common Stock beneficially owned by
    the selling stockholder as of May&#160;6, 2011 and is based on
    39,387,998&#160;shares of our Common Stock outstanding on
    May&#160;6, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="52%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Owned Prior to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Shares of Common<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Owned After<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Selling Stockholder</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Offering(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Stock Offered(2)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Offering(1)(2)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>%</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
    Bradley I. Meier<BR>
    <I>President and Chief Executive Officer</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,355,258
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,050,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,305,258
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The percentage of shares held is calculated on the basis of the
    number of outstanding shares of Common Stock held, plus Common
    Stock of which the selling stockholder has the right to acquire
    beneficial ownership within 60&#160;days.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    We do not know when or in what amounts the selling stockholder
    may offer shares for sale. The selling stockholder may not sell
    any or all of the shares offered by this prospectus. Because the
    selling stockholder may offer all or some of the shares pursuant
    to this offering, we cannot estimate the number of the shares
    that will be held by the stockholder after completion of the
    offering. However, for purposes of this table, we have assumed
    that, after completion of the offering, none of the shares
    covered by this prospectus will be held by the selling
    stockholder.</TD>
</TR>

</TABLE>

<A name='G27177106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are registering shares of our Common Stock held by the
    selling stockholder identified in this prospectus to permit the
    resale of these shares of Common Stock from time to time after
    the date of this prospectus. The selling stockholder has
    acquired or may acquire the shares of Common Stock offered for
    resale under this prospectus pursuant to his Employment
    Agreement and the Stock Option. We will not receive any of the
    proceeds from the sale by the selling stockholder of the shares
    of Common Stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The selling stockholder and any of his pledgees, assignees and
    <FONT style="white-space: nowrap">successors-in-interest</FONT>
    may, from time to time, sell any or all of the shares of Common
    Stock covered hereby on any stock exchange, market or trading
    facility on which the shares are traded or in private
    transactions. These sales may be at fixed or negotiated prices.
    The selling stockholder may use any one or more of the following
    methods when selling shares:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    ordinary brokerage transactions and transactions in which the
    broker-dealer solicits purchasers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    block trades in which the broker-dealer will attempt to sell the
    shares as agent but may position and resell a portion of the
    block as principal to facilitate the transaction;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    purchases by a broker-dealer as principal and resale by the
    broker-dealer for its account;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an exchange distribution in accordance with the rules of the
    applicable exchange;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    privately negotiated transactions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in transactions through broker-dealers that agree with the
    selling stockholder to sell a specified number of such shares at
    a stipulated price per share;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a combination of any such methods of sale;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other method permitted pursuant to applicable law.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The selling stockholder may also sell shares under Rule&#160;144
    under the Securities Act, if available, rather than under this
    prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Broker-dealers engaged by the selling stockholder may arrange
    for other brokers-dealers to participate in sales.
    Broker-dealers may receive commissions or discounts from the
    selling stockholder (or, if any broker-dealer acts as agent for
    the purchaser of shares, from the purchaser) in amounts to be
    negotiated, but, except as set forth in a supplement to this
    prospectus, in the case of an agency transaction not in excess
    of a customary brokerage commission in compliance with FINRA
    Rule&#160;2440; and in the case of a principal transaction a
    markup or markdown in compliance with FINRA IM-2440.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The selling stockholder and any broker-dealers or agents that
    are involved in selling the shares may be deemed to be
    &#147;underwriters&#148; within the meaning of the Securities
    Act in connection with such sales. In such event, any
    commissions received by such broker-dealers or agents and any
    profit on the resale of the shares purchased by them may be
    deemed to be underwriting commissions or discounts under the
    Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The selling stockholder may enter into an agreement with an
    underwriter to acquire the shares, or some of the shares, for
    its own account. The underwriter may resell such shares, in one
    or more transactions, including negotiated transactions, at a
    fixed public offering price or at varying prices determined at
    the time of sale. Any such underwriting agreement may provide
    the underwriter with an option to purchase additional shares to
    cover over-allotments, if any, in connection with the
    distribution of such shares by the underwriter. Any underwriting
    agreement may require us to indemnify the underwriter against
    certain liabilities, including liabilities under the Securities
    Act, and to contribute to payment the underwriter may be
    required to make in respect of such liabilities. Further, in any
    such underwritten transaction, pursuant to
    <FONT style="white-space: nowrap">&#147;lock-up&#148;</FONT>
    agreements, the selling stockholder and our executive officers
    and directors may be required, subject to certain exceptions,
    not to offer, sell, contract to sell, announce any intention to
    sell, pledge or otherwise dispose of our Common Stock or
    securities convertible into or exchangeable or exercisable for
    our Common Stock for a set number of days.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because the selling stockholder may be deemed to be an
    &#147;underwriter&#148; within the meaning of the Securities
    Act, it will be subject to the prospectus delivery requirements
    of the Securities Act including Rule&#160;172 thereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The shares will be sold only through registered or licensed
    brokers or dealers if required under applicable state securities
    laws. In addition, in certain states, the shares of Common Stock
    covered hereby may not be sold unless they have been registered
    or qualified for sale in the applicable state or there is an
    exemption from the registration or qualification requirement
    available and the Company has complied with such exemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under applicable rules and regulations under the Securities
    Exchange Act of 1934, as amended (&#147;Exchange Act&#148;), any
    person engaged in the distribution of the shares may not
    simultaneously engage in market making activities with respect
    to the Common Stock for the applicable restricted period, as
    defined in Regulation&#160;M, prior to the commencement of the
    distribution. In addition, the selling stockholder will be
    subject to applicable provisions of the Exchange Act and the
    rules and regulations thereunder, including Regulation&#160;M,
    which may limit the timing of purchases and sales of shares of
    the Common Stock by the selling stockholder or any other person.
    We will make copies of this prospectus available to the selling
    stockholder and have informed him of the need to deliver a copy
    of this prospectus to each purchaser at or prior to the time of
    the sale (including by compliance with Rule&#160;172 under the
    Securities Act).
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='G27177107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The validity of the shares of Common Stock offered hereby will
    be passed upon for us by K&#038;L Gates LLP,
    Washington,&#160;D.C.
</DIV>

<A name='G27177108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The consolidated financial statements and financial statement
    schedule of Universal Insurance Holdings, Inc. and subsidiaries
    as of December&#160;31, 2010 and 2009, and for each of the years
    in the three-year period ended December&#160;31, 2010, and
    management&#146;s assessment of the effectiveness of internal
    control over financial reporting as of December&#160;31, 2010,
    have been incorporated by reference in this prospectus in
    reliance upon the reports of Blackman Kallick, LLP, an
    independent registered public accounting firm, appearing
    elsewhere herein, and upon the authority of said firm as experts
    in accounting and auditing.
</DIV>

<A name='G27177109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF CERTAIN INFORMATION BY REFERENCE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following documents, which we previously filed with the SEC
    pursuant to Sections&#160;13 or 15 of the Exchange Act, are
    incorporated by reference into this prospectus:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;our Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the three months ended March&#160;31, 2011;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;the terms of our capital stock contained in our
    registration statement on Form
    <FONT style="white-space: nowrap">8-A</FONT> filed
    with the SEC on January&#160;11, 2007, including any amendment
    or report filed for the purpose of updating such description.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as indicated otherwise, all documents subsequently filed
    by us with the SEC pursuant to Sections&#160;13(a), 13(c), 14
    and 15(d) of the Exchange Act, prior to the filing of a
    post-effective amendment which indicates that all securities
    offered have been sold or which deregisters all securities then
    remaining unsold, shall be deemed to be incorporated by
    reference herein and to be part hereof from the date such
    documents are filed. Any statement contained herein or in any
    document incorporated or deemed to be incorporated herein by
    reference shall be deemed to be modified or superseded for
    purposes of this registration statement to the extent that a
    statement contained in any other subsequently filed document
    which also is or is deemed to be incorporated herein by
    reference modifies or supersedes such statement. Any such
    statement so modified or superseded shall not be deemed to
    constitute a part of this registration statement, except as so
    modified or superseded.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will provide without charge to you, on written or oral
    request, a copy of any or all of the foregoing documents
    incorporated herein by reference (other than exhibits to such
    documents, unless the exhibits are specifically incorporated by
    reference in the information we send to you). You may obtain a
    copy of any or all of the documents that have been incorporated
    by reference herein by writing to us at Universal Insurance
    Holdings, Inc., Attention: George R. De Heer, 1110&#160;West
    Commercial Blvd, Fort&#160;Lauderdale, Florida 33309, or
    telephoning
    <FONT style="white-space: nowrap">(954)&#160;958-1200.</FONT>
</DIV>

<A name='G27177110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We file annual, quarterly and current reports, proxy statements
    and other information with the SEC. You may read and copy any
    reports, proxy statements and other information we file at the
    SEC&#146;s Public Reference Room at 100&#160;F&#160;Street,
    N.E., Washington,&#160;D.C. 20549. Please call
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the operation and location of the
    Public Reference Room. Our filings are also available to the
    public at the website maintained by the SEC at
    <FONT style="white-space: nowrap">http://www.sec.gov</FONT>
    and at our website at
    <FONT style="white-space: nowrap">http://www.uvestock.com.</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;II<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INFORMATION
    NOT REQUIRED IN THE PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;3.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF DOCUMENTS BY REFERENCE</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company hereby incorporates by reference the following
    documents filed with the SEC:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;our Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the three months ended March&#160;31, 2011;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;our description of our capital stock contained in our
    registration statement on
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    filed with the SEC on January&#160;11, 2007, including any
    amendment or report filed for the purpose of updating such
    description.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as indicated otherwise, all documents subsequently filed
    by the Company with the SEC pursuant to Sections&#160;13(a),
    13(c), 14 and 15(d) of the Exchange Act, prior to the filing of
    a post-effective amendment which indicates that all securities
    offered have been sold or which deregisters all securities then
    remaining unsold, shall be deemed to be incorporated by
    reference herein and to be part hereof from the date such
    documents are filed. Each document incorporated by reference
    into this registration statement shall be deemed to be a part of
    this registration statement from the date of filing of such
    document with the Commission until the information contained
    therein is modified or superseded by any subsequently filed
    document which is incorporated by reference into this
    registration statement or, as applicable, by any document which
    constitutes part of the prospectus relating to our Incentive
    Plan meeting the requirements of Section&#160;10(a) of the
    Securities Act. Any such statement so modified or superseded
    shall not be deemed to constitute a part of this registration
