Iowa’s UFG, Topsail Re Agree on Program Management Sharing Plan
UFG Insurance, based in Cedar Rapids, Iowa, and Topsail Re have agreed to share program management and risk for certain lines of business.
According to UFG, the new agreement is a companion lines arrangement wherein UFG and Topsail Re will risk share on certain lines of business. UFG recently announced plans to expand its assumed reinsurance business and Topsail desires to provide additional capacity to its cedants, where appropriate.
Topsail Re currently underwrites in excess of $300M of property/casualty reinsurance business on its own balance sheet. Effective Feb. 15, 2021, Topsail will underwrite and manage commercial and personal casualty reinsurance on behalf of United Fire & Casualty Company, a wholly owned subsidiary of UFG.
Founded in 2018 and led by David D. Johnson, Topsail Re is a closely held reinsurance group with a licensed reinsurer domiciled in the Cayman Islands and affiliated services companies based in the U.S.
Founded in 1946 as United Fire & Casualty Company, United Fire Group Inc. (UFG) writes property and casualty insurance through its insurance company subsidiaries and is licensed in 49 states, plus the District of Columbia.