Heritage Insurance Holdings, a property and casualty insurance holding company, today announced that its subsidiary, Heritage Property & Casualty Insurance Company (Heritage P&C) completed the placement of its 2015-2016 reinsurance program.
The program is allocated amongst traditional reinsurers, catastrophe bonds issued by Citrus Re, and the Florida Hurricane Catastrophe Fund (FHCF).
The program provides approximately $1.76bn in reinsurance protection for catastrophic losses, and exceeds requirements established by its rating agency, Demotech, Inc., and the Florida Office of Insurance Regulation.
"We are pleased with the balance and magnitude of our reinsurance program. Our reinsurance program is unique in that approximately one-third of the reinsurance was placed with traditional reinsurers, catastrophe bond investors, and the FHCF. Our 2015 reinsurance program reduced reliance on the FHCF and expanded multi-year, fully collateralized catastrophe bonds," said Heritage Chairman and CEO Bruce Lucas.
"The completion of a $1.76 billion reinsurance program protects our investors and policyholders, and utilizes excess of loss cover without reliance on quota share reinsurance."
Heritage Insurance Holdings is a property and casualty insurance holding company headquartered in Clearwater, Florida.
Its subsidiary, Heritage Property & Casualty Insurance Company, writes approximately $500m of personal and commercial residential premium through a large network of experienced agents. Heritage is led by an experienced senior management team with an average of 28 years of insurance industry experience.