    statement, except as so modified or superseded.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;4.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF SECURITIES.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Not applicable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;5.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">INTERESTS
    OF NAMED EXPERTS AND COUNSEL.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    None.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;6.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">INDEMNIFICATION
    OF DIRECTORS AND OFFICERS.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under Section&#160;145 of the Delaware General Corporation Law
    (&#147;DGCL&#148;), a corporation has the power to indemnify its
    directors and officers under certain prescribed circumstances
    and, subject to certain limitations, against certain costs and
    expenses, including attorneys&#146; fees, judgments, fines and
    amounts paid in settlement, actually and reasonably incurred in
    connection with any threatened, pending or completed action,
    suit or proceeding, whether criminal, civil, administrative or
    investigative, to which any of them is a party by reason of his
    being a director or officer of the corporation if it is
    determined that he or she acted in accordance with the
    applicable standard of conduct set forth in such statutory
    provision. The Company&#146;s Certificate of Incorporation, as
    amended, provides that, pursuant to the DGCL, its directors
    shall not be liable for monetary damages for breach of the
    directors&#146; fiduciary duty of care to us and our
    stockholders. This provision in the Certificate of Incorporation
    does not eliminate the duty of care, and in appropriate
    circumstances equitable remedies such as injunctive or other
    forms of non-monetary relief will remain available under
    Delaware law. In addition, each director will continue to be
    subject to liability for breach of the director&#146;s duty of
    loyalty to the Company or its stockholders, for acts or
    omissions not in good faith or involving intentional misconduct
    or knowing violations of the law, for actions leading to
    improper personal benefit to the director, and for payment of
    dividends or approval of stock repurchases or redemptions that
    are unlawful under Delaware law. The provision also does not
    affect a director&#146;s responsibilities under any other law,
    such as the federal securities laws or state or federal
    environmental laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Article&#160;VII of the Company&#146;s Certificate of
    Incorporation, as amended, provides that the Company will
    indemnify, to the fullest extent authorized by the DGCL, each
    person who was or is made a party or is threatened to be made a
    party to or is involved in any action, suit or proceeding,
    whether civil, criminal, administrative or investigative, by
    reason of the fact that he or she is or was a director, officer,
    employee or agent of the Company
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    against certain costs and expenses, including attorneys&#146;
    fees, judgments, fines and amounts paid in settlement, actually
    and reasonably incurred in connection therewith, if it is
    determined that he or she acted in accordance with the
    applicable standard of conduct set forth in such statutory
    provision. The Company also has directors&#146; and
    officers&#146; liability insurance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company has entered into agreements with its non-executive
    directors pursuant to which the Company has agreed to indemnify
    such directors, to the fullest extent permitted by law, and to
    cover such directors under any directors and officers liability
    insurance obtained by the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company has been advised that it is the position of the SEC
    that insofar as the provision in our Certificate of
    Incorporation, as amended, may be invoked for liabilities
    arising under the Securities Act, the provision is against
    public policy and is therefore unenforceable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;7.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">EXEMPTION&#160;FROM
    REGISTRATION CLAIMED.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shares of Common Stock that may be offered pursuant to this
    registration statement that were acquired by the selling
    stockholder, who is an executive officer and director of the
    Company, pursuant to his Employment Agreement were issued in
    reliance upon Section&#160;4(2) of the Securities Act, as the
    issuance did not involve any public offering and the selling
    stockholder was an accredited investor within the meaning of
    Rule&#160;501 of Regulation&#160;D under the Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to the shares of Common Stock issuable upon
    exercise of the Stock Option or under the Incentive Plan, not
    applicable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;8.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">EXHIBITS.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following are filed as exhibits to this Registration
    Statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Company&#146;s Amended and Restated Certificate of
    Incorporation, as amended(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Company&#146;s Amended and Restated Bylaws(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Designation for Series&#160;A Preferred Stock
    dated October&#160;11, 1994(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Designations, Preferences, and Rights of
    Series&#160;M Convertible Preferred Stock dated August&#160;13,
    1997(4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated October&#160;19, 1998(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated December&#160;18, 2000(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Certificate of Designations of the
    Series&#160;A Preferred Stock dated October&#160;29, 2001(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated December&#160;7, 2005.(5)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated May&#160;18, 2007.(5)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Common Stock Certificate(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated 2009 Omnibus Incentive Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of K&#038;L Gates LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement between the Company and Bradley I. Meier
    dated August&#160;11, 1999.(6)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;3 dated May&#160;4, 2001 to the Employment
    Agreement between the Company and Bradley I. Meier dated
    August&#160;11, 1999.(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;4 dated January&#160;28, 2002 to the
    Employment Agreement between the Company and Bradley I. Meier
    dated August&#160;11, 1999.(8)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;5 dated June&#160;27, 2002 to the Employment
    Agreement between the Company and Bradley I. Meier dated
    August&#160;11, 1999.(9)
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;6 effective as of December&#160;31, 2003 to
    the Employment Agreement between the Company and Bradley I.
    Meier dated August&#160;11, 1999.(10)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;7 dated May&#160;22, 2006 to the Employment
    Agreement between the Company and Bradley I. Meier dated
    August&#160;11, 1999.(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;8 effective as of July&#160;12, 2007 to the
    Employment Agreement between the Company and Bradley I. Meier
    dated August&#160;11, 1999.(11)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;9 effective as of December&#160;5, 2008 to the
    Employment Agreement between the Company and Bradley I. Meier
    dated August&#160;11, 1999.(12)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Nonqualified Stock Option Agreement between the Company and
    Bradley I. Meier dated December&#160;21, 2001
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of independent registered public accounting firm,
    Blackman Kallick, LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of K&#038;L Gates LLP (included in the opinion filed as
    Exhibit&#160;5.1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of Attorney (included on the signature page hereto)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Keys to
    Exhibits:</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    (File
    <FONT style="white-space: nowrap">No.&#160;33-51546)</FONT>
    declared effective on December&#160;14, 1992.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the SEC on January&#160;11, 2007.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Annual Report
    on Form
    <FONT style="white-space: nowrap">10-KSB</FONT> for
    the year ended December&#160;31, 2002 filed with the SEC on
    April&#160;9, 2003.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Annual Report
    on Form
    <FONT style="white-space: nowrap">10-KSB</FONT> for
    the year ended April&#160;30, 1997 filed with the SEC on
    August&#160;13, 1997, as amended.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    (File
    <FONT style="white-space: nowrap">No.&#160;333-163564)</FONT>
    declared effective on December&#160;8, 2009.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Quarterly
    Report on Form
    <FONT style="white-space: nowrap">10-QSB</FONT> for
    the quarter ended June&#160;30, 1999 filed with the SEC on
    August&#160;13, 1999.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    (File No.&#160;33&#160;&#151; 170767), deemed effective on
    November&#160;22, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Quarterly
    Report on Form
    <FONT style="white-space: nowrap">10-QSB</FONT> for
    the quarter ended June&#160;30, 2002 filed with the SEC on
    August&#160;14, 2002.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (9) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Quarterly
    Report on Form
    <FONT style="white-space: nowrap">10-QSB</FONT> for
    the quarter ended June&#160;30, 2002 filed with the SEC on
    August&#160;14, 2002.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (10) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Quarterly
    Report on Form
    <FONT style="white-space: nowrap">10-QSB</FONT> for
    the quarter ended March&#160;31, 2004 filed with the SEC on
    May&#160;14, 2004.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (11) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the SEC on August&#160;10, 2007.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (12) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the SEC on December&#160;9, 2008.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    II-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;9.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">UNDERTAKINGS.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;The undersigned registrant hereby undertakes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;To include any prospectus required by
    Section&#160;10(a)(3) of the Securities Act;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;To reflect in the prospectus any facts or events
    arising after the effective date of the registration statement
    (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change
    in the information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in
    volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered)
    and any deviation from the low or high end of the estimated
    maximum offering range may be reflected in the form of
    prospectus filed with the SEC pursuant to Rule&#160;424(b) if,
    in the aggregate, the changes in volume and price represent no
    more than a 20&#160;percent change in the maximum aggregate
    offering price set forth in the &#147;Calculation of
    Registration Fee&#148; table in the effective registration
    statement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iii)&#160;To include any material information with respect to
    the plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>provided, however</I>, that paragraphs (a)(1)(i) and
    (a)(1)(ii) of this section do not apply if the information
    required to be included in a post-effective amendment by those
    paragraphs is contained in reports filed with or furnished to
    the SEC by the registrant pursuant to section&#160;13 or
    section&#160;15(d) of the Exchange Act that are incorporated by
    reference in the registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;That, for the purpose of determining any liability
    under the Securities Act, each such post-effective amendment
    shall be deemed to be a new registration statement relating to
    the securities offered therein, and the offering of such
    securities at that time shall be deemed to be the initial
    <I>bona fide </I>offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;To remove from registration by means of a
    post-effective amendment any of the securities being registered
    which remain unsold at the termination of the offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;The undersigned registrant hereby undertakes that, for
    the purposes of determining any liability under the Securities
    Act, each filing of the registrant&#146;s annual report pursuant
    to Section&#160;13(a) or 15(d) of the Exchange Act (and, where
    applicable, each filing of an employee benefit plan&#146;s
    annual report pursuant to Section&#160;15(d) of the Exchange
    Act) that is incorporated by reference in the registration
    statement shall be deemed to be a new registration statement
    relating to the securities offered therein, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;Insofar as indemnification for liabilities arising
    under the Securities Act may be permitted to directors, officers
    and controlling persons of the registrant pursuant to the
    foregoing provisions, or otherwise, the registrant has been
    advised that in the opinion of the SEC such indemnification is
    against public policy as expressed in the Securities Act and is,
    therefore, unenforceable. In the event that a claim for
    indemnification against such liabilities (other than the payment
    by the registrant of expenses incurred or paid by a director,
    officer or controlling person of the registrant in the
    successful defense of any action, suit or proceeding) is
    asserted by such director, officer or controlling person in
    connection with the securities being registered, the registrant
    will, unless in the opinion of its counsel the matter has been
    settled by controlling precedent, submit to a court of
    appropriate jurisdiction the question whether such
    indemnification by it is against public policy as expressed in
    the Securities Act and will be governed by the final
    adjudication of such issue.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant certifies that it has reasonable grounds
    to believe that it meets all of the requirements for filing on
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    and has duly caused this Registration Statement to be signed on
    its behalf by the undersigned, thereunto duly authorized, in the
    City of Fort&#160;Lauderdale, State of Florida, on May&#160;11,
    2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    UNIVERSAL INSURANCE HOLDINGS, INC.
