Property and casualty (P&C) insurance holding company, United Insurance Holdings Corp. (UPC Insurance), has announced that it expects net retained catastrophe losses of $16 million for the second-quarter of 2019.
The $16 million of net retained catastrophe losses is primarily a result of wind and hail events in Texas and Louisiana for the second-quarter, explains the firm.
At the same time, UPC Insurance states that it experienced $15 million of adverse reserve development from accident year 2018 from both catastrophe and non-catastrophe losses, primarily in Florida.
Numerous firms have announced additional loss creep from 2018 catastrophe events, with UPC Insurance being the latest to warn of a hit to its Q2 earnings, which are scheduled to be released at the end of this month.
