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United Insurance extends quota share agreement

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United Insurance extends quota share agreement

United Insurance Holdings Corp. extended its quota share reinsurance agreement and renewed other reinsurance agreements.

The company extended its 20% quota share agreement that was set to expire Dec. 31, 2018, through May 31. The coverage and terms are unchanged. The extension was effective Dec. 31, 2018.

United Insurance also renewed its aggregate excess of loss reinsurance agreement on a fully collateralized basis. The company is covered against all catastrophe perils except for hurricanes, tropical storms, tropical depressions and earthquakes.

United Insurance will retain, in the aggregate, 100% of those losses up to 5.75% of the covered companies' gross earned premium. The private reinsurer will then be liable for all losses excess of 5.75% of the covered companies' gross earned premium in the aggregate, not to exceed $30 million over the term of the treaty. Recoveries will be calculated quarterly based on the cumulative year-to-date gross earned premium.

Also, United Insurance renewed all other catastrophe perils excess of loss agreement with private reinsurers. The agreement provides $85 million of limit excess of $15 million per occurrence to reduce the company's losses from catastrophe loss events other than named windstorms and earthquakes.

Separately, United Insurance renewed its personal property excess per risk agreement that gives $2.5 million of limit excess of $1.5 million to trim the company's personal property exposure to noncatastrophe losses from any one claim. The private reinsurer's maximum liability for all losses during the treaty period is $7.5 million.

The renewals were effective Jan. 1.