24 November 2020Insurance

United Insurance secures additional reinsurance protection

Property/casualty insurer United Insurance Holdings (UPC) has secured additional reinsurance protection as part of its efforts to reduce operating leverage and improve capital adequacy for 2020 and beyond.

The Florida-based carrier has bound terms that expand its current quota share reinsurance programme for United Property & Casualty Insurance Company (UPC) and Family Security Insurance Company (FSIC) from the current cession rate of 22.5 percent to 30.5 percent, effective December 31, 2020.

A quota share cession of 23 percent was secured through May 31, 2022, with the remaining 7.5 percent pending renewal at June 1, 2021.

The company has also bound quota share reinsurance coverage for American Coastal Insurance Company at a cession rate of 23 percent, also effective December 31, 2020, and expiring May 31, 2022.

The general terms and conditions of the quota share reinsurance programme remain mostly unchanged except for the increased participation rates, which provide additional ground up protection from all perils in all US states where the covered companies operate.

Brad Martz, president & chief financial officer of UPC Insurance, said: “I’m grateful for the support we continue to receive from our reinsurance partners. The additional quota share capacity supports our efforts to reduce operating leverage and improve capital adequacy for 2020 and beyond.”

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
14 July 2022   The creation of a Florida-based reciprocal exchange is one strategic rescue option.
Insurance
19 April 2021   UPC re-estimates loss liabilities after 'extremely disappointing' uptick in new Florida lawsuits.
Insurance
23 September 2020   The catastrophe losses include claims from six new named windstorms and other events.