Nephila puts $19mn into Universal

Nephila Capital has taken a $19mn stake in Universal Insurance
Holdings (UIH), which the Florida-based insurer says will allow it
to further reduce its use of quota share reinsurance.
In a statement, UIH said it had sold 1 million treasury shares
for $19 each to Nephila affiliate Ananke Catastrophe Investments,
in a privately negotiated transaction.
And the insurer said it will use the proceeds to accelerate its
expansion outside of Florida and further reduce its quota share
reinsurance.
Its cha