Universal Insurance Holdings (UIH) has reported total revenues of $47.6m for the first quarter of 2010, a decrease of 1.1% compared to $48.1m for the same quarter in 2009.

Universal Insurance’s net premiums written for the first quarter were $32.5m which is a decrease of 34.2% compared to $49.4m for the same period last year.

Net premiums earned for the quarter were $33.3m which is a decrease of 11.8% compared to $37.7m for the same period last year.

The company posted income before income taxes of $13.5m for the first quarter of 2010 compared to $20.1m for the same quarter in 2009.

For the quarter ended March 31, 2010, the company posted net income of $8.3m, or $0.21 per share compared to $12.4m, or $0.31 per share for the same period last year.

Headquartered in Fort Lauderdale, Florida, UIH is an integrated insurance holding company, which through its various subsidiaries, covers all aspects of insurance underwriting, distribution, claims processing and exposure management. UPCIC, a wholly owned subsidiary of UIH, is a writer of homeowners’ insurance in Florida and is now fully licensed and has commenced its operations in Georgia, Hawaii, North Carolina and South Carolina.