Tower Hill Insurance Exchange has completed its Florida reinsurance program ahead of the June 1 renewal date, securing close to $2 billion in catastrophe reinsurance cover to protect it in excess of rating agency requirements, including all perils.
According to Tower Hill, this coverage includes $120 million more limit than the expiring program and protects its policyholders to a similar level.
Tower Hill Prime Insurance Company has also secured an additional $111 million of cover, providing protection in excess of rating agency requirements.
Tower Hill Prime provides insurance for commercial risks in the Southeast, including Florida, and residential risks in 16 states outside of Florida.
According to the firm, around two dozen top-rated reinsurers are partners to its Tower Hill Prime program for this coming season.
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.”
In a written statement, Tower Hill said, “With over 300,000 members in Florida, Tower Hill Insurance Exchange’s top priority is to make sure its members are well protected.
“Tower Hill Insurance Group has over 50 years of experience protecting the customers of Florida. Partnering with nearly 40 top-rated reinsurers, our members can rest well at night.
“Tower Hill Insurance Exchange and Tower Hill Prime thank all of our members and policyholders for choosing Tower Hill to protect their most valued assets, as well as our agents for their continued partnership.”
