Tower Hill Insurance Exchange has renewed its Florida reinsurance tower at close to $2 billion in size, securing $120 million more limit than its expiring program.
The insurer said this its renewed Florida catastrophe reinsurance cover will protect it in excess of rating agency requirements, across all perils, but protects policyholders to about the same level as the prior year.
Tower Hill has over 300,000 members in Florida and partnered with nearly 40 reinsurers to secure its catastrophe reinsurance needs just in advance of the June 1 renewal date.
The firm’s Tower Hill Prime Insurance Company also secured an additional $111 million of catastrophe reinsurance cover, again ensuring it has protection in excess of rating agency requirements, the company said.
Around 24 top reinsurers backed this smaller tower, which provides reinsurance to cover Tower Hill Prime’s commercial insurance risks across the Southeast, including Florida, and residential risks across 16 states outside of Florida.
Bill Shively, Tower Hill’s Executive Chairman, commented, “I am optimistic about the opportunities in Florida and beyond. Tower Hill remains committed to continuing to be an innovator in the industry and a regional carrier of choice.”
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