Universal
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The Floridian insurer’s loss from the hurricane was within its reinsurance retentions.
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The executive said that the company reduced its consolidated retention and ceded premium ratio for its 2023 and 2024 treaty program.
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This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.
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The carrier’s combined ratio totaled 100%, up 2.1 points from Q1 2022, reflecting a higher net loss ratio, partially offset by a lower net expense ratio.
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The carrier reported a Q4 combined ratio of 101.4%, an improvement of 30 points year-on-year, driven by a 27-point reduction in its loss ratio.
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The carrier reported 76.3% for its loss ratio for the quarter, which resulted from a lower current accident-year net loss ratio and lower adverse prior-year reserve development.
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Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.
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The executive added that while the Florida market has seen benefits from recent legislation, the major issue remaining is one-way attorney fees.
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The Floridian's loss ratio increased 42.8 points, reflecting $111mn of retained Hurricane Ian losses and a higher attritional initial accident year loss pick.
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The company estimates its overall gross loss to be approximately $1bn, below its $3bn overall reinsurance tower.
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Demotech wrote to more than 15 carriers to warn of a possible downgrade last month.
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The firm said it was well prepared for hurricane season with no gaps in reinsurance coverage.
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