United Insurance Holdings Corp

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.

She previously worked as VP underwriting for IAT insurance group, a Florida based property-casualty carrier.

The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.

The Florida-based carrier is now scaling back personal lines exposure and raising rates after reporting a $25mn Q2 loss.

The carrier reduced its catastrophe retentions and increased quota share reinsurance protection.

In a filing, the company said he was leaving the post “to pursue another opportunity”.

UPC’s early look at its expected cat toll for Q2 – typically a quiet period for cat events – could be a signal that the quarter was busier than usual for weather events.

Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.

The carrier cut back its treaty limit by around 13% and lowered its deductible.

UPC also said it had retained Raymond James to explore a sale of Interboro, in a bid to deleverage its capital.

This came as the insurer said its reinsurance programme was oversubscribed and it expected rate increases to be in a mid single digit range.

United Insurance Holdings reported a core after-tax loss of $19.4mn for the first quarter of 2021, as elevated natural catastrophe claims from Winter Storm Uri and a $30mn reserve charge weighed on the carrier’s results.