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Bradley
    I. Meier</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Bradley I. Meier
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    President and Chief Executive Officer
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed below by
    the following persons in the capacities and on the date
    indicated. Each person whose signature appears below in so
    signing also makes, constitutes and appoints Bradley I. Meier
    and George R. De Heer, and each of them acting alone, his or her
    true and lawful attorney-in-fact, with full power of
    substitution, for him or her in any and all capacities, to
    execute and cause to be filed with the Securities and Exchange
    Commission any and all amendments and post-effective amendments
    to this Registration Statement, with exhibits thereto and other
    documents in connection therewith, and hereby ratifies and
    confirms all that said attorney-in-fact or his substitute or
    substitutes may do or cause to be done by virtue hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="39%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="39%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signatures</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Bradley
    I. Meier</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Bradley
    I. Meier
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    President, Chief Executive Officer and Director (Principal
    Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 11, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">George
    R. De Heer</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>George
    R. De Heer
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Chief Financial Officer (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 11, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Norman
    M. Meier</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Norman
    M. Meier
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 11, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">
    Ozzie A. Schindler</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
    Ozzie A. Schindler
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 11, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">
    Reed J. Slogoff</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
    Reed J. Slogoff
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 11, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">
    Joel M. Wilentz</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
    Joel M. Wilentz
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 11, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">
    Michael A. Pietrangelo</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
    Michael A. Pietrangelo
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 11, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;INDEX</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Company&#146;s Amended and Restated Certificate of
    Incorporation, as amended.(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Company&#146;s Amended and Restated Bylaws.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Designation for Series&#160;A Preferred Stock
    dated October&#160;11, 1994.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Designations, Preferences, and Rights of
    Series&#160;M Convertible Preferred Stock dated August&#160;13,
    1997.(4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated October&#160;19, 1998.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated December&#160;18, 2000.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Certificate of Designations of the
    Series&#160;A Preferred Stock dated October&#160;29, 2001.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated December&#160;7, 2005.(5)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated May&#160;18, 2007.(5)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Common Stock Certificate.(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated 2009 Omnibus Incentive Plan.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of K&#038;L Gates LLP.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement between the Company and Bradley I. Meier
    dated August&#160;11, 1999.(6)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;3 dated May&#160;4, 2001 to the Employment
    Agreement between the Company and Bradley I. Meier dated
    August&#160;11, 1999.(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;4 dated January&#160;28, 2002to the Employment
    Agreement between the Company and Bradley I. Meier
    August&#160;11, 1999.(8)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;5 dated June&#160;27, 2002 to the Employment
    Agreement between the Company and Bradley I. Meier dated
    August&#160;11, 1999.(9)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;6 effective as of December&#160;31, 2003 to
    the Employment Agreement between the Company and Bradley I.
    Meier dated August&#160;11, 1999.(10)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;7 dated May&#160;22, 2006 to the Employment
    Agreement between the Company and Bradley I. Meier dated
    August&#160;11, 1999.(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;8 effective as of July&#160;12, 2007 to the
    Employment Agreement between the Company and Bradley I. Meier
    dated August&#160;11, 1999.(11)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Addendum No.&#160;9 effective as of December&#160;5, 2008 to the
    Employment Agreement between the Company and Bradley I. Meier
    dated August&#160;11, 1999.(12)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Nonqualified Stock Option Agreement between the Company and
    Bradley I. Meier dated December&#160;21, 2001.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of independent registered public accounting firm,
    Blackman Kallick, LLP.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of K&#038;L Gates LLP (included in the opinion filed as
    Exhibit&#160;5.1).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of Attorney (included on the signature page hereto).
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Keys to
    Exhibits:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    (File
    <FONT style="white-space: nowrap">No.&#160;33-51546)</FONT>
    declared effective on December&#160;14, 1992.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the SEC on January&#160;11, 2007.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Annual Report
    on Form
    <FONT style="white-space: nowrap">10-KSB</FONT> for
    the year ended December&#160;31, 2002 filed with the SEC on
    April&#160;9, 2003.</TD>
</TR>

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    <BR>
    II-6
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<H5 align="left" style="page-break-before:always"><A HREF="#G27177tocpage">Table of Contents</A></H5><P>

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    <TD width="1%"></TD>
    <TD width="96%"></TD>
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<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Annual Report
    on Form
    <FONT style="white-space: nowrap">10-KSB</FONT> for
    the year ended April&#160;30, 1997 filed with the SEC on
    August&#160;13, 1997, as amended.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    (File
    <FONT style="white-space: nowrap">No.&#160;333-163564)</FONT>
    declared effective on December&#160;8, 2009.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Quarterly
    Report on Form
    <FONT style="white-space: nowrap">10-QSB</FONT> for
    the quarter ended June&#160;30, 1999 filed with the SEC on
    August&#160;13, 1999.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    (File No
    <FONT style="white-space: nowrap">33-170767),</FONT>
    deemed effective on November&#160;22, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Quarterly
    Report on Form
    <FONT style="white-space: nowrap">10-QSB</FONT> for
    the quarter ended June&#160;30, 2002 filed with the SEC on
    August&#160;14, 2002.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (9) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Quarterly
    Report on Form
    <FONT style="white-space: nowrap">10-QSB</FONT> for
    the quarter ended June&#160;30, 2002 filed with the SEC on
    August&#160;14, 2002.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (10) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Quarterly
    Report on Form
    <FONT style="white-space: nowrap">10-QSB</FONT> for
    the quarter ended March&#160;31, 2004 filed with the SEC on
    May&#160;14, 2004.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

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    <TD align="right" valign="top">
    (11) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the SEC on August&#160;10, 2007.</TD>
</TR>


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    <TD align="right" valign="top">
    (12) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the Registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the SEC on December&#160;9, 2008.</TD>
</TR>

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    <BR>
    II-7
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</HTML>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on May 11, 2011
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
UNIVERSAL INSURANCE HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware
65-0231984
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1110 W. Commercial Blvd.
Fort Lauderdale, Florida
33309
(Address of principal executive offices)
(Zip Code)
AMENDED AND RESTATED UNIVERSAL INSURANCE HOLDINGS, INC.
2009 OMNIBUS INCENTIVE PLAN
EMPLOYMENT AGREEMENT WITH BRADLEY I. MEIER
NONQUALIFIED STOCK OPTION AGREEMENT WITH
BRADLEY I. MEIER
(Full title of the plan)
Bradley I. Meier
President and Chief Executive Officer
1110 W. Commercial Blvd.
Fort Lauderdale, Florida 33309
Telephone (954) 958-1200
Facsimile (954) 958-1202
(Name, address, telephone number, including area code, of agent for service)
with a copy to:
Alan J. Berkeley, Esq.
Alissa A. Parisi, Esq.
K&L Gates LLP
1601 K Street, NW
Washington, DC 20006
Telephone (202) 778-9000
Facsimile (202) 778-9100
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated
filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
o
Accelerated filer
x
Non-accelerated filer
o
Smaller reporting company
o
(Do not check if a smaller reporting company)
CALCULATION OF REGISTRATION FEE
Proposed maximum
Proposed maximum
Title of securities
Amount to be
offering price per
aggregate offering
Amount of
to be registered
registered(1)
share
price
registration fee
Common Stock,
par value $0.01 per
share(2)
2,400,000 shares
$
5.18
(5)
$
12,432,000
$
1,443.36
Common Stock,
par value $0.01
per share(3)
5,900,000 shares
$
5.18
(5)
$
30,562,000
$
3,548.25
Common Stock,
par value $0.01
per share(4)
150,000 shares
$
0.60
(6)
$
90,000
$
10.45
Filing Fee Payable
—
—
—
$
3,436.31
(7)
(1)
This Registration Statement covers such indeterminate number of shares of Common Stock as
may be issued resulting from stock splits, stock dividends or similar transactions in accordance
with Rule 416 under the Securities Act of 1933, as amended (the "Securities Act").
(2)
Consists of 2,400,000 shares of Common Stock issuable pursuant to our Amended and
Restated 2009 Omnibus Incentive Plan ("Incentive Plan"). Our Incentive Plan provides for the grant
of incentive stock options, nonqualified stock options, stock appreciation rights, restricted
shares of Common Stock, restricted stock units, performance share or unit awards, other stock-based
awards and cash-based incentive awards.
(3)
Consists of 5,900,000 shares of Common Stock issued pursuant to the employment agreement
between the Company and Bradley I. Meier dated August 11, 1999, as amended.
(4)
Consists of 150,000 shares of Common Stock issuable upon exercise of a compensatory
nonqualified stock option granted by the Registrant to Bradley I. Meier as of December 21, 2001.
(5)
Estimated solely for the purpose of calculating the registration fee pursuant to Rule
457(c) and (h) under the Securities Act. The fee is calculated on the basis of the average of the
high and low prices for the Company's Common Stock reported on the NYSE Amex LLC on May 6, 2011.
(6)
Based on the exercise price of the stock option in respect of which the shares may be
issued, in accordance with Rule 457(h) under the Securities Act.
(7)
Pursuant to Rule 457(p), the Registrant requests that the filing fees previously paid in
respect of the registration of the Registrant's Common Stock on the Registration Statement on Form
S-8 (File No. 333-170767), filed on November 22, 2010 (the "2010 Registration Statement"), be
carried over and offset against the filing fees due with respect to the Registration Statement
filed hereunder. The Registrant states that, as of May 11, 2011, the offering under the 2010
Registration Statement was terminated by a Post-Effective Amendment to the 2010 Registration
Statement deregistering all the shares of the Registrant's Common Stock registered thereunder and
no shares of the Registrant's Common Stock were sold or issued under such offering prior to its
termination. The amount of the filing fees being carried over and offset against the fees payable
hereunder is $1,565.75.
Table of Contents
EXPLANATORY
    NOTE
This Registration Statement covers 2,400,000 shares of
    Common Stock issuable pursuant to our Incentive Plan.
This Registration Statement also covers 5,900,000 shares of
    Common Stock the Company issued pursuant to the employment
    agreement between the Company and Bradley I. Meier dated
    August 11, 1999, as amended, and 150,000 shares of
    Common Stock of the Company issuable upon exercise of a
    compensatory nonqualified stock option granted to Bradley I.
    Meier as of December 21, 2001.
References in this Registration Statement and the prospectus
    which is a part hereof to "the Company,"
    "we," "us," "our," or similar
    terms refer to Universal Insurance Holdings, Inc.
This Registration Statement contains two parts. Part I
    contains a reoffer prospectus pursuant to
Form S-3
(in accordance with Section C of the General Instructions
    to the
Form S-8),
which covers reoffers and resales of "restricted
    securities"
and/or
"control securities" (as such terms are defined in
    Section C of the General Instructions to
Form S-8)
of the Company issued pursuant to the employment agreement
    between the Company and Bradley I. Meier dated August 11,
    1999, as amended, and upon exercise of the nonqualified stock
    option granted to Bradley I. Meier as of December 21, 2001.
    Part II of this Registration Statement contains information
    required in the Registration Statement pursuant to Part II
    of
Form S-8
with respect to shares of our Common Stock issuable pursuant to
    our Incentive Plan and issued pursuant to Mr. Meier's
    employment agreement or the stock option.
PART I
ITEM 1.
PLAN
    INFORMATION.
The document(s) containing the information specified in
    Part I of
Form S-8
will be sent or given to Mr. Meier as specified by
    Rule 428(b)(1) under the Securities Act. Such documents are
    not being filed with the Securities and Exchange Commission, but
    constitute, along with the documents incorporated by reference
    into this Registration Statement, a prospectus that meets the
    requirements of Section 10(a) of the Securities Act of
    1933, as amended.
ITEM 2.
REGISTRANT
    INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION.
The Company will furnish without charge to each person to whom
    the prospectus is delivered, upon the written or oral request of
    such person, a copy of any and all of the documents incorporated
    by reference in Item 3 of Part II of this Registration
    Statement, other than exhibits to such documents (unless such
    exhibits are specifically incorporated by reference to the
    information that is incorporated). Those documents are
    incorporated by reference in the Section 10(a) prospectus.
    Requests should be directed to 1110 West Commercial
    Boulevard, Fort Lauderdale, Florida 33309, and our
    telephone number is
(954) 958-1200.
