United Insurance Holdings Corp
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Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss. -
The executive added that the company's expected retention from a second event is estimated at $31.8mn.
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UPC’s closing price hit the bottom of $0.99 per share on Sept 6 and has remained below the $1.00-threshold ever since.
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The insurer has received roughly 19,000 claims to date and estimates it will receive 27,000 to 30,000 claims.
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As the loss numbers for Hurricane Ian begin to come into focus, three topics to watch are impact from demand surge, litigation trends, and rate activity.
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Hurricane Ian’s total effect is still unknown, but lessons from Hurricane Irma give insight into potential outcomes.
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If current forecasts prove accurate, this will be a pivotal moment for the already off-balance Florida cohort and could result in a new market landscape.
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In late August, UPC signaled that it will pull out of personal lines in Florida, Texas, Louisiana and New York.
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With the most active hurricane month just a week away, the moment of truth has finally come for the already strained Floridians.
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On August 1, Demotech downgraded UPC's financial stability rating by two notches to M from A.
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It is unclear if policies transferred by UPC to other entities through quota shares and renewal rights deals are covered by federal mortgage institutions.
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The insurer also completed the reorganization plan to consolidate its four Florida domiciled insurance carriers into two.
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