Universal
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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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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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It was nearly 900% up on the year-ago figure, as the insurer’s executives cautiously welcomed new Florida legal reforms.
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The Floridian carrier said reinsurance spending was up by 5%.
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The insurer reported no new above-budget weather losses in the quarter.
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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 executive was previously an underwriter at Chubb Tempest Re and Odyssey Re.
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Hurricanes Isaias and Sally were "full retention events" and the firm took 2,000 new Irma cat claims in Q3, the company said.
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Universal’s combined ratio deteriorated by 37 points to 134.7%, driven by Laura and Sally losses.
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In June, the company renewed its reinsurance program, holding the program’s retention for Florida events steady at $43mn.
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The executive joins from Universal, where he was president of the Floridian’s American Platinum division.
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Universal said it made ‘significant progress’ in closing Irma claims.
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