United Insurance Holdings Corp
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Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends. -
The consolidation plan, subject to regulatory approval, seeks to create a more efficient operating structure for United going forward.
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The firm said its results reflect its aim to return to profitability in 2022.
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The Inside P&C research team looks forward to the big issues of the new year.
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The Florida-headquartered carrier blamed litigation rates and rising reinsurance costs for the move.
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Inside P&C's Research team looks at the prospects of Florida's wave of new arrivals.
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Coupled with aggregate cover the company has in place, United said Thursday that exposure to cat events for the remainder of its current reinsurance program would be $9mn.
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She previously worked as VP underwriting for IAT insurance group, a Florida based property-casualty carrier.
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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The Florida-based carrier is now scaling back personal lines exposure and raising rates after reporting a $25mn Q2 loss.
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The carrier reduced its catastrophe retentions and increased quota share reinsurance protection.
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In a filing, the company said he was leaving the post “to pursue another opportunity”.
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