Reinsurance News

UPC Insurance expects $31mn Q2 hit from cat losses and 2018 creep

22nd July 2019 - Author: Luke Gallin

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.

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