American Coastal
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The closing of the Interboro sell-off was postponed to nearer the end of the year.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The transfer is intended to allow Brad Martz to “focus on his position as president of American Coastal,” the company said in a regulatory filing.
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The agreement provides coverage for in-force, new and renewal business, with up to $100mn of limit excess of $10mn per occurrence.
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A non-binding term sheet was signed on October 6, whereby the buyer will acquire 100% of Interboro’s issued and outstanding securities in exchange for cash.
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The Inside P&C news team runs you through the earnings results for the day.
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The Inside P&C news team runs you through the earnings results for the day.
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ACIC’s program offers sufficient coverage for approximately a one-in-167-year event and a one-in-100-year event followed by a one-in-50-year event in the same season, the company said.
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Forecasts for “near-normal” activity may mean the chance at a reprieve for the Florida market, but a history of underestimates warrants caution.
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The company now expects to file the quarterly report on or before May 22.
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The company is also nearing completion of Interboro Insurance Company’s program renewal.
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United said it will require additional time to finalize its financial statements and disclosures “related to subsequent events”.
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Executives were speaking after the company reported a combined ratio of 308.8% for the fourth quarter, a 200-point hike from the prior-year period.
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United Insurance Holdings said it had fully exhausted its personal lines reinsurance cover on the event, rendering its personal lines carrier insolvent.
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The move follows the company’s loss estimate increase to $1.54bn from a preliminary estimate of $1bn.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The firm will exhaust its personal lines reinsurance coverage on the storm, pushing its personal lines carrier into insolvency, with commercial claims doubling.
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The moves follow RenRe’s positive feedback on January 1 renewals, and UPC selling most of its outstanding policies in Florida to InsurTech Slide.
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The transaction provides relief for policyholders and agents, but especially for those policyholders whose policies expire past UPC’s June 1 deadline.
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Receivership has been historically lower in the past 20 years, but trouble in Florida breaks away from the overall P&C industry trend.
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The carrier had earlier signalled that uncertainty over reinsurance would affect its ability to write new business.
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KBRA also affirmed the A- ISFR for subsidiaries American Coastal Insurance Company and Interboro Insurance Company.
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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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Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.
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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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Just last week, the insurer launched a strategic review as the latest insurance carrier to run into challenges operating in the state’s homeowners’ market.
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