Universal Insurance Holdings Inc. units Universal Property & Casualty Insurance Co. and American Platinum Property and Casualty Insurance Co. have completed their 2019-2020 reinsurance programs, effective June 1.

Under the program, Universal Property & Casualty expanded the top of its reinsurance tower for a single Florida event to $3.28 billion, up $134 million from the final 2018-2019 program. Of this coverage, $1.3 billion has limits that automatically reinstate to guarantee a certain level of protection in multi-event scenarios. The company also expanded its first-event catastrophe retention for a Florida loss to $43 million from $35 million and its first-event catastrophe retention for a loss involving other states to $10 million from $5 million.

The top level of the reinsurance tower for the company's new program would still provide coverage past the 1-in-300-year event level, consistent with the previous program.

Also, Universal Property & Casualty obtained $222.6 million of catastrophe capacity with limits that extend coverage to the 2020 wind season or beyond. The company now has a total of $382.6 million of this multiyear capacity, all below the Florida Hurricane Catastrophe Fund layer.

American Platinum maintained its $2 million first-event retention for all states, with a tower of $27.5 million.

The total cost of the 2019-2020 reinsurance programs for both subsidiaries is anticipated to be $417 million. This represents about 33.3% of estimated direct earned premium for the 12-month treaty period.

The private reinsurance participants taking part in the reinsurance programs include Nephila Capital Ltd. via Allianz Risk Transfer (Bermuda) Ltd., Everest Re Group Ltd., RenaissanceRe Holdings Ltd., Munich Re Co., Arch Reinsurance Ltd., Chubb Tempest Reinsurance Ltd. and Lloyd's of London syndicates.