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Universal reinsurance spend up 4% to $156mn
Universal Property & Casualty Insurance Company increased its reinsurance spending by 3.7 percent to $155.5mn for the 2017-18 year, as it obtained 10 percent more limit.
The carrier's cover against a first-event Florida loss rose to $2.65bn, from $2.4bn last year.
Universal's largest reinsurance providers continue to be Nephila Capital, Everest Re, RenaissanceRe, Chubb and Lloyd's syndicates.
The insurer also lifted its multi-year cover to $300mn, up from $100mn last year.
Universal kept its retentions stable at $35mn
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What Is Reinsurance?
Reinsurance is a form of insurance purchased by insurance companies in order to mitigate risk. Essentially, reinsurance can limit the amount of loss an insurer can potentially suffer. In other words, it protects insurance companies from financial ruin, thereby protecting the companies' customers from uncovered losses.
What is reinsurance?
The simple explanation is that reinsurance is insurance for insurance companies. Reinsurance is the mechanism that insurance companies use to lower their risk or reduce their exposure to a specific catastrophic event.
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Aspen appoints new Chief Risk Officer
Aspen Insurance Holdings, the Bermudian, Lloyd’s of London and U.S. platformed insurance and reinsurance specialist, has appointed Tim Aman as its new Chief Risk Officer.
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Pages
Universal reinsurance spend up 4% to $156mn
Universal Property & Casualty Insurance Company increased its reinsurance spending by 3.7 percent to $155.5mn for the 2017-18 year, as it obtained 10 percent more limit.
The carrier's cover against a first-event Florida loss rose to $2.65bn, from $2.4bn last year.
Universal's largest reinsurance providers continue to be Nephila Capital, Everest Re, RenaissanceRe, Chubb and Lloyd's syndicates.
The insurer also lifted its multi-year cover to $300mn, up from $100mn last year.
Universal kept its retentions stable at $35mn
- Read full article
- Comments(0) To comment, please Sign In
What Is Reinsurance?
Reinsurance is a form of insurance purchased by insurance companies in order to mitigate risk. Essentially, reinsurance can limit the amount of loss an insurer can potentially suffer. In other words, it protects insurance companies from financial ruin, thereby protecting the companies' customers from uncovered losses.
What is reinsurance?
The simple explanation is that reinsurance is insurance for insurance companies. Reinsurance is the mechanism that insurance companies use to lower their risk or reduce their exposure to a specific catastrophic event.
- Read full article
- Comments(0) To comment, please Sign In
Aspen appoints new Chief Risk Officer
Aspen Insurance Holdings, the Bermudian, Lloyd’s of London and U.S. platformed insurance and reinsurance specialist, has appointed Tim Aman as its new Chief Risk Officer.
- Read full article
- Comments(0) To comment, please Sign In