ST. PETERSBURG, Fla.--(BUSINESS WIRE)--United Insurance Holdings Corp. (Nasdaq: UIHC) (UPC Insurance or the Company), a property and casualty insurance holding company, today announced that effective June 1, 2019, United Insurance Holdings Corporation (“UPC Insurance”), through its insurance subsidiaries American Coastal Insurance Company, Family Security Insurance Company, Interboro Insurance Company, Journey Insurance Company, United Property and Casualty Insurance Company, and BlueLine, renewed its catastrophe reinsurance programs.
“I’m very proud of the tremendous support we received from our reinsurance partners and the hard work of our entire leadership team to make this year’s placement successful,” said Brad Martz, Chief Financial Officer of UPC Insurance. “The Company’s reinsurance programs have continued to evolve in support of our growth and provide robust protection against the frequency and severity of catastrophe events for our shareholders.”
Highlights of the Company’s agreements are as follows:
- Increased total catastrophe reinsurance limit to $4B;
- Increased core multi-event cascading catastrophe reinsurance limit to $3.2B;
- Lower per occurrence and aggregate retention levels;
- Catastrophe excess of loss reinsurance spend increased at a far slower rate than the growth in premiums in force;
- Increased multi-year catastrophe excess of loss reinsurance limit by $87.5M; and
- Over 90% of the limit is provided by reinsurers with an A+ A.M. Best financial strength rating or is fully collateralized.
- Effective June 1, 2019, UPC Insurance Company renewed its quota share agreement with private reinsurers.
The full details of the program are also noted in a filing with the Securities and Exchange Commission on Form 8-K, which interested parties can view at http://investors.upcinsurance.com/Docs.
About UPC Insurance
Founded in 1999, UPC Insurance is an insurance holding company that sources, writes and services personal and commercial residential property and casualty insurance policies using a group of wholly owned insurance subsidiaries and one majority owned insurance subsidiary through a variety of distribution channels. The Company currently writes policies in Connecticut, Florida, Georgia, Hawaii, Louisiana, Massachusetts, New Jersey, New York, North Carolina, Rhode Island, South Carolina and Texas, and is licensed to write in Alabama, Delaware, Maryland, Mississippi, New Hampshire and Virginia. From its headquarters in St. Petersburg, UPC Insurance's team of dedicated professionals manages a completely integrated insurance company, including sales, underwriting, customer service and claims. UPC Insurance is a company committed to financial stability and solvency.
Statements made in this press release, or on the conference call identified above, and otherwise, that are not historical facts are “forward-looking statements” that anticipate results based on our estimates, assumptions and plans and are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words such as “may,” “will,” “expect,” "endeavor," "project," “believe,” “anticipate,” “intend,” “could,” “would,” “estimate” or “continue” or the negative variations thereof or comparable terminology. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and, except as required by applicable law, we undertake no obligation to update or revise any forward-looking statement.