Heritage
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Inside P&C’s morning summary of the key stories to get you up to speed fast. -
The counties include Palm Beach, Polk, Orange, Broward, St Lucie, Escambia, Seminole, Osceola, Lake and Miami-Dade.
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The company also proactively suspended writing new personal residential policies in various counties in Florida, effective June 3.
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The Floridian said it had not needed to use the new Reinsurance to Assist Policyholders scheme that was created via new legislation.
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CFO Kirk Lusk also disclosed that the 74% of the company's TIV is now outside of Florida, up from 69% as of Q1 2021.
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The Floridian insurer said the write-down reflected prevailing valuation multiples.
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The Inside P&C research team looks forward to the big issues of the new year.
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As part of the deal, Heritage will transfer ownership of carrier Pawtucket and MGA First Access, as well as claims and underwriting data.
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Storm losses were down 30% to $13mn, but the prior-year result had benefitted from a one-off gain.
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Net cat losses were down, but other weather losses rose by 56% to $35.5mn.
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Despite four major storms striking the US, Heritage sees Q3 cat losses decline by 35%.
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Inside P&C's Research team looks at the prospects of Florida's wave of new arrivals.
