Property and casualty insurance holding company United Insurance Holdings Corp. (UPC Insurance) has announced its estimated catastrophe losses for the third quarter of 2020.
Currently, UPC Insurance estimates that it incurred catastrophe losses of approximately $135 million in Q3 before income taxes, or about $107 million after tax.
This figure is net of expected reinsurance recoveries, the company noted.
Losses in Q3 included claims from six new named windstorms, namely Tropical Storm Fay, Hurricane Hanna, Hurricane Isaias, Hurricane Laura, Hurricane Marco, and Hurricane Sally.
UPC Insurance also incurred losses from other non-named windstorm catastrophe events over the period.
For comparison, the company incurred cat losses of around $30 million in Q2, helping it to return to profitability after booking a net loss in the first quarter of the year.
UPC Insurance renewed its catastrophe reinsurance programs at June 1, including an increased multi-event cascading limit of $3.257 billion.