Note:  The re-offer prospectus referred to in the
    Explanatory Note follows this page.
Table of Contents
REOFFER
    PROSPECTUS
UNIVERSAL INSURANCE HOLDINGS,
    INC.
6,050,000 Shares
    of Common Stock
This prospectus relates to shares of Common Stock which may be
    offered from time to time by Bradley I. Meier, the
    Company's President and Chief Executive Officer, who is the
    selling stockholder, for his own account. This prospectus covers
    5,900,000 shares of Common Stock issued pursuant to the
    employment agreement between the Company and Mr. Meier
    dated August 11, 1999, as amended ("Employment
    Agreement"), and an additional 150,000 shares of
    Common Stock that may be issued upon exercise of a compensatory
    nonqualified stock option granted to Mr. Meier as of
    December 21, 2001 (the "Stock Option").
This prospectus has been prepared for the purpose of registering
    the shares of Common Stock under the Securities Act of 1933, as
    amended ("Securities Act"), to allow for future sale
    to the public by the selling stockholder, on a continuous or
    delayed basis. The selling stockholder and any event any profit
    on the sale of shares by the selling stockholder and any
    commissions or discounts received by those brokers or dealers
    may be deemed to be underwriting compensation under the
    Securities Act.
Our Common Stock is quoted and traded on the NYSE Amex LLC under
    the symbol "UVE." On May 6, 2011, the last
    reported sale price of our Common Stock was $5.16 per share.
THIS
    DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING
SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES
    ACT.
Investing
    in our Common Stock involves risks.
You should consider carefully the
risk factors
beginning
    on page 2 of this prospectus.
Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined that this prospectus is truthful or
    complete. Any representation to the contrary is a criminal
    offense.
The date of this prospectus is May 11, 2011.
REOFFER
    PROSPECTUS
TABLE OF CONTENTS
PAGE
The Company
1
Forward Looking Statements
1
Risk Factors
2
Use of Proceeds
9
The Selling Stockholder
9
Plan of Distribution
9
Legal Matters
11
Experts
11
Incorporation of Certain Information by
    Reference
11
Where You Can Find More Information
11
EX-4.2
EX-5.1
EX-10.9
EX-23.1
Table of Contents
THE
    COMPANY
We were originally organized as Universal Heights, Inc. in 1990.
    We changed our name to Universal Insurance Holdings, Inc. on
    January 12, 2001. In April 1997, we formed a subsidiary,
    Universal Property & Casualty Insurance Company
    ("UPCIC"), as part of our strategy to take advantage
    of what management believed to be profitable business and growth
    opportunities in the marketplace. UPCIC was formed to
    participate in the transfer of homeowners' insurance
    policies from the Florida Residential Property and Casualty
    Joint Underwriting Association ("JUA"). We have since
    evolved into a vertically integrated insurance holding company,
    which through our various subsidiaries, covers substantially all
    aspects of insurance underwriting, distribution and claims
    processing.
We were incorporated under the laws of the State of Delaware on
    November 13, 1990 and our principal executive offices are
    located at 1110 West Commercial Boulevard,
    Fort Lauderdale, Florida 33309.
FORWARD-LOOKING
    STATEMENTS
This prospectus and other documents filed and incorporated by
    reference in this prospectus include or may contain certain
    forward-looking statements. Statements of our intentions,
    beliefs, expectations or predictions for the future, denoted by
    the words "anticipate," "believe,"
    "estimate," "expect," "project,"
    "plan," "imply," "intend,"
    "foresee" and similar expressions, are forward-looking
    statements that reflect our current views about future events
    and are subject to risks, uncertainties and assumptions. Such
    risks, uncertainties and assumptions include those described
    under "Risk Factors" below and in our Annual Report on
Form 10-K
for the fiscal year ended December 31, 2010, filed with the
    Securities Exchange Commission ("SEC") on
    March 31, 2011, as well as any amendments thereto reflected
    in subsequent filings with the SEC, which are incorporated
    herein by reference in their entirety.
Actual results could differ materially from those projected in
    these forward-looking statements as a result of these factors,
    among others, many of which are beyond our control.
In making these statements, we are not undertaking, and
    specifically decline to undertake, any obligation to address or
    update each or any factor in future filings or communications
    regarding our business or results, and we are not undertaking to
    address how any of these factors may have caused changes in
    information contained in previous filings or communications. The
    risks described below and in our Annual Report on Form 10-K for
    the fiscal year ended December 31, 2010, as well as any
    amendments reflected in subsequent filings with the SEC, which
    are incorporated herein by reference in their entirety, are not
    the only risks we face, and additional risks and uncertainties
    may also impair our business operations. The occurrence of any
    one or more of the following or other currently unknown factors
    could materially adversely affect our business and operating
    results.
1
Table of Contents
RISK
    FACTORS
You should carefully consider the risks and uncertainties
    described below before making an investment decision. Any of the
    following risks could materially adversely affect our business,
    operations, industry or financial position or our future
    financial performance. While we believe we have identified and
    discussed below all risk factors affecting our business that we
    believe are material, there may be additional risks and
    uncertainties that are not presently known or that are not
    currently believed to be significant that may adversely affect
    our business, operations, industry, financial position and
    financial performance in the future. The trading price of our
    Common Stock could decline due to any of these risks, and you
    may lose all or part of your investment. You should also refer
    to the other information included or incorporated by reference
    in this prospectus, including our financial statements and
    related notes.
Risks
    Relating to the Property-Casualty Business
As a
    property and casualty insurer, we may face significant losses
    from catastrophes and severe weather events.
Because of the exposure of our property and casualty business to
    catastrophic events, our operating results and financial
    condition may vary significantly from one period to the next.
    Catastrophes can be caused by various natural and man-made
    disasters, including wildfires, tornadoes, hurricanes, tropical
    storms and certain types of terrorism. We may incur catastrophe
    losses in excess of those experienced in prior years, those that
    modeling estimate would be incurred based on certain levels of
    probability, the average expected level used in pricing, and our
    current reinsurance coverage limits. Despite our catastrophe
    management programs, we are exposed to catastrophes that could
    have a material adverse effect on operating results and
    financial condition. Our liquidity could be constrained by a
    catastrophe, or multiple catastrophes, which result in
    extraordinary losses or a downgrade of our financial strength
    rating.
In addition, we are subject to claims arising from weather
    events such as rain, hail and high winds. The incidence and
    severity of weather conditions are largely unpredictable. There
    is generally an increase in the frequency and severity of
    property claims when severe weather conditions occur. The nature
    and level of catastrophes in any period cannot be predicted and
    could be material to our operations. In addition, impacts of
    catastrophes and our catastrophe management strategy may
    adversely affect premium growth.
Unanticipated
    increases in the severity or frequency of claims may adversely
    affect our profitability and financial condition.
Changes in the severity or frequency of claims may affect the
    profitability of our Company. Changes in homeowner's claim
    severity are driven by inflation in the construction industry,
    in building materials and in home furnishings and by other
    economic and environmental factors, including increased demand
    for services and supplies in areas affected by catastrophes.
    However, changes in the level of the severity of claims are not
    limited to the effects of inflation and demand surge in these
    various sectors of the economy. Increases in claim severity can
    arise from unexpected events that are inherently difficult to
    predict. Although we pursue various loss management initiatives
    in order to mitigate future increases in claim severity, there
    can be no assurances that these initiatives will successfully
    identify or reduce the effect of future increases in claim
    severity.
Our Company may experience declines in claim frequency from time
    to time. The short-term level of claim frequency we experience
    may vary from period to period and may not be sustainable over
    the longer term. A significant long-term increase in claim
    frequency could have an adverse effect on our operating results
    and financial condition.
Actual
    claims incurred may exceed current reserves established for
    claims and may adversely affect our operating results and
    financial condition.
Recorded claim reserves in the property-casualty business are
    based on our best estimates of losses, both reported and
    incurred but not reported ("IBNR"), after considering
    known facts and interpretations of
2
Table of Contents
circumstances. Internal factors are considered including our
    experience with similar cases, actual claims paid, historical
    trends involving claim payment patterns, pending levels of
    unpaid claims and contractual terms. External factors are also
    considered which include but are not limited to law changes,
    court decisions, changes to regulatory requirements and economic
    conditions. Because reserves are estimates of the unpaid portion
    of losses that have occurred, including IBNR losses, the
    establishment of appropriate reserves, including reserves for
    catastrophes, is an inherently uncertain and complex process.
    The ultimate cost of losses may vary materially from recorded
    reserves and such variance may adversely affect our operating
    results and financial condition.
Predicting
    claim expense relating to environmental liabilities is
    inherently uncertain and may have a material adverse effect on
    our operating results and financial condition.
The process of estimating environmental liabilities is
    complicated by complex legal issues concerning, among other
    things, the interpretation of various insurance policy
    provisions and whether those losses are, or were ever intended
    to be covered; and whether losses could be recoverable through
    reinsurance. Litigation is a complex, lengthy proceeding that
    involves substantial uncertainty for insurers. Actuarial
    techniques and databases used in estimating environmental net
    loss reserves may prove to be inadequate indicators of the
    extent of probable loss. Ultimate net losses from environmental
    liabilities could materially exceed established loss reserves
    and expected recoveries and have a material adverse effect on
    our operating results and financial condition.
The
    failure of the risk mitigation strategies we utilize could have
    a material adverse effect on our financial condition or results
    of operations.
We utilize a number of strategies to mitigate our risk exposure,
    such as:
•
engaging in rigorous underwriting;
•
carefully evaluating terms and conditions of our
    policies; and
•
ceding reinsurance.
However, there are inherent limitations in all of these tactics
    and no assurance can be given that an event or series of events
    will not result in loss levels in excess of our probable maximum
    loss models, which could have a material adverse effect on our
    financial condition or results of operations. It is also
    possible that losses could manifest themselves in ways that we
    do not anticipate and that our risk mitigation strategies are
    not designed to address. Such a manifestation of losses could
    have a material adverse effect on our financial condition or
    results of operations.
These risks may be heightened during difficult economic
    conditions such as those currently being experienced in the
    Florida market and elsewhere.
Regulation
    limiting rate increases and requiring us to participate in loss
    sharing may decrease our profitability.
From time to time, political dispositions affect the insurance
    market, including efforts to effectively suppress rates at a
    level that may not allow us to reach targeted levels of
    profitability. Despite efforts to remove politics from insurance
    regulation, facts and history demonstrate that public
    policymakers, when faced with untoward events and adverse public
    sentiment, can act in ways that impede a satisfactory
    correlation between rates and risk. Such acts may affect our
    ability to obtain approval for rate changes that may be required
    to attain rate adequacy along with targeted levels of
    profitability and returns on equity. Our ability to afford
    reinsurance required to reduce our catastrophe risk may be
    dependent upon the ability to adjust rates for its cost.
Additionally, the Company is required to participate in guaranty
    funds for impaired or insolvent insurance companies. The funds
    periodically assess losses against all insurance companies doing
    business in the state. Our operating results and financial
    condition could be adversely affected by any of these factors.
