Universal to cut QS after $19mn Nephila investment

Nephila Capital has taken a $19mn stake in Universal Insurance
Holdings (UIH) that 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's Ananke Catastrophe Investments
affiliate in a privately negotiated transaction.
And the insurer - which operates as Universal Property &
Casualty Insurance Company - said it will use the proceeds to
accelerate its expansi