Reinsurance News
United Insurance Holdings
UPC Insurance names CFO Martz as President; Dittman as CRO
7th July 2020
United Insurance Holdings Corp. (UPC Insurance), a property and casualty insurance holding company, has revealed that its Board of Directors has appointed the firm's Chief Financial Officer (CFO), B. Bradford Martz, to also serve as its President. In this expanded role, Martz will continue to report to UPC Insurance's Chief Executive ... Read the full article
UPC Insurance pegs Q2 cat losses at $30 million
3rd July 2020
Property and casualty insurance holding company, United Insurance Holdings Corp. (UPC Insurance), has announced estimated catastrophe losses of roughly $30 million pre-tax ($23mn after-tax) for the second-quarter of 2020. The approximately $30 million of pre-tax cat losses is net of expected reinsurance recoveries, and compares with net retained cat losses ... Read the full article
John Forney to depart United Insurance, Daniel Peed succeeds
19th June 2020
Property and casualty insurance holding company United Insurance has added Daniel Peed as chairman of the board of directors and Chief Executive Officer. Effective July 1, Peed will succeed John Forney, who is due to step down as President and CEO on June 30 to pursue other opportunities. Peed was most recently ... Read the full article
United Insurance renews cat reinsurance programs
3rd June 2020
United Insurance Holdings Corp. (UPC Insurance) has renewed its catastrophe reinsurance programs at June 1, including an increased multi-event cascading limit of $3.257 billion. The limit was increased by $101 million, or 3.2% on the $3.156 billion of multi-event cascading limit that UPC purchased for its 2019/20 core catastrophe reinsurance program. It ... Read the full article
United Insurance falls to $12.7mn loss in Q1
7th May 2020
Property and casualty insurance holding company United Insurance Holdings has reported a $12.7 million net loss for the quarter, down from a net income of $9.5 million in the opening three months of 2019. This decrease was primarily due to unrealised losses on equity securities compared to unrealised gains in the ... Read the full article
United Insurance posts $30mn loss after “tough year”
21st February 2020
United Insurance Holdings Corp (UPC Insurance) has posted a $29.9 million loss for 2019, following what President and CEO John Forney described as a “tough year” for the company. Core income also fell to a loss of $46.2 million, compared to $17.3 million in the previous year. Net income in 2018 ... Read the full article
United grows all other perils catastrophe reinsurance at renewal
10th January 2020
United Insurance Holdings Corp. (UPC Insurance) has announced the successful renewal of its reinsurance arrangements for 2020, through its wholly owned insurance subsidiaries American Coastal Insurance Company, United Property and Casualty Insurance Company, Family Security Insurance Company, and Interboro Insurance Company. Specifically, UPC Insurance has renewed its aggregate excess of loss ... Read the full article
United Insurance anticipating $46m Q3 cat hit
17th October 2019
Property and casualty insurance holding company United Insurance Holdings (UPC) is anticipating pre-tax catastrophe losses of approximately $46 million in the third quarter of 2019. The company has attributed the net retained cat losses from tropical storms Barry and Imelda, hurricane Dorian and increased retention from non-tropical events related to its ... Read the full article
Higher loss and LAE pushes UPC Insurance to net loss in Q2
1st August 2019
Property and casualty insurance holding company, United Insurance Holdings Corp. (UPC Insurance), has reported a net loss of $2.9 million for the second-quarter of 2019, driven mostly by an increase in loss and loss adjustment expenses (LAE) when compared with the same period in 2018. Quarterly net income declined by almost ... Read the full article
UPC Insurance expects $31mn Q2 hit from cat losses and 2018 creep
22nd July 2019
Property and casualty (P&C) insurance holding company, United Insurance Holdings Corp. (UPC Insurance), has announced that it expects net retained catastrophe losses of $16 million for the second-quarter of 2019. The $16 million of net retained catastrophe losses is primarily a result of wind and hail events in Texas and Louisiana ... Read the full article
UPC secures $4bn of reinsurance, expands coverage
4th June 2019
United Insurance Holdings (UPC Insurance) has announced the completion of its 2019/2020 catastrophe reinsurance programs, revealing the purchase of additional limit at only a very slight increase in cost, when compared with its 2018/2019 programs. The 2019/2020 catastrophe reinsurance programs are effective June 1st, 2019 and were renewed through UPC Insurance's ... Read the full article
UPC grows Q1 income despite higher cat losses
8th May 2019
Property and casualty insurance holding company United Insurance Holdings Corp. (UPC) grew its net income by 13%, from $8.4 million to $9.5 million, in the first quarter of 2019, despite comparatively higher catastrophe losses. Cat losses totalled $11.7 million in Q1 2019, up from $6.3 million for the same period last ... Read the full article
United Insurance anticipating $18mn Q1 cat losses
23rd April 2019
United Insurance Holdings Corp. (UPC Insurance), a property and casualty (P&C) insurance holding company, has announced that it is expecting to incur catastrophe losses of approximately $18 million for the first quarter ending March 31, 2019. The loss estimate is pre-tax (approximately $13 million after tax) and is net of expected ... Read the full article
Higher catastrophe hit pushes UPC to Q4 loss
20th February 2019
Property and casualty insurance holding company, United Insurance Holdings Corp. (UPC) fell to an $11.1 million net loss in the fourth-quarter of 2018, driven by catastrophe losses of more than $41.7 million, primarily relating to the impacts of Hurricane Michael in the U.S. The $11.1 million net loss compares to a ... Read the full article
United Insurance extends quota share, renews catastrophe reinsurance
7th January 2019
United Insurance Holdings (United) has announced the successful extension of its current 20% catastrophe quota share reinsurance agreement until June 2019, whilst also renewing its catastrophe aggregate and other reinsurance agreements. Effective 31 December 2018, through its United Property and Casualty Insurance Company (UPC) subsidiary, United extended its 20% quota share ... Read the full article
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