3
Table of Contents
The
    potential benefits of implementing our profitability model may
    not be fully realized.
We believe that our profitability model has allowed us to be
    more competitive and operate more profitably. However, because
    many of our competitors have adopted underwriting criteria and
    sophisticated models similar to those we use and because other
    competitors may follow suit, our competitive advantage could
    decline or be lost. Competitive pressures could also force us to
    modify our profitability model. Furthermore, we cannot be
    assured that the profitability model will accurately reflect the
    level of losses that we will ultimately incur from the business
    generated.
UPCIC's
    financial condition and operating results may be adversely
    affected by the cyclical nature of the property and casualty
    business.
The property and casualty market is cyclical and has experienced
    periods characterized by relatively high levels of price
    competition, less restrictive underwriting standards and
    relatively low premium rates, followed by periods of relatively
    lower levels of competition, more selective underwriting
    standards and relatively high premium rates. A downturn in the
    profitability cycle of the property and casualty business could
    have a material adverse effect on our financial condition and
    results of operations.
Risks
    Relating to Investments
We may
    experience reduced returns or losses on our investments
    especially during periods of heightened volatility, which could
    have a material adverse effect on our results of operations or
    financial condition.
The returns on our investment portfolio may be reduced or we may
    incur losses as a result of changes in general economic
    conditions, interest rates, real estate markets, fixed income
    markets, metals markets, energy markets, agriculture markets,
    equity markets, alternative investment markets, credit markets,
    exchange rates, global capital market conditions and numerous
    other factors that are beyond our control.
The worldwide financial markets experience high levels of
    volatility during certain periods, which could have an
    increasingly adverse impact on the U.S. and foreign
    economies. The financial market volatility and the resulting
    negative economic impact could continue and it is possible that
    it may be prolonged, which could adversely affect our current
    investment portfolio, make it difficult to determine the value
    of certain assets in our portfolio
and/or
make
    it difficult for us to purchase suitable investments that meet
    our risk and return criteria. These factors could cause us to
    realize less than expected returns on invested assets, sell
    investments for a loss or write off or write down investments,
    any of which could have a material adverse effect on our results
    of operations or financial condition.
We are
    subject to market risk which may adversely impact investment
    income.
Our primary market risk exposure is to changes in interest
    rates. A decline in market interest rates could have an adverse
    effect on our investment income as we invest cash in new
    investments that may yield less than the portfolio's
    average rate. A decline could also lead us to purchase
    longer-term or riskier assets in order to obtain adequate
    investment yields resulting in a duration gap when compared to
    the duration of liabilities. An increase in market interest
    rates could have an adverse effect on the value of our
    investment portfolio by decreasing the fair values of the fixed
    income securities that comprise a portion of our investment
    portfolio. A decline in the quality of our investment portfolio
    as a result of adverse economic conditions or otherwise could
    cause additional realized losses on securities.
Concentration
    of our investment portfolios in any particular segment of the
    economy may have adverse effects on our operating results and
    financial condition.
The concentration of our investment portfolios in any particular
    industry, collateral types, group of related industries or
    geographic sector could have an adverse effect on our investment
    portfolios and consequently on our results of operations and
    financial condition. Events or developments that have a negative
    impact on any particular industry, group of related industries
    or geographic region may have a greater adverse effect on the
    investment portfolios to the extent that the portfolios are
    concentrated rather than diversified.
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Risks
    Relating to the Insurance Industry
Our
    future results are dependent in part on our ability to
    successfully operate in an insurance industry that is highly
    competitive.
The insurance industry is highly competitive. Many of our
    competitors have well-established national reputations and
    market similar products. Because of the competitive nature of
    the insurance industry, including competition for producers such
    as independent agents, there can be no assurance that we will
    continue to effectively compete with our industry rivals, or
    that competitive pressures will not have a material adverse
    effect on our business, operating results or financial
    condition. Furthermore, certain competitors operate using a
    mutual insurance company structure and therefore, may have
    dissimilar profitability and return targets. Our ability to
    successfully operate may also be impaired if we are not
    effective in filling critical leadership positions, in
    developing the talent and skills of our human resources, in
    assimilating new executive talent into our organization, or in
    deploying human resource talent consistently with our business
    goals.
Difficult
    conditions in the economy generally could adversely affect our
    business and operating results.
The United States economy has experienced widespread job losses,
    higher unemployment, lower consumer spending, continued declines
    in home prices and substantial increases in delinquencies on
    consumer debt, including defaults on home mortgages. Moreover,
    recent disruptions in the financial markets, particularly the
    reduced availability of credit and tightened lending
    requirements, have affected the ability of borrowers to
    refinance loans at more affordable rates. We cannot predict the
    length and severity of a recession, but as with most businesses,
    we believe a longer or more severe recession could have an
    adverse effect on our business and results of operations.
A general economic slowdown could adversely affect us in the
    form of consumer behavior and pressure on our investment
    portfolio. Consumer behavior could include decreased demand for
    insurance. In 2008 and 2009, weakness in the housing market and
    a highly competitive environment contributed to reduced growth
    in policies in force. Our investment portfolio could be
    adversely affected as a result of deteriorating financial and
    business conditions.
There
    can be no assurance that actions of the U.S. federal government,
    Federal Reserve and other governmental and regulatory bodies for
    the purpose of stabilizing the financial markets and stimulating
    the economy will achieve the intended effect.
In response to the financial crises affecting the banking
    system, the financial markets and the broader economy, the
    U.S. federal government, the Federal Reserve and other
    governmental and regulatory bodies have taken or are considering
    taking action to address such conditions including, among other
    things, purchasing mortgage-backed and other securities from
    financial institutions, investing directly in banks, thrifts and
    bank and savings and loan holding companies and increasing
    federal spending to stimulate the economy. There can be no
    assurance as to what impact such actions will have on the
    financial markets or on economic conditions. Such continued
    volatility and economic deterioration could materially and
    adversely affect our business, financial condition and results
    of operations.
We are
    subject to extensive regulation and potential further
    restrictive regulation may increase our operating costs and
    limit our growth.
As an insurance company, we are subject to extensive laws and
    regulations. These laws and regulations are complex and subject
    to change. Moreover, they are administered and enforced by a
    number of different governmental authorities, including state
    insurance regulators, state securities administrators, the SEC,
    the U.S. Department of Justice, and state attorneys
    general, each of which exercises a degree of interpretive
    latitude. Consequently, we are subject to the risk that
    compliance with any particular regulator's or enforcement
    authority's interpretation of a legal issue may not result
    in compliance with another's interpretation of the same
    issue, particularly when compliance is judged in hindsight. In
    addition, there is risk that any particular regulator's or
    enforcement authority's interpretation of a legal issue may
    change over time to our detriment, or that changes in the
    overall legal environment may, even absent any particular
    regulator's or enforcement authority's interpretation
    of a legal issue
5
Table of Contents
changing, cause us to change our views regarding the actions we
    need to take from a legal risk management perspective, thus
    necessitating changes to our practices that may, in some cases,
    limit our ability to grow and improve the profitability of our
    business. Furthermore, in some cases, these laws and regulations
    are designed to protect or benefit the interests of a specific
    constituency rather than a range of constituencies. For example,
    state insurance laws and regulations are generally intended to
    protect or benefit purchasers or users of insurance products,
    not holders of securities issued by the Company. In many
    respects, these laws and regulations limit our ability to grow
    and improve the profitability of our business.
In recent years, the state insurance regulatory framework has
    come under public scrutiny and members of Congress have
    discussed proposals to provide for federal chartering of
    insurance companies. We can make no assurances regarding the
    potential impact of state or federal measures that may change
    the nature or scope of insurance regulation.
Reinsurance
    may be unavailable at current levels and prices, which may limit
    our ability to write new business.
Our reinsurance program was designed, utilizing our risk
    management methodology, to address our exposure to catastrophes.
    Market conditions beyond our control determine the availability
    and cost of the reinsurance we purchase. No assurances can be
    made that reinsurance will remain continuously available to us
    to the same extent and on the same terms and rates as are
    currently available. For example, our ability to afford
    reinsurance to reduce our catastrophe risk may be dependent upon
    our ability to adjust premium rates for its cost, and there are
    no assurances that the terms and rates for our current
    reinsurance program will continue to be available next year. If
    we were unable to maintain our current level of reinsurance or
    purchase new reinsurance protection in amounts that we consider
    sufficient and at prices that we consider acceptable, we would
    have to either accept an increase in our exposure risk, reduce
    our insurance writings, or develop or seek other alternatives.
Reinsurance
    subjects us to the credit risk of our reinsurers and may not be
    adequate to protect us against losses arising from ceded
    insurance, which could have a material adverse effect on our
    operating results and financial condition.
The collectability of reinsurance recoverables is subject to
    uncertainty arising from a number of factors, including changes
    in market conditions, whether insured losses meet the qualifying
    conditions of the reinsurance contract and whether reinsurers,
    or their affiliates, have the financial capacity and willingness
    to make payments under the terms of a reinsurance treaty or
    contract. Our inability to collect a material recovery from a
    reinsurer could have a material adverse effect on our operating
    results and financial condition.
The
    continued threat of terrorism and ongoing military actions may
    adversely affect the level of claim losses we incur and the
    value of our investment portfolio.
The continued threat of terrorism, both within the United States
    and abroad, and ongoing military and other actions and
    heightened security measures in response to these types of
    threats, may cause significant volatility and losses from
    declines in the equity markets and from interest rate changes in
    the United States, Europe and elsewhere, and result in loss of
    life, property damage, disruptions to commerce and reduced
    economic activity. Some of the assets in our investment
    portfolio may be adversely affected by reduced economic activity
    caused by the continued threat of terrorism. Additionally, in
    the event that terrorist acts occur, the Company could be
    adversely affected, depending on the nature of the event.
A
    downgrade in our financial strength ratings may have an adverse
    effect on our competitive position, the marketability of our
    product offerings, and our liquidity, operating results and
    financial condition.
Financial strength ratings are important factors in establishing
    the competitive position of insurance companies and generally
    have an effect on an insurance company's business. On an
    ongoing basis, rating agencies review the financial performance
    and condition of insurers and could downgrade or change the
    outlook on an insurer's ratings due to, for example, a
    change in an insurer's statutory capital; a change in a
    rating agency's determination of the amount of
    risk-adjusted capital required to maintain a particular rating;
    an increase in the
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perceived risk of an insurer's investment portfolio; a
    reduced confidence in management or a host of other
    considerations that may or may not be under insurer's
    control. The current insurance financial strength rating of
    UPCIC is from Demotech, Inc. The assigned rating is A. Because
    this rating is subject to continuous review, the retention of
    this rating cannot be assured. A downgrade in this rating could
    have a material adverse effect on our sales, our
    competitiveness, the marketability of our product offerings, and
    our liquidity, operating results and financial condition.
Adverse
    capital and credit market conditions may significantly affect
    our ability to meet liquidity needs or our ability to obtain
    credit on acceptable terms.
