Universal
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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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The only Covid-related item cited was a decrease in fair value of certain investment securities which recovered in Q2.
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On its quarterly earnings call the Floridian insurer updated investors and analysts on how it has responded to the Covid-19 crisis and disclosed $50mn of Irma reserve development.
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The carrier has $1.3bn of public reinsurance cover remaining.
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Universal also took a modest reserve charge of a little more than $4mn.