FedNat

The insurer has lifted its ceded premium ratio and noted tougher terms on low-lying all-perils coverage.

The insurer has benefited from recoveries from its captive after reworking its reinsurance treaty with the unit.

The company said adjustments to a previously reported loss related to ceded losses and commissions stemming from a quota share treaty with a captive reinsurer.

The offering ended up well below the $43mn size initially mooted, as the carrier turned to the public market after taking $41mn of losses from winter storm Uri.

Texas winter storm losses to spill over FedNat reinsurance retention.

The company will split out its Florida reinsurance tower and will cede Uri losses to reinsurers after facing six cat events in the past year.

The Floridian has also incurred $23mn of net catastrophe losses in Q4 before tax.

Hurricane Delta triggered the carrier’s aggregate reinsurance programme.

The carrier had topped up its cover earlier this month after Laura triggered recoveries.

The carrier did not give a gross loss estimate, but has added $39.2mn of reinsurance cover for a second event.

Lawyers are diligent in finding avenues to bring litigation against insurers, FedNat’s CEO Michael Braun told analysts on Thursday.

The losses were driven by severe weather events in Florida, Texas and Louisiana.