Property and casualty insurance holding company United Insurance Holdings Corp revealed estimated catastrophe losses incurred during the third quarter ending September 30, of approximately $35 million before income taxes – approximately $27 million after tax – net of expected reinsurance recoveries.
UIHC’s third quarter catastrophe losses included claims from hurricane Florence, which made landfall near Wrightsville Beach, North Carolina, at about 7:15AM on September 14 as a Category 1 storm with 90mph winds.
Florence advanced at extremely slow speeds of between three to six mph, with the National Weather Service measuring 35.93 inches of rainfall in Elizabethtown, North Carolina, breaking the record set by Hurricane Floyd in 1999; more than 30 inches of rain fell on Swansboro, North Carolina.
UIHC’s catastrophe losses also include development on prior 2018 catastrophe events.
