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United Insurance anticipating $46m Q3 cat hit

17th October 2019 - Author: Charlie Wood

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 aggregate reinsurance program for the quarter ended 30 September 2019.

United is also expecting roughly $15 million pre-tax of adverse reserve development as a result of cat losses in prior accident years.

Numerous firms have announced additional loss creep from 2018 catastrophe events, with United being the latest to warn of a hit to its earnings, which are scheduled to be released at the end of this month.

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