Universal Insurance Holdings, Inc. Repurchases and Retires Series M Convertible Preferred Stock

Universal Insurance Holdings, Inc. UVE announced today that it has entered into an agreement to repurchase all of the Company's Series M Convertible Preferred Stock owned by Bradley I. Meier, the Company's former Chairman, President and Chief Executive Officer. Each share of Series M Stock was convertible at the option of Mr. Meier into five shares of Company common stock. The repurchase constitutes all of the 2,000 outstanding shares of Series M Stock at a purchase price of $256,933. Prior to the repurchase, as the holder of Series M Stock, Mr. Meier was entitled to elect two members to the Company's Board of Directors. As a result of the repurchase, the Series M Shares will be retired and cancelled and no shares of Series M Stock are outstanding. "The repurchase of our outstanding Series M preferred shares continues our focus on governance matters and simplifies our equity structure," said Sean P. Downes, the Company's Chairman, President and Chief Executive Officer. "This transaction reflects our continued belief in our business model and reaffirms our focus to deliver increasing value to our shareholders."