this means that your host has imposed a 60 second time limit regardless of how you set the php.ini file or the set_time_limit setting.
Universal Email will try to adjust that time out setting as well, when sending large email lists, but if the server does not allow for the timeout setting to be changed, then there is not much that can be done for it.
Universal Email wont be able to process large mailing lists on this host, due to the time limit they are imposing.