The capital and credit markets have been experiencing extreme
    volatility and disruption. In some cases, the markets have
    exerted downward pressure on the availability of liquidity and
    credit capacity. In the event that we need access to additional
    capital to pay our operating expenses, make payments on our
    indebtedness, pay for capital expenditures or fund acquisitions,
    our ability to obtain such capital may be limited and the cost
    of any such capital may be significant. Our access to additional
    financing will depend on a variety of factors such as market
    conditions, the general availability of credit, the overall
    availability of credit to our industry, and credit capacity, as
    well as lenders' perception of our long- or short-term
    financial prospects. Similarly, our access to funds may be
    impaired if regulatory authorities or rating agencies take
    negative actions against us. If a combination of these factors
    were to occur, our internal sources of liquidity may prove to be
    insufficient, and in such case, we may not be able to
    successfully obtain financing on favorable terms.
Changing
    climate conditions may adversely affect our financial condition,
    profitability or cash flows.
Property and casualty insurers are subject to claims arising
    from catastrophes. Catastrophic losses have had a significant
    impact on our historical results. Catastrophes can be caused by
    various events, including hurricanes, tsunamis, windstorms,
    earthquakes, hailstorms, explosions, flooding, severe winter
    weather and fires and may include man-made events, such as
    terrorist attacks. The incidence, frequency and severity of
    catastrophes are inherently unpredictable.
Longer-term weather trends may be changing and new types of
    catastrophe losses may be developing due to climate change, a
    phenomenon that has been associated with extreme weather events
    linked to rising temperatures, including effects on global
    weather patterns, greenhouse gases, sea, land and air
    temperature, sea levels, rain and snow. The emerging science
    regarding climate change and its connection to extreme weather
    events is far from conclusive. If a connection to increased
    extreme weather events related to climate change is ultimately
    proven true, this could increase the frequency and severity of
    catastrophe losses we experience in both coastal and non-coastal
    areas.
Loss
    of key executives could affect our operations.
UPCIC's operations also depend in large part on the efforts
    of Bradley I. Meier, who serves as President of UPCIC.
    Mr. Meier has also served as President, Chief Executive
    Officer and Director of the Company since its inception in
    November 1990. In addition, UPCIC's operations have become
    materially dependent on the efforts of Sean P. Downes, who
    serves as Chief Operating Officer of UPCIC. Mr. Downes has
    also served as Chief Operating Officer, Senior Vice President
    and Director of the Company since January 2005 and as a Director
    of UPCIC since May 2003. The loss of the services provided by
    either Mr. Meier or Mr. Downes could have a material
    adverse effect on UPCIC's and the Company's financial
    condition and results of operations. In addition, if
    Mr. Meier were to become incapacitated or elect to reduce
    his responsibilities with the Company, we would expect that
    Mr. Downes would assume his responsibilities.
Risks
    Related to our Common Stock
The
    price of our Common Stock is highly volatile and could decline
    regardless of our operating performance.
The market price of our Common Stock could fluctuate in response
    to, among other things:
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•
changes in economic and general market conditions;
•
changes in the outlook and financial condition of certain
    markets in which we have a concentration of business;
•
changes in financial estimates or investment recommendations by
    securities analysts following our business;
•
changes in accounting standards, policies, guidance or
    interpretations or principles;
•
sales of Common Stock by our directors, officers and significant
    stockholders;
•
factors affecting securities of companies included in the
    Russell
    3000
®
Index, to which our Common Stock was added in 2009;
•
our failure to achieve operating results consistent with
    securities analysts' projections; and
•
the operating and stock price performance of competitors.
These factors might adversely affect the trading price of our
    Common Stock and prevent you from selling your Common Stock at
    or above the price at which you purchased it. In addition, in
    recent periods, the stock market has experienced significant
    price and volume fluctuations. This volatility has had a
    significant impact on the market price of securities issued by
    many companies, including ours and others in our industry. These
    changes can occur without regard to the operating performance of
    the affected companies. As a result, the price of our Common
    Stock could fluctuate based upon factors that have little or
    nothing to do with our company, and these fluctuations could
    materially reduce our share price.
The
    large number of shares eligible for future sale may adversely
    affect the market price of our Common Stock.
The sale, or availability for sale, of a substantial number of
    shares of Common Stock in the public market could materially
    adversely affect the market price of our Common Stock and could
    impair our ability to raise additional capital through the sale
    of our equity securities. As of May 6, 2011, there were
    39,387,998 shares of our Common Stock issued and
    outstanding. The registration statement of which this prospectus
    is a part registers 6,050,000 shares of Common Stock for
    resale and an additional 2,400,000 shares of Common Stock
    under our Amended and Restated 2009 Omnibus Incentive Plan
    ("Incentive Plan"). The availability of our shares for
    resale by the selling stockholder identified in this prospectus,
    as well as any actual sales of these shares or shares being
    registered under the Incentive Plan, could materially adversely
    affect the market price of our Common Stock. In addition, our
    executive officers and directors, including the selling
    stockholder, beneficially own approximately
    21,301,596 shares of Common Stock, or 54.1% of our
    outstanding shares, which would be eligible for resale, subject
    to the volume and manner of sale limitations of Rule 144
    under the Securities Act of 1933.
The
    selling stockholder identified in this prospectus has
    significant voting power.
The selling stockholder identified in this prospectus currently
    beneficially owns approximately 41.5% of our Common Stock. This
    concentration of ownership may have the effect of delaying or
    preventing a change in control and might adversely affect the
    market price of our Common Stock.
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USE OF
    PROCEEDS
The selling stockholder will receive all of the proceeds from
    the sale of shares of Common Stock offered by this prospectus.
    We will not receive any of the proceeds from the sale of such
    shares by the selling stockholder.
THE
    SELLING STOCKHOLDER
The shares of our Common Stock to which this prospectus relates
    are being registered for offer and resale by Bradley I. Meier,
    the Company's President and Chief Executive Officer, or the
    selling stockholder, who has acquired or may acquire such shares
    of Common Stock pursuant to the Employment Agreement and the
    Stock Option. The following table sets forth certain information
    regarding the shares of our Common Stock beneficially owned by
    the selling stockholder as of May 6, 2011 and is based on
    39,387,998 shares of our Common Stock outstanding on
    May 6, 2011.
Shares of
Common Stock
Shares of
Beneficially
Common Stock
Owned Prior to
Shares of Common
Owned After
Selling Stockholder
Offering(1)
Stock Offered(2)
the Offering(1)(2)
Number
%
Bradley I. Meier
President and Chief Executive Officer
16,355,258
6,050,000
10,305,258
26.2
%
(1)
The percentage of shares held is calculated on the basis of the
    number of outstanding shares of Common Stock held, plus Common
    Stock of which the selling stockholder has the right to acquire
    beneficial ownership within 60 days.
(2)
We do not know when or in what amounts the selling stockholder
    may offer shares for sale. The selling stockholder may not sell
    any or all of the shares offered by this prospectus. Because the
    selling stockholder may offer all or some of the shares pursuant
    to this offering, we cannot estimate the number of the shares
    that will be held by the stockholder after completion of the
    offering. However, for purposes of this table, we have assumed
    that, after completion of the offering, none of the shares
    covered by this prospectus will be held by the selling
    stockholder.
PLAN OF
    DISTRIBUTION
We are registering shares of our Common Stock held by the
    selling stockholder identified in this prospectus to permit the
    resale of these shares of Common Stock from time to time after
    the date of this prospectus. The selling stockholder has
    acquired or may acquire the shares of Common Stock offered for
    resale under this prospectus pursuant to his Employment
    Agreement and the Stock Option. We will not receive any of the
    proceeds from the sale by the selling stockholder of the shares
    of Common Stock.
The selling stockholder and any of his pledgees, assignees and
successors-in-interest
may, from time to time, sell any or all of the shares of Common
    Stock covered hereby on any stock exchange, market or trading
    facility on which the shares are traded or in private
    transactions. These sales may be at fixed or negotiated prices.
    The selling stockholder may use any one or more of the following
    methods when selling shares:
•
ordinary brokerage transactions and transactions in which the
    broker-dealer solicits purchasers;
•
block trades in which the broker-dealer will attempt to sell the
    shares as agent but may position and resell a portion of the
    block as principal to facilitate the transaction;
•
purchases by a broker-dealer as principal and resale by the
    broker-dealer for its account;
•
an exchange distribution in accordance with the rules of the
    applicable exchange;
•
privately negotiated transactions;
•
in transactions through broker-dealers that agree with the
    selling stockholder to sell a specified number of such shares at
    a stipulated price per share;
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Table of Contents
•
a combination of any such methods of sale; or
•
any other method permitted pursuant to applicable law.
The selling stockholder may also sell shares under Rule 144
    under the Securities Act, if available, rather than under this
    prospectus.
Broker-dealers engaged by the selling stockholder may arrange
    for other brokers-dealers to participate in sales.
    Broker-dealers may receive commissions or discounts from the
    selling stockholder (or, if any broker-dealer acts as agent for
    the purchaser of shares, from the purchaser) in amounts to be
    negotiated, but, except as set forth in a supplement to this
    prospectus, in the case of an agency transaction not in excess
    of a customary brokerage commission in compliance with FINRA
    Rule 2440; and in the case of a principal transaction a
    markup or markdown in compliance with FINRA IM-2440.
The selling stockholder and any broker-dealers or agents that
    are involved in selling the shares may be deemed to be
    "underwriters" within the meaning of the Securities
    Act in connection with such sales. In such event, any
    commissions received by such broker-dealers or agents and any
    profit on the resale of the shares purchased by them may be
    deemed to be underwriting commissions or discounts under the
    Securities Act.
The selling stockholder may enter into an agreement with an
    underwriter to acquire the shares, or some of the shares, for
    its own account. The underwriter may resell such shares, in one
    or more transactions, including negotiated transactions, at a
    fixed public offering price or at varying prices determined at
    the time of sale. Any such underwriting agreement may provide
    the underwriter with an option to purchase additional shares to
    cover over-allotments, if any, in connection with the
    distribution of such shares by the underwriter. Any underwriting
    agreement may require us to indemnify the underwriter against
    certain liabilities, including liabilities under the Securities
    Act, and to contribute to payment the underwriter may be
    required to make in respect of such liabilities. Further, in any
    such underwritten transaction, pursuant to
"lock-up"
agreements, the selling stockholder and our executive officers
    and directors may be required, subject to certain exceptions,
    not to offer, sell, contract to sell, announce any intention to
    sell, pledge or otherwise dispose of our Common Stock or
    securities convertible into or exchangeable or exercisable for
    our Common Stock for a set number of days.
Because the selling stockholder may be deemed to be an
    "underwriter" within the meaning of the Securities
    Act, it will be subject to the prospectus delivery requirements
    of the Securities Act including Rule 172 thereunder.
The shares will be sold only through registered or licensed
    brokers or dealers if required under applicable state securities
    laws. In addition, in certain states, the shares of Common Stock
    covered hereby may not be sold unless they have been registered
    or qualified for sale in the applicable state or there is an
    exemption from the registration or qualification requirement
    available and the Company has complied with such exemption.
