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United Insurance renews reinsurance agreements

United Insurance Holdings Corp. has renewed its reinsurance agreements, which provide coverage for in-force, new and renewal business, effective Jan. 1.

The company, through wholly owned insurance subsidiaries American Coastal Insurance Co. Inc., United Property & Casualty Insurance Co., Family Security Insurance Co. Inc. and Interboro Insurance Co. Inc., renewed its aggregate excess of loss reinsurance agreement with a private reinsurer 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 7% of the covered companies' subject gross earned premium. The private reinsurer will then be liable for all losses in excess of the covered companies' retention in the aggregate, not to exceed $30 million over the term of the treaty.

Also, United Insurance renewed all other catastrophe perils excess of loss agreement with private reinsurers. The agreement provides protection from catastrophe loss events other than named windstorms and earthquakes up to $110 million, up $10 million from 2019. Additionally, the company increased its aggregate protection by adding a prepaid reinstatement to the $30 million of limit provided by second layer of the program.

Separately, the company 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 reinsurer's maximum liability for all losses during the treaty period is $7.5 million.