UNIVERSAL COMPLETES REINSURANCE PROGRAMME

Florida-based property/casualty group Universal Insurance Holdings has announced the completion of its 2018-2019 reinsurance programmes for its Universal Property & Casualty Insurance and American Platinum Property and Casualty units, with effect from today. UPCIC’s programme expands the top of its reinsurance tower for a single Florida event to $3.0bn from $2.65bn. The company’s retention rates remain unchanged at $35m for a Florida loss and $5m for losses in other states. UPCIC has also secured $365m of catastrophe capacity that extends cover to the 2019 storm season or beyond. APPCIC has expanded the top of its reinsurance tower by 24% while maintaining a catastrophe retention of $2m. The leading participants in the Universal programme are Nephila Capital, Everest Re, RenaissanceRe, Chubb Tempest Re and various Lloyd’s syndicates.