Under applicable rules and regulations under the Securities
    Exchange Act of 1934, as amended ("Exchange Act"), any
    person engaged in the distribution of the shares may not
    simultaneously engage in market making activities with respect
    to the Common Stock for the applicable restricted period, as
    defined in Regulation M, prior to the commencement of the
    distribution. In addition, the selling stockholder will be
    subject to applicable provisions of the Exchange Act and the
    rules and regulations thereunder, including Regulation M,
    which may limit the timing of purchases and sales of shares of
    the Common Stock by the selling stockholder or any other person.
    We will make copies of this prospectus available to the selling
    stockholder and have informed him of the need to deliver a copy
    of this prospectus to each purchaser at or prior to the time of
    the sale (including by compliance with Rule 172 under the
    Securities Act).
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LEGAL
    MATTERS
The validity of the shares of Common Stock offered hereby will
    be passed upon for us by K&L Gates LLP,
    Washington, D.C.
EXPERTS
The consolidated financial statements and financial statement
    schedule of Universal Insurance Holdings, Inc. and subsidiaries
    as of December 31, 2010 and 2009, and for each of the years
    in the three-year period ended December 31, 2010, and
    management's assessment of the effectiveness of internal
    control over financial reporting as of December 31, 2010,
    have been incorporated by reference in this prospectus in
    reliance upon the reports of Blackman Kallick, LLP, an
    independent registered public accounting firm, appearing
    elsewhere herein, and upon the authority of said firm as experts
    in accounting and auditing.
INCORPORATION
    OF CERTAIN INFORMATION BY REFERENCE
The following documents, which we previously filed with the SEC
    pursuant to Sections 13 or 15 of the Exchange Act, are
    incorporated by reference into this prospectus:
(a) our Annual Report on
Form 10-K
for the year ended December 31, 2010;
(b) our Quarterly Report on
Form 10-Q
for the three months ended March 31, 2011; and
(c) the terms of our capital stock contained in our
    registration statement on Form
8-A
filed
    with the SEC on January 11, 2007, including any amendment
    or report filed for the purpose of updating such description.
Except as indicated otherwise, all documents subsequently filed
    by us with the SEC pursuant to Sections 13(a), 13(c), 14
    and 15(d) of the Exchange Act, prior to the filing of a
    post-effective amendment which indicates that all securities
    offered have been sold or which deregisters all securities then
    remaining unsold, shall be deemed to be incorporated by
    reference herein and to be part hereof from the date such
    documents are filed. Any statement contained herein or in any
    document incorporated or deemed to be incorporated herein by
    reference shall be deemed to be modified or superseded for
    purposes of this registration statement to the extent that a
    statement contained in any other subsequently filed document
    which also is or is deemed to be incorporated herein by
    reference modifies or supersedes such statement. Any such
    statement so modified or superseded shall not be deemed to
    constitute a part of this registration statement, except as so
    modified or superseded.
We will provide without charge to you, on written or oral
    request, a copy of any or all of the foregoing documents
    incorporated herein by reference (other than exhibits to such
    documents, unless the exhibits are specifically incorporated by
    reference in the information we send to you). You may obtain a
    copy of any or all of the documents that have been incorporated
    by reference herein by writing to us at Universal Insurance
    Holdings, Inc., Attention: George R. De Heer, 1110 West
    Commercial Blvd, Fort Lauderdale, Florida 33309, or
    telephoning
(954) 958-1200.
WHERE YOU
    CAN FIND MORE INFORMATION
We file annual, quarterly and current reports, proxy statements
    and other information with the SEC. You may read and copy any
    reports, proxy statements and other information we file at the
    SEC's Public Reference Room at 100 F Street,
    N.E., Washington, D.C. 20549. Please call
1-800-SEC-0330
for further information on the operation and location of the
    Public Reference Room. Our filings are also available to the
    public at the website maintained by the SEC at
http://www.sec.gov
and at our website at
http://www.uvestock.com.
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Table of Contents
PART II
INFORMATION
    NOT REQUIRED IN THE PROSPECTUS
ITEM 3.
INCORPORATION
    OF DOCUMENTS BY REFERENCE
The Company hereby incorporates by reference the following
    documents filed with the SEC:
(a) our Annual Report on
Form 10-K
for the year ended December 31, 2010;
(b) our Quarterly Report on
Form 10-Q
for the three months ended March 31, 2011; and
(c) our description of our capital stock contained in our
    registration statement on
Form 8-A
filed with the SEC on January 11, 2007, including any
    amendment or report filed for the purpose of updating such
    description.
Except as indicated otherwise, all documents subsequently filed
    by the Company with the SEC pursuant to Sections 13(a),
    13(c), 14 and 15(d) of the Exchange Act, prior to the filing of
    a post-effective amendment which indicates that all securities
    offered have been sold or which deregisters all securities then
    remaining unsold, shall be deemed to be incorporated by
    reference herein and to be part hereof from the date such
    documents are filed. Each document incorporated by reference
    into this registration statement shall be deemed to be a part of
    this registration statement from the date of filing of such
    document with the Commission until the information contained
    therein is modified or superseded by any subsequently filed
    document which is incorporated by reference into this
    registration statement or, as applicable, by any document which
    constitutes part of the prospectus relating to our Incentive
    Plan meeting the requirements of Section 10(a) of the
    Securities Act. Any such statement so modified or superseded
    shall not be deemed to constitute a part of this registration
    statement, except as so modified or superseded.
ITEM 4.
DESCRIPTION
    OF SECURITIES.
Not applicable.
ITEM 5.
INTERESTS
    OF NAMED EXPERTS AND COUNSEL.
None.
ITEM 6.
INDEMNIFICATION
    OF DIRECTORS AND OFFICERS.
Under Section 145 of the Delaware General Corporation Law
    ("DGCL"), a corporation has the power to indemnify its
    directors and officers under certain prescribed circumstances
    and, subject to certain limitations, against certain costs and
    expenses, including attorneys' fees, judgments, fines and
    amounts paid in settlement, actually and reasonably incurred in
    connection with any threatened, pending or completed action,
    suit or proceeding, whether criminal, civil, administrative or
    investigative, to which any of them is a party by reason of his
    being a director or officer of the corporation if it is
    determined that he or she acted in accordance with the
    applicable standard of conduct set forth in such statutory
    provision. The Company's Certificate of Incorporation, as
    amended, provides that, pursuant to the DGCL, its directors
    shall not be liable for monetary damages for breach of the
    directors' fiduciary duty of care to us and our
    stockholders. This provision in the Certificate of Incorporation
    does not eliminate the duty of care, and in appropriate
    circumstances equitable remedies such as injunctive or other
    forms of non-monetary relief will remain available under
    Delaware law. In addition, each director will continue to be
    subject to liability for breach of the director's duty of
    loyalty to the Company or its stockholders, for acts or
    omissions not in good faith or involving intentional misconduct
    or knowing violations of the law, for actions leading to
    improper personal benefit to the director, and for payment of
    dividends or approval of stock repurchases or redemptions that
    are unlawful under Delaware law. The provision also does not
    affect a director's responsibilities under any other law,
    such as the federal securities laws or state or federal
    environmental laws.
Article VII of the Company's Certificate of
    Incorporation, as amended, provides that the Company will
    indemnify, to the fullest extent authorized by the DGCL, each
    person who was or is made a party or is threatened to be made a
    party to or is involved in any action, suit or proceeding,
    whether civil, criminal, administrative or investigative, by
    reason of the fact that he or she is or was a director, officer,
    employee or agent of the Company
II-1
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against certain costs and expenses, including attorneys'
    fees, judgments, fines and amounts paid in settlement, actually
    and reasonably incurred in connection therewith, if it is
    determined that he or she acted in accordance with the
    applicable standard of conduct set forth in such statutory
    provision. The Company also has directors' and
    officers' liability insurance.
The Company has entered into agreements with its non-executive
    directors pursuant to which the Company has agreed to indemnify
    such directors, to the fullest extent permitted by law, and to
    cover such directors under any directors and officers liability
    insurance obtained by the Company.
The Company has been advised that it is the position of the SEC
    that insofar as the provision in our Certificate of
    Incorporation, as amended, may be invoked for liabilities
    arising under the Securities Act, the provision is against
    public policy and is therefore unenforceable.
ITEM 7.
EXEMPTION FROM
    REGISTRATION CLAIMED.
Shares of Common Stock that may be offered pursuant to this
    registration statement that were acquired by the selling
    stockholder, who is an executive officer and director of the
    Company, pursuant to his Employment Agreement were issued in
    reliance upon Section 4(2) of the Securities Act, as the
    issuance did not involve any public offering and the selling
    stockholder was an accredited investor within the meaning of
    Rule 501 of Regulation D under the Securities Act.
With respect to the shares of Common Stock issuable upon
    exercise of the Stock Option or under the Incentive Plan, not
    applicable.
ITEM 8.
EXHIBITS.
The following are filed as exhibits to this Registration
    Statement:
Exhibit
Number
Description
3
.1
Company's Amended and Restated Certificate of
    Incorporation, as amended(1)
3
.2
Company's Amended and Restated Bylaws(2)
3
.3
Certificate of Designation for Series A Preferred Stock
    dated October 11, 1994(3)
3
.4
Certificate of Designations, Preferences, and Rights of
    Series M Convertible Preferred Stock dated August 13,
    1997(4)
3
.5
Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated October 19, 1998(3)
3
.6
Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated December 18, 2000(3)
3
.7
Certificate of Amendment of Certificate of Designations of the
    Series A Preferred Stock dated October 29, 2001(3)
3
.8
Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated December 7, 2005.(5)
3
.9
Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated May 18, 2007.(5)
4
.1
Form of Common Stock Certificate(1)
4
.2
Amended and Restated 2009 Omnibus Incentive Plan
5
.1
Opinion of K&L Gates LLP
10
.1
Employment Agreement between the Company and Bradley I. Meier
    dated August 11, 1999.(6)
10
.2
Addendum No. 3 dated May 4, 2001 to the Employment
    Agreement between the Company and Bradley I. Meier dated
    August 11, 1999.(7)
10
.3
Addendum No. 4 dated January 28, 2002 to the
    Employment Agreement between the Company and Bradley I. Meier
    dated August 11, 1999.(8)
10
.4
Addendum No. 5 dated June 27, 2002 to the Employment
    Agreement between the Company and Bradley I. Meier dated
    August 11, 1999.(9)
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Exhibit
Number
Description
10
.5
Addendum No. 6 effective as of December 31, 2003 to
    the Employment Agreement between the Company and Bradley I.
    Meier dated August 11, 1999.(10)
10
.6
Addendum No. 7 dated May 22, 2006 to the Employment
    Agreement between the Company and Bradley I. Meier dated
    August 11, 1999.(7)
10
.7
Addendum No. 8 effective as of July 12, 2007 to the
    Employment Agreement between the Company and Bradley I. Meier
    dated August 11, 1999.(11)
10
.8
Addendum No. 9 effective as of December 5, 2008 to the
    Employment Agreement between the Company and Bradley I. Meier
    dated August 11, 1999.(12)
10
.9
Nonqualified Stock Option Agreement between the Company and
    Bradley I. Meier dated December 21, 2001
23
.1
Consent of independent registered public accounting firm,
    Blackman Kallick, LLP
23
.2
Consent of K&L Gates LLP (included in the opinion filed as
    Exhibit 5.1)
24
.1
Powers of Attorney (included on the signature page hereto)
Keys to
    Exhibits:
(1)
Incorporated by reference to the Registrant's Registration
    Statement on
Form S-1
(File
No. 33-51546)
declared effective on December 14, 1992.
