FLORIDA’S UNIVERSAL EXPANDS REINSURANCE PROGRAMME

Florida-based Universal Insurance Holdings has announced the completion of the 2021-2022 reinsurance programme for its Universal Property & Casualty Insurance and American Platinum Property and Casualty Insurance units, securing its highest-ever level of private market reinsurance coverage from an expanded panel of reinsurers. UPCIC has set the top of its reinsurance tower for a single Florida event at $3.41bn, with $1.06bn of the cover carrying limits that automatically reinstate. UPCIC’s first-event retention in Florida increased by $2m to $45m, representing 7.5% of the parent’s stockholder equity as of March 21. First-event retention in the group’s other 18 state markets remains at $15m. UPCIC also secured $383m of catastrophe capacity with contractually agreed limits that extend coverage to include the 2022 and 2023 wind seasons. On top of the record level of private market reinsurance, UPCIC completed its first cat bond transaction – Cosaint Re Pte Ltd – securing $150m of wind cover.