Heritage buys 70% more limit with $3bn reinsurance placement

Fast-growing Floridian insurer Heritage Insurance has expanded
its 2016-2017 reinsurance programme by 70 percent to $3bn, paying a
higher share of gross earned premium to reinsurers than last year
in the process.
Ahead of the 2015 hurricane season the carrier had obtained
$1.76bn of reinsurance limit for an unspecified sum.
This year it spent $240mn on the enlarged reinsurance programme,
which represented about 37 percent of its gross premiums earned -
up 2.6 percentage points over last year.
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