Topsail Re has entered into a program management agreement with UFG Insurance that will see the two firms risk share on certain lines of business.
UFG recently announced plans to expand its assumed reinsurance business and Topsail desires to provide additional capacity to its cedants, where appropriate.
Effective February 15, Topsail will underwrite and manage commercial and personal casualty reinsurance on behalf of United Fire & Casualty Company, a wholly owned subsidiary of UFG.
“Our partnership with Topsail Re is an exciting opportunity to provide new reinsurance capacity to the commercial auto, commercial casualty and personal auto marketplace,” said UFG Vice President and Chief Risk Officer Micah Woolstenhulme, who is leading the company’s assumed reinsurance expansion efforts.
“Our strategy to expand and diversify our reinsurance portfolio is perfectly aligned with Topsail Re’s expertise in underwriting, pricing and structuring reinsurance risks. Together, we offer a compelling option for cedants to leverage the value of both organizations in any reinsurance placement.”
Topsail Chief Executive Officer David Johnson commented, “I am excited for Topsail to partner with UFG. Our arrangement is quite unique given our significant aligned interests and similar cultures. We look forward to continuing our growth plans with a perfect companion partner.”