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Heritage Insurance places its largest reinsurance program

Heritage Insurance Holdings Inc. has placed its 2019-2020 catastrophe reinsurance program for its subsidiaries, including Heritage Property Casualty Insurance Co., Narragansett Bay Insurance Co. and Zephyr Insurance Co.

The first event reinsurance exhaustion point was increased to $1.5 billion, with Heritage Insurance spending $249.2 million for the cover, down from $259.5 million in the prior year.

Heritage's first-event retentions in the southeast and Hawaii remain at $20 million. First-event retention in the northeast was raised slightly to $13.8 million from $12.8 million in the prior year.

"Despite a hard market, we were able to significantly increase our reinsurance program to the highest point in the company's history at a cost savings of $10 million," Heritage Chairman and CEO Bruce Lucas said.