(2)
Incorporated by reference to the Registrant's Current
    Report on
Form 8-K
filed with the SEC on January 11, 2007.
(3)
Incorporated by reference to the Registrant's Annual Report
    on Form
10-KSB
for
    the year ended December 31, 2002 filed with the SEC on
    April 9, 2003.
(4)
Incorporated by reference to the Registrant's Annual Report
    on Form
10-KSB
for
    the year ended April 30, 1997 filed with the SEC on
    August 13, 1997, as amended.
(5)
Incorporated by reference to the Registrant's Registration
    Statement on
Form S-8
(File
No. 333-163564)
declared effective on December 8, 2009.
(6)
Incorporated by reference to the Registrant's Quarterly
    Report on Form
10-QSB
for
    the quarter ended June 30, 1999 filed with the SEC on
    August 13, 1999.
(7)
Incorporated by reference to the Registrant's Registration
    Statement on
Form S-8
(File No. 33 — 170767), deemed effective on
    November 22, 2010.
(8)
Incorporated by reference to the Registrant's Quarterly
    Report on Form
10-QSB
for
    the quarter ended June 30, 2002 filed with the SEC on
    August 14, 2002.
(9)
Incorporated by reference to the Registrant's Quarterly
    Report on Form
10-QSB
for
    the quarter ended June 30, 2002 filed with the SEC on
    August 14, 2002.
(10)
Incorporated by reference to the Registrant's Quarterly
    Report on Form
10-QSB
for
    the quarter ended March 31, 2004 filed with the SEC on
    May 14, 2004.
(11)
Incorporated by reference to the Registrant's Current
    Report on
Form 8-K
filed with the SEC on August 10, 2007.
(12)
Incorporated by reference to the Registrant's Current
    Report on
Form 8-K
filed with the SEC on December 9, 2008.
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ITEM 9.
UNDERTAKINGS.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement:
(i) To include any prospectus required by
    Section 10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any facts or events
    arising after the effective date of the registration statement
    (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change
    in the information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in
    volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered)
    and any deviation from the low or high end of the estimated
    maximum offering range may be reflected in the form of
    prospectus filed with the SEC pursuant to Rule 424(b) if,
    in the aggregate, the changes in volume and price represent no
    more than a 20 percent change in the maximum aggregate
    offering price set forth in the "Calculation of
    Registration Fee" table in the effective registration
    statement;
(iii) To include any material information with respect to
    the plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement;
provided, however
, that paragraphs (a)(1)(i) and
    (a)(1)(ii) of this section do not apply if the information
    required to be included in a post-effective amendment by those
    paragraphs is contained in reports filed with or furnished to
    the SEC by the registrant pursuant to section 13 or
    section 15(d) of the Exchange Act that are incorporated by
    reference in the registration statement.
(2) That, for the purpose of determining any liability
    under the Securities Act, each such post-effective amendment
    shall be deemed to be a new registration statement relating to
    the securities offered therein, and the offering of such
    securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(3) To remove from registration by means of a
    post-effective amendment any of the securities being registered
    which remain unsold at the termination of the offering.
(b) The undersigned registrant hereby undertakes that, for
    the purposes of determining any liability under the Securities
    Act, each filing of the registrant's annual report pursuant
    to Section 13(a) or 15(d) of the Exchange Act (and, where
    applicable, each filing of an employee benefit plan's
    annual report pursuant to Section 15(d) of the Exchange
    Act) that is incorporated by reference in the registration
    statement shall be deemed to be a new registration statement
    relating to the securities offered therein, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising
    under the Securities Act may be permitted to directors, officers
    and controlling persons of the registrant pursuant to the
    foregoing provisions, or otherwise, the registrant has been
    advised that in the opinion of the SEC such indemnification is
    against public policy as expressed in the Securities Act and is,
    therefore, unenforceable. In the event that a claim for
    indemnification against such liabilities (other than the payment
    by the registrant of expenses incurred or paid by a director,
    officer or controlling person of the registrant in the
    successful defense of any action, suit or proceeding) is
    asserted by such director, officer or controlling person in
    connection with the securities being registered, the registrant
    will, unless in the opinion of its counsel the matter has been
    settled by controlling precedent, submit to a court of
    appropriate jurisdiction the question whether such
    indemnification by it is against public policy as expressed in
    the Securities Act and will be governed by the final
    adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant certifies that it has reasonable grounds
    to believe that it meets all of the requirements for filing on
Form S-8
and has duly caused this Registration Statement to be signed on
    its behalf by the undersigned, thereunto duly authorized, in the
    City of Fort Lauderdale, State of Florida, on May 11,
    2011.
UNIVERSAL INSURANCE HOLDINGS, INC.
By:
/s/
Bradley
    I. Meier
Bradley I. Meier
President and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed below by
    the following persons in the capacities and on the date
    indicated. Each person whose signature appears below in so
    signing also makes, constitutes and appoints Bradley I. Meier
    and George R. De Heer, and each of them acting alone, his or her
    true and lawful attorney-in-fact, with full power of
    substitution, for him or her in any and all capacities, to
    execute and cause to be filed with the Securities and Exchange
    Commission any and all amendments and post-effective amendments
    to this Registration Statement, with exhibits thereto and other
    documents in connection therewith, and hereby ratifies and
    confirms all that said attorney-in-fact or his substitute or
    substitutes may do or cause to be done by virtue hereof.
Signatures
Title
Date
/s/
Bradley
    I. Meier
Bradley
    I. Meier
President, Chief Executive Officer and Director (Principal
    Executive Officer)
May 11, 2011
/s/
George
    R. De Heer
George
    R. De Heer
Chief Financial Officer (Principal Accounting Officer)
May 11, 2011
/s/
Norman
    M. Meier
Norman
    M. Meier
Director
May 11, 2011
/s/
Ozzie A. Schindler
Ozzie A. Schindler
Director
May 11, 2011
/s/
Reed J. Slogoff
Reed J. Slogoff
Director
May 11, 2011
/s/
Joel M. Wilentz
Joel M. Wilentz
Director
May 11, 2011
/s/
Michael A. Pietrangelo
Michael A. Pietrangelo
Director
May 11, 2011
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Table of Contents
EXHIBIT INDEX
Exhibit
Number
Description
3
.1
Company's Amended and Restated Certificate of
    Incorporation, as amended.(1)
3
.2
Company's Amended and Restated Bylaws.(2)
3
.3
Certificate of Designation for Series A Preferred Stock
    dated October 11, 1994.(3)
3
.4
Certificate of Designations, Preferences, and Rights of
    Series M Convertible Preferred Stock dated August 13,
    1997.(4)
3
.5
Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated October 19, 1998.(3)
3
.6
Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated December 18, 2000.(3)
3
.7
Certificate of Amendment of Certificate of Designations of the
    Series A Preferred Stock dated October 29, 2001.(3)
3
.8
Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated December 7, 2005.(5)
3
.9
Certificate of Amendment of Amended and Restated Certificate of
    Incorporation dated May 18, 2007.(5)
4
.1
Form of Common Stock Certificate.(1)
4
.2
Amended and Restated 2009 Omnibus Incentive Plan.
5
.1
Opinion of K&L Gates LLP.
10
.1
Employment Agreement between the Company and Bradley I. Meier
    dated August 11, 1999.(6)
10
.2
Addendum No. 3 dated May 4, 2001 to the Employment
    Agreement between the Company and Bradley I. Meier dated
    August 11, 1999.(7)
10
.3
Addendum No. 4 dated January 28, 2002to the Employment
    Agreement between the Company and Bradley I. Meier
    August 11, 1999.(8)
10
.4
Addendum No. 5 dated June 27, 2002 to the Employment
    Agreement between the Company and Bradley I. Meier dated
    August 11, 1999.(9)
10
.5
Addendum No. 6 effective as of December 31, 2003 to
    the Employment Agreement between the Company and Bradley I.
    Meier dated August 11, 1999.(10)
10
.6
Addendum No. 7 dated May 22, 2006 to the Employment
    Agreement between the Company and Bradley I. Meier dated
    August 11, 1999.(7)
10
.7
Addendum No. 8 effective as of July 12, 2007 to the
    Employment Agreement between the Company and Bradley I. Meier
    dated August 11, 1999.(11)
10
.8
Addendum No. 9 effective as of December 5, 2008 to the
    Employment Agreement between the Company and Bradley I. Meier
    dated August 11, 1999.(12)
10
.9
Nonqualified Stock Option Agreement between the Company and
    Bradley I. Meier dated December 21, 2001.
23
.1
Consent of independent registered public accounting firm,
    Blackman Kallick, LLP.
23
.2
Consent of K&L Gates LLP (included in the opinion filed as
    Exhibit 5.1).
24
.1
Powers of Attorney (included on the signature page hereto).
Keys to
    Exhibits:
(1)
Incorporated by reference to the Registrant's Registration
    Statement on
Form S-1
(File
No. 33-51546)
declared effective on December 14, 1992.
(2)
Incorporated by reference to the Registrant's Current
    Report on
Form 8-K
filed with the SEC on January 11, 2007.
(3)
Incorporated by reference to the Registrant's Annual Report
    on Form
10-KSB
for
    the year ended December 31, 2002 filed with the SEC on
    April 9, 2003.
II-6
Table of Contents
(4)
Incorporated by reference to the Registrant's Annual Report
    on Form
10-KSB
for
    the year ended April 30, 1997 filed with the SEC on
    August 13, 1997, as amended.
(5)
Incorporated by reference to the Registrant's Registration
    Statement on
Form S-8
(File
No. 333-163564)
declared effective on December 8, 2009.
(6)
Incorporated by reference to the Registrant's Quarterly
    Report on Form
10-QSB
for
    the quarter ended June 30, 1999 filed with the SEC on
    August 13, 1999.
(7)
Incorporated by reference to the Registrant's Registration
    Statement on
Form S-8
(File No
33-170767),
deemed effective on November 22, 2010.
(8)
Incorporated by reference to the Registrant's Quarterly
    Report on Form
10-QSB
for
    the quarter ended June 30, 2002 filed with the SEC on
    August 14, 2002.
(9)
Incorporated by reference to the Registrant's Quarterly
    Report on Form
10-QSB
for
    the quarter ended June 30, 2002 filed with the SEC on
    August 14, 2002.
(10)
Incorporated by reference to the Registrant's Quarterly
    Report on Form
10-QSB
for
    the quarter ended March 31, 2004 filed with the SEC on
    May 14, 2004.
(11)
Incorporated by reference to the Registrant's Current
    Report on
Form 8-K
filed with the SEC on August 10, 2007.
(12)
Incorporated by reference to the Registrant's Current
    Report on
Form 8-K
filed with the SEC on December 9, 2008.
II-7