Benzinga | May 26, 2021 04:15PM EDT

Heritage Announces 2021-2022 Catastrophe Reinsurance Program

2021-2022 catastrophe reinsurance program key points:

* Total cost to Heritage of approximately $312 million, accounting for 28% of March 31, 2021 premiums-in-force.

* First event reinsurance tower exhaustion point of $1.4 billion and total limit of $2.5 billion in the southeast.

* $640 million of private market layers automatically reinstate, all of which are prepaid and included in the cost above.

* First event loss retention in the southeast and Hawaii of $32.0 million and $20.7 million in the northeast.

* Florida Hurricane Catastrophe Fund participation of 90%.