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Universal Insurance Holdings units complete reinsurance programs

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Universal Insurance Holdings units complete reinsurance programs

Universal Insurance Holdings Inc. subsidiaries Universal Property & Casualty Insurance Co. and American Platinum Property and Casualty Insurance Co. have completed their 2018-2019 reinsurance programs, effective June 1.

Under the program, Universal Property & Casualty maintained $35 million catastrophe retention for a Florida loss and $5 million catastrophe retention for a loss involving other states. The company extended the top of its reinsurance tower for a single Florida event to $3 billion, $350 million more than last year's top end at the time of placement. The top level of the reinsurance tower for the new program would provide coverage for over a 1-in-300-year event, as compared to a 1-in-272-year event for last year's program.

Universal Property & Casualty also secured more than $365 million of catastrophe capacity with contractually agreed-upon limits that extend coverage to the 2019 wind season or beyond. All $365 million of this multi-year capacity is below the Florida Hurricane Catastrophe Fund layer.

In the case of American Platinum, the company maintained $2 million catastrophe retention and expanded the top of its reinsurance tower for a single event by 24% more than last year's top end, at the time of placement.

Nephila Capital Ltd., via Allianz Risk Transfer (Bermuda) Ltd.; Everest Re Group Ltd.; RenaissanceRe Holdings Ltd.; Chubb Tempest Reinsurance Ltd.; and Lloyd's of London's syndicates are among the private participants to take part in the reinsurance program.