Property and casualty insurance holding company, United Insurance Holdings Corp. (UPC Insurance), has announced estimated catastrophe losses of roughly $30 million pre-tax ($23mn after-tax) for the second-quarter of 2020.
The approximately $30 million of pre-tax cat losses is net of expected reinsurance recoveries, and compares with net retained cat losses of $16 million for the second-quarter of 2019, as well as $15 million of adverse reserve development from accident year 2018 in the prior year period.
UPC Insurance states that its Q2 2020 catastrophe losses included claims from 15 new cat events assigned serial numbers by Property Claims Services (PCS), and three new named tropical windstorms.
In the first-quarter of 2020, UPC Insurance fell to a $12.7 million net loss primarily as a result of unrealised losses on equity securities compared to unrealised gains in the prior year quarter.
To mitigate the impacts of catastrophe events, UPC Insurance announced in mid-June that it had successfully completed the renewal of its catastrophe reinsurance programs.
Following this announcement, the P&C insurer revealed that President and Chief Executive Officer (CEO), John Forney would be leaving the firm on July 1st, succeeded by Daniel Peed.