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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For most policy forms, all roof types must be 15 years or newer to write new business in certain counties.
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The reinsurer has put the first layer through its captive, a move that reflects the lack of reinsurance capacity for this high-risk business.
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The carrier has already secured 85% of all-states, first-event cover for the June renewal.
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Florida-based Universal sees 6.1% drop in policies in force; challenging claims environment pressures underwriting profit.
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CEO Steve Donaghy said the hires would boost the company’s strategic objectives.
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In its earnings call, the firm said lower policies in force and higher premiums would increase the firm’s top line
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The company deepened its overall net loss to $48.1mn, as it said non-cat losses and Hurricane Irma creep contributed to reserve deterioration.
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Universal Insurance Holdings books $30.7mn reserve charge and sees $21.5mn in weather above plan for Q4, with shares plunging on the news.
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The financials from the listed Floridians show them plotting a path through challenges by exposure management and rate rises, but reinsurers are still picking up notable storm losses from this reinsurance-reliant group.
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Weather losses continued to take a relatively high toll amid a mixed picture for prior-year reserving levels.
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It was nearly 900% up on the year-ago figure, as the insurer’s executives cautiously welcomed new Florida legal reforms.
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Universal Insurance Holdings reports premium growth and lower cat losses in Q2.
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The Floridian carrier said reinsurance spending was up by 5%.
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The hurricane made landfall in Alabama on 16 September 2021 and swept through a number of southern states.
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The insurer reported no new above-budget weather losses in the quarter.
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The insurer is turning to the ILS market after a busy year for Florida deals in 2020.
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The executive was previously an underwriter at Chubb Tempest Re and Odyssey Re.
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The carrier transferred $44mn from a holding company to its insurance subsidiary in the quarter.
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Hurricanes Isaias and Sally were "full retention events" and the firm took 2,000 new Irma cat claims in Q3, the company said.
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Universal’s combined ratio deteriorated by 37 points to 134.7%, driven by Laura and Sally losses.
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In June, the company renewed its reinsurance program, holding the program’s retention for Florida events steady at $43mn.
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The executive joins from Universal, where he was president of the Floridian’s American Platinum division.
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Universal ceded $11mn of prior-year losses to reinsurers.
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The carrier has now exhausted its private reinsurance cover for 2017 storm Irma, with $1.3bn of public reinsurance cover remaining.
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