United Insurance Holdings Corp. Secures Additional Reinsurance Coverage
ST. PETERSBURG, Fla.--(BUSINESS WIRE)-- United Insurance Holdings Corp. (Nasdaq: UIHC) (UPC Insurance or the Company), a property and casualty insurance holding company, announced today that it has bound terms that expand its current quota share reinsurance program for United Property & Casualty Insurance Company (UPC) and Family Security Insurance Company (FSIC) from the current cession rate of 22.5% to 30.5% effective December 31, 2020. A quota share cession of 23.0% was secured through May 31, 2022, with the remaining 7.5% pending renewal at June 1, 2021. The Company also bound quota share reinsurance coverage for American Coastal Insurance Company at a cession rate of 23% also effective December 31, 2020, and expiring May 31, 2022.
The general terms and conditions of the quota share reinsurance program are mostly unchanged except for the increased participation rates, which provide additional ground up protection from all perils in all states where the covered companies operate.
“I’m grateful for the support we continue to receive from our reinsurance partners. The additional quota share capacity supports our efforts to reduce operating leverage and improve capital adequacy for 2020 and beyond,” said Brad Martz, President & Chief Financial Officer of UPC Insurance.
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 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. 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.
Source: United Insurance Holdings Corp.