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UFG enters into program management agreement with Topsail Re

Released on: Feb 23, 2021, 08:00 AM
CEDAR RAPIDS, Iowa – February 23, 2021 

UFG Insurance is pleased to announce its entry into a program management agreement with Topsail Re. This 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 and casualty reinsurance business on its own balance sheet. Effective February 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. 

“Our partnership with Topsail Re is an exciting opportunity to provide new reinsurance capacity to the commercial auto, commercial casualty and personal auto marketplace,” said UFG Vice President and Chief Risk Officer Micah Woolstenhulme, who is leading the company’s assumed reinsurance expansion efforts. “Our strategy to expand and diversify our reinsurance portfolio is perfectly aligned with Topsail Re’s expertise in underwriting, pricing and structuring reinsurance risks. Together, we offer a compelling option for cedants to leverage the value of both organizations in any reinsurance placement.” 

Founded in 2018, 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. Led by industry veteran, David D. Johnson, the company is committed to providing a stable, long-term platform for its reinsurance partners. 

Topsail Chief Executive Officer David Johnson commented, “I am excited for Topsail to partner with UFG. Our arrangement is quite unique given our significant aligned interests and similar cultures. We look forward to continuing our growth plans with a perfect companion partner.”

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About UFG
Founded in 1946 as United Fire & Casualty Company, United Fire Group, Inc. (UFG, Nasdaq: UFCS), through its insurance company subsidiaries, is engaged in the business of writing property and casualty insurance. 

Through our subsidiaries, we are licensed as a property and casualty insurer in 49 states, plus the District of Columbia, and we are represented by approximately 1,000 independent agencies. A.M. Best Company assigns a rating of “A” (Excellent) for members of the United Fire & Casualty Group.

For more information about UFG, visit www.ufginsurance.com.

About Topsail Re
Founded in 2018, Topsail Re is a closely held Reinsurance Group with a licensed Reinsurer domiciled in the Cayman Islands and affiliated services companies based in the US. Topsail’s strategy is to be disciplined and patiently develop long term profitable relationships with companies that are like minded. Topsail has significant financial backing with no outside investors utilizing a dedicated capital base and the ability to access additional capital to support future growth. Topsail Re is a US tax paying entity under section 953(d) of the US tax code.

For more information about Topsail Re, visit http://www.topsailre.com/.