Florida’s United Insurance Holdings Corp. crafts property aggregate reinsurance contracts

In a state known for widespread windswept storm damage, St. Petersburg’s United Insurance Holdings Corp. recently announced its loss reinsurance program revision effective Jan. 1 through Dec. 31, 2016, replacing previous contracts with updated protections.


In a state known for widespread windswept storm damage, St. Petersburg, Florida’s United Insurance Holdings Corp. recently announced its loss reinsurance program revision effective Jan. 1 through Dec. 31, 2016, replacing previous contracts with updated protections.

UPC Insurance, as the residential and casualty policy company is known, readjusted its figures, replacing last year’s $22 million excess of $3 million per claim coverage in order to guard the business from accumulated losses. During 2016, UPC will retain the first $15 million of aggregate catastrophe losses, and transfer the next $20 million — with the exception of windstorms officially named by the National Hurricane Center.

“We are pleased to have put this new catastrophe reinsurance program into effect. It provides us much greater protection from annual earnings degradation due to winter or convective storms than we have had in the past,”  Brad Martz, UPC Insurance’s CFO, said. “The panel of reinsurers is very strong, and we appreciate the partnerships we have formed with our reinsurance counterparties. Over time, these relationships will help us manage the inherent volatility in our business and enable us to produce consistent profitability and strong returns on capital.”

The newly revised catastrophe aggregate program is categorized by two types of coverage: frequency protection and severity protection. UPC Insurance sources and delivers policies through a network of independent agents plus wholly owned subsidiaries nationwide.

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