Reinsurance News
United Insurance Holdings
UIHC renews 2023-24 cat reinsurance programs for subsidiaries
6th June 2023
United Insurance Holdings (UIHC) has renewed its 2023-24 catastrophe reinsurance programs, purchasing $1.32bn of occurrence-based limit for subsidiary American Coastal Insurance Company (ACIC) and another $82mn occurrence-based limit for Interboro Insurance Company (ICC). Compared to the $2.52bn of occurrence-based limit in the aggregate purchased for ACIC’s 2022-23 core cat reinsurance program, ... Read the full article
United Insurance Holdings reports improved combined ratio of 70.5% for Q1 2023
16th May 2023
United Insurance Holdings Corp., the property and casualty insurance holding company, has released its financial results for Q1 2023. The company reported a combined ratio of 70.5% for Q1 2023 as compared to a ratio of 191.7% for Q1 2023. It reported a net income of $260.9 million for Q1 2023. ... Read the full article
It will take time for reinsurers to get comfortable with Florida: United CEO Peed
16th May 2023
As United Insurance Holdings works to finalise its June 1st catastrophe reinsurance renewal, Chief Executive Officer (CEO) Dan Peed has said that the Florida residential cat market remains extremely hard, warning that it will take some time for reinsurance companies to get comfortable with the exposures and challenges. The property and ... Read the full article
United (UPC Insurance) forecasts $1.5bn gross loss from hurricane Ian
13th February 2023
United Insurance Holdings (UPC Insurance) has revealed that its total gross losses from Hurricane Ian has increased from its preliminary estimate of $1 billion from Q322, to approximately $1.54 billion as of the end of the full-year. The firm's Hurricane Ian gross loss estimate relates to its personal lines business underwritten ... Read the full article
KBRA downgrades United’s P&C unit after Ian losses
17th October 2022
KBRA has downgraded its ratings for United Insurance Holdings Corp.’s (UPC Insurance) property and casualty (P&C) subsidiary in the wake of Hurricane Ian and after United announced it will incur $36.4 million of Q3 losses from the storm. The rating agency has downgraded the insurance financial strength rating (IFSR) for ... Read the full article
United (UPC) reports $36.4m Hurricane Ian loss for Q3
13th October 2022
Property and casualty insurer United Insurance Holdings Corp. (UPC Insurance) has disclosed that it expects to incur $36.4 million of losses from Hurricane Ian in the third quarter of the year. This figure is net of expected reinsurance recoveries, United specified, as it looks set to pass on the vast majority ... Read the full article
United P&C placed into run-off
25th August 2022
United Insurance Holdings Corp. (UPC Insurance) has confirmed that it is effectively placing its personal lines subsidiary into run-off due to concerns over a lack of available reinsurance capacity. UPC reported last month that its Board had initiated a review to explore range of strategic and capital raising alternatives, including ... Read the full article
United sees GWPs slide in latest results
9th August 2022
United Insurance Holdings has said that gross written premiums in H1 2022 were 15.5% lower than they were in the same quarter of the previous year. Meanwhile, the firm said in a statement that the first half of 2022 had seen gross written premiums at a level 13.3% lower than they ... Read the full article
United reports $21m of Q2 cat losses, completes reorganization
27th July 2022
Property and casualty insurance holding company United Insurance Holdings Corp. (UPC Insurance) has estimated that it incurred catastrophe losses of $21 million during the second quarter of 2022. This figure is before income taxes and net of expected reinsurance recoveries, UPC explained, with the after tax figure estimated at $17 million. The ... Read the full article
United (UPC Insurance) exploring sale, merger, and other options
14th July 2022
The Board of property and casualty insurer, United Insurance Holdings Corp. (UPC Insurance), is undertaking a review of the firm's strategic and capital raising alternatives, which could lead to a sale or merger. According to UPC Insurance, the Board has now initiated the review and will explore a wide range of ... Read the full article
HCI renews reinsurance agreement with United
8th June 2022
Florida-based insurtech HCI Group has announced the renewal of its quota share reinsurance agreement with United Property & Casualty Insurance Company. The new agreement, effective June 1st, 2022, extends the previous agreement between the two companies that expired as of May 31st. As part of the transition of policies from United, HCI ... Read the full article
United (UPC) loss grows due to inflation, litigation issues
10th May 2022
Property and casualty insurance holding company United (UPC Insurance) has reported a net loss of $33.1 million for the first quarter of 2022, compared to a loss of $17.8 million for the same period last year. The company attributed the result to actions taken in its ‘transition year’ last year, as ... Read the full article
UPC plans to consolidate its four Florida domiciled insurance carriers
12th April 2022
United Insurance Holdings Corp. (UPC Insurance), the Florida-headquartered property and casualty (P&C) insurer, has announced a proposed reorganisation plan to consolidate its four Florida domiciled insurance carriers into three, creating a more efficient operating structure going forward. The company is currently seeking regulatory approval to merge Journey Insurance Company into American ... Read the full article
United (UPC) narrows loss in final quarter of ‘transition year’
24th February 2022
Property and casualty insurance holding company United (UPC Insurance) has reported a net loss of $2.3 million for the fourth quarter of 2021, which has been termed a “transition year” for the company as it attempts to reshape its operations. The Q4 loss compares with a much larger loss figure of ... Read the full article
United (UPC) suspends new homeowners business in Florida
11th February 2022
United Insurance Holdings Corp. (UPC Insurance), the Florida-headquartered property and casualty (P&C) insurer, has officially ceased writing new homeowners business in the state, as of January 1st, 2022. In a memo sent to agents, seen by Reinsurance News, the company cited high catastrophe losses from the 2020 storm season, rising reinsurance ... Read the full article
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