Universal Insurance Holdings, the Florida headquartered insurer, has already completed its June reinsurance renewal and its CEO said that the company added more multi-year protection this time, while also adding more reinsurers to its panel.
As a Florida focused carrier, Universal is considered one of the bellwether’s for signals of appetite for risk and use of reinsurance for those operating in the state.
Back in March, the company had already revealed that it had secured 90% of its first-event reinsurance tower for 2024 with more multi-year coverage, as the company got out early to avoid the market congestion around the mid-year renewals.
Now, Stephen J. Donaghy, Chief Executive Officer of Universal, has explained that the mid-year reinsurance renewal is completed some weeks ahead of the coverage inception date.
“I’m pleased to announce the completion of our 2024-2025 reinsurance renewal for our insurance entities, as our program is now fully supported and secured,” CEO Donaghy explained in announcing the insurers first-quarter results (read more on the results over at our sister publication Reinsurance News).
Donaghy went on to explain that, “We’ve also secured additional multi-year coverage, taking us through the 2025-2026 hurricane season and have added new, financially strong reinsurers to our existing panel of long-term partners.”
“This achievement reflects the diligence and planning of our reinsurance team throughout the year,” he added. Also saying that, “Program cost and coverage were consistent with our expectations and we’ll provide specific details at the end of May, as we typically do.”
Universal has been growing back into Florida and reported 5.2% growth in Florida for the first-quarter, but also 25.6% in other states, showing that its still on a path to diversify its business further.
Still, almost 80% of Universal’s premiums written in Q1 2024 came from Florida, reflecting the fact its reinsurance tower is largely a Florida wind risk opportunity.
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