Reinsurance News
UPC Insurance
Universal completes combined 2023-24 reinsurance program for subsidiaries
31st May 2023
Universal Insurance Holdings, Inc. has announced the completion of its combined 2023-2024 reinsurance program, effective June 1, 2023, by Universal Property & Casualty Insurance Company and American Platinum Property and Casualty Insurance Company, its wholly-owned insurance company subsidiaries. UPCIC and APPCIC set the top of their combined ... Read the full article
UPC Insurance unit reaches agreement with Florida Department of Financial Services
20th April 2023
United Insurance Holdings' (UPC Insurance) unit, American Coastal Insurance Company (ACIC), has entered into an agreement with the Florida Department of Financial Services' Division of Rehabilitation and Liquidation (DFS), regarding the Reinsurance Allocation with the company's former subsidiary, United Property & Casualty Insurance Company (UPC). The Allocation Agreement was put in ... Read the full article
UPC Insurance sees $294.9mn net loss in Q4
3rd March 2023
United Insurance Holdings (UPC Insurance) has reported a $294.9 million net loss for the fourth quarter of 2022, compared to a net loss of $2.3 million from the same period last year. UPC stated that were a number of drivers that contributed to the net loss, including unfavourable development related to ... Read the full article
United (UPC Insurance) reports $70.9mn net loss in Q3
10th November 2022
United Insurance Holdings Corp (UPC Insurance) has reported a net loss of $70.9 million for the third quarter of 2022, compared to a net loss of $14.3 million in 2021. UPC Insurance specified that the loss was driven by decreased gross written premiums, an unfavorable prior year loss development during the ... 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 (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
United (UPC) shrinks cat reinsurance limit at renewal
20th June 2022
Property and casualty insurance holding company United (UPC Insurance) has disclosed details of its catastrophe reinsurance program for 2022/23, which includes a significant decrease in the occurrence-based limit for its aggregate cover. UPC purchased $2.524 billion of occurrence-based limit in the aggregate for its core cat program, representing a decrease of ... Read the full article
UPC Insurance to sell NFIP flood book of business to Wright Flood
15th June 2022
United Property & Casualty Insurance Company (UPC Insurance) has agreed to sell to its flood insurance policy book to Wright National Flood Insurance Company – a leading provider of federal flood insurance. Under the agreement, Wright Flood will service, administer, and issue flood coverage under the National Flood Insurance Program (NFIP) ... 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 Insurance) lowers cat retention, continues to reduce exposure
12th November 2021
United Insurance Holdings Corp. (UPC Insurance), the Florida headquartered but regionally expansive insurer, has reported a narrower net loss for the third quarter of 2021, while its premium base continues to decline amid a retreat from the catastrophe space. A net loss of $14.3 million marks an improvement on the net ... Read the full article
UPC Insurance ups Q3 nat cat loss estimate to $37mn
25th October 2021
Property and casualty insurance holding company UPC has announced estimated pre-tax catastrophe losses incurred for the third quarter of 2021 of approximately $37 million; roughly $29 million after tax. This compares to the original third-quarter 2021 pre-tax catastrophe loss estimate of $27 million ($21 million after-tax). The company’s estimated net cat losses ... Read the full article
UPC to curb new business, reduce reinsurance coverage
14th May 2021
Dan Peed, Chairman and Chief Executive Officer (CEO) of property and casualty holding company UPC Insurance has explained that the company has “curbed new business dramatically” as part of its exposure management plan, and is planning to reduce its reinsurance program. Last week, UPC reported a first quarter pre-tax loss ... Read the full article
UPC posts $26.3mn pre-tax loss for the quarter
6th May 2021
Property and casualty holding company UPC Insurance has announced a first quarter pre-tax loss of $26.3 million, a further deterioration from the $15.8 million reported in the prior year period. Net loss attributable to UPC stood at $17.8 million, compared to $12.7 million in first quarter of 2020. This increase was primarily ... Read the full article
UPC Insurance partners with Mindtree & Duck Creek
27th April 2021
UPC Insurance has partnered with technology services company Mindtree and core system solutions provider Duck Creek Technologies on the implementation of SaaS-based systems to improve customer experience and claims efficiency. This includes policy, billing, claims, data insights, and insurance technology solutions as well as the consolidation of multiple applications on a ... Read the full article
UPC Insurance announces $33.9mn Q4 net loss
25th February 2021
UPC Insurance has registered a $33.9 million fourth quarter net loss, up from the $8.2 million achieved in the prior year quarter. The company's total gross written premium increased by $21.4 million, or 7.3%, to $316.2 million from $294.8 million for the fourth quarter of 2019. This increase was driven by rate ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
