Property and casualty insurance holding company UPC Insurance has successfully renewed its all other perils catastrophe excess of loss agreement (AOP CAT agreement) and its personal property excess per risk agreement (Personal Lines XPR agreement).
These agreements provide coverage for in-force, new and renewal business.
Effective January 1, UPC Insurance, via its subsidiaries American Coastal Insurance Company, United Property and Casualty Insurance Company, and Family Security Insurance Company, Inc., renewed the AOP CAT agreement with private reinsurers all rated A- or better by AM Best.
The agreement provides protection in excess of $15 million from all catastrophe loss events other than named windstorms and earthquakes up to $110 million.
Additionally, the company increased its aggregate protection provided under this agreement by adding a reinstatement to the first $45 million of limit provided by the program.
Effective January 1, 2021, UPC Insurance, through its wholly owned insurance subsidiaries United Property and Casualty Insurance Company, Family Security Insurance Company, Inc., and Interboro Insurance Company, renewed the Personal Lines XPR agreement with a private reinsurer.
The agreement provides $2.5 million of limit excess of $1.5 million to limit the Company’s personal property exposure to non-catastrophe losses from any one claim. The reinsurer’s maximum liability for all losses during the treaty period is $7.5 million.
