Reinsurance News

UIHC Q4 cat losses stand at up to $100mn

16th December 2020 - Author: Charlie Wood

Property and casualty insurance holding company UIHC has announced estimated current year catastrophe losses, incurred between October 1 to November 30, of between $85 million and $100 million.

United Insurance Holdings LogoThis figure is before income taxes and totals approximately $67 million to $79 million after tax, net of expected reinsurance recoveries.

The company’s fourth quarter catastrophe losses through November 30 included claims from hurricane Delta, Zeta, and tropical storm Eta, as well as other non-named windstorm catastrophe events.

UIHC recently announced a net loss of $74.1 million for the third-quarter of 2020, as its loss ratio increased significantly to 115.8% on the back of quarterly catastrophe losses of $140 million.

The record quarterly loss of $74.1 million compares with a loss of $28.3 million for the third-quarter of 2019, and takes the company’s net loss for the nine month period ended September 30th, 2020, to $62.5 million, against $21.7 million a year earlier.

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