The March 27th, 2019 hailstorm that hit the Brevard County, Florida, has resulted in $11 million of weather-related losses, net of quota share reinsurance, for FedNat Holding Company.
Both FedNat Insurance Company and Monarch National Insurance Company have residential property market share above their state-wide averages.
Combined with $0.9 million of adverse development, net of quota share reinsurance, related to hailstorms that hit central Florida and South Carolina in the first-half of 2018, the updated $11 million estimate from the March 27th event, takes FedNat’s Q1 2019 weather-related loss total to approximately $12.2 million.
The firm explains that its catastrophe reinsurance cover only provides protection on an event if covered losses from the event exceed $20 million for FedNat Insurance and $3 million for Monarch.
Floridian insurer Heritage announced recently that of its $15.4 million of expected catastrophe losses in the first-quarter of 2019, more than two-thirds is a result of the Brevard County hailstorm event.