UNIVERSAL OBTAINS ITS HIGHEST LEVEL OF REINSURANCE COVER

Florida-based Universal Insurance Holdings has secured the highest level of reinsurance protection it has ever purchased for its Universal Property & Casualty Insurance and American Platinum Property and Casualty Insurance units. The UPCIC reinsurance tower for 2019-2020 now covers losses for a 1-in-300-years event, much higher than statutory minimums. It provides cover against a single event in Florida that generates up to $3.28bn in losses, a year-on-year increase of $134m. UPCIC also acquired $222.6m in new catastrophe capacity and now has $382.6m in multi-year reinsurance cover. The cost of Universal’s 2019-2020 programme was 6.7% higher than last year’s.