Vesta Insurance of Birmingham, issued a statement saying it has complete reinsurance coverage for Hur-ricane Wilma claims in Florida.
“As previously disclosed, Vesta’s losses from Hurricanes Katrina and Rita did not reach the company’s catastrophe excess of loss reinsurance program threshold. As previously disclosed in a Form 8-K filed July 7, 2005, Vesta and its subsidiary insurance companies including Florida Select, have excess of loss catastrophe reinsurance in effect, including the Florida Hurricane Catastrophe Fund, to cover gross losses in excess of $20.0 million up to approximately $218.0 million in Florida,” the statement said.
“Additionally, the company has a 50 percent quota share reinsurance agreement in place. As a result, in the event that Hurricane Wilma impacts Florida, Vesta’s maximum potential net loss exposure would be approximately $10.0 million plus any additional reinstatement premiums which will depend on the size of the gross loss.”
Topics Florida Reinsurance
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