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Universal Insurance subsidiaries complete reinsurance programs

Universal Insurance Holdings Inc. subsidiaries Universal Property & Casualty Insurance Co. and American Platinum Property & Casualty Insurance Co. completed their 2017-2018 reinsurance programs, effective June 1.

The largest private participants in the programs included Nephila Capital Ltd. (via Allianz Risk Transfer), Everest Re Group Ltd., RenaissanceRe Holdings Ltd., Chubb Tempest Reinsurance Ltd. and Lloyd's of London syndicates.

Universal Insurance President and Chief Risk Officer Jon Springer said in a news release that a $35 million catastrophe retention for a loss in Florida and a $5 million catastrophe retention for a loss involving other states were maintained even as Universal Property & Casualty Insurance's business expands.

Springer also said Universal Property & Casualty Insurance added a new contract that reduces its second, third and fourth event retention for a catastrophe loss outside Florida to $1 million. It also expanded the top of its reinsurance tower for an individual Florida event to $2.65 billion. The company also secured more than $300 million of catastrophe capacity with limits that extend for two or more years.