Heritage
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Higher underlying losses also cost the Floridian insurer, but it managed to deliver prior-year reserve releases.
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The Floridian insurer expects net current quarter “other weather” losses to make up $16.1mn of the claims tally.
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Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.
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The Floridian grew premiums in all states and products, and by 20% overall, to $282mn.
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The company announced the departures of former CEO Bruce Lucas and former president Richard Widdicombe last year.
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Former president Widdicombe has taken the role of chairman, as planned, but won’t serve on any board committee.
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The Heritage co-founder said InsurTechs need more insurance expertise and to focus on underwriting margin.
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The Floridian carrier is not looking to expand in Louisiana or Texas, citing the elevated catastrophe risks.
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The carrier reported increased favourable development but sank to a combined ratio of 123% on what the CEO labelled "unprecedented" weather losses.
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The carrier’s co-founder Bruce Lucas will step down as CEO on November 30.
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Florida rivals Universal and United had previously announced quarterly cat loss totals of $58mn and $135mn apiece.
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An expanding book of primary business and the elimination of quota share agreements helped boost profits.