United expands catastrophe reinsurance tower to $4bn
Florida-based property and casualty insurance company United Insurance Holdings (UPC) has renewed its catastrophe reinsurance programmes, taking its total limit to $4 billion.
The 2019-2020 programmes are effective from June 1, 2019, and were renewed through UPC’s subsidiaries American Coastal Insurance Company, Family Security Insurance Company, Interboro Insurance Company, Journey Insurance Company, United Property and Casualty Insurance Company, and BlueLine.
The company's $4 billion of total reinsurance limit for this year’s programmes, an increase of $300 million from the $3.7 billion purchased a year earlier, includes $3.2 billion of core multi-event cascading reinsurance limit.
UPC has also increased multi-year catastrophe excess of loss reinsurance limit for the year 2019-2020 year by $87.5 million.
For the Florida Hurricane Catastrophe Fund (FHCF), UPC has increased its participation to 90 percent coverage level, which is estimated to provide approximately $1.5 billion of total Florida-only coverage.
“I’m very proud of the tremendous support we received from our reinsurance partners and the hard work of our entire leadership team to make this year’s placement successful,” said Brad Martz, chief financial officer of UPC Insurance.
“The Company’s reinsurance programs have continued to evolve in support of our growth and provide robust protection against the frequency and severity of catastrophe events for our shareholders.”
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