Reinsurance News

UPC Insurance ups Q3 nat cat loss estimate to $37mn

25th October 2021 - Author: Staff Writer

Property and casualty insurance holding company UPC has announced estimated pre-tax catastrophe losses incurred for the third quarter of 2021 of approximately $37 million; roughly $29 million after tax.

United Insurance Holdings LogoThis compares to the original third-quarter 2021 pre-tax catastrophe loss estimate of $27 million ($21 million after-tax).

The company’s estimated net cat losses include the previously-announced $27 million plus an additional $10 million for claims from new events including Hurricane Nicholas and re-estimation of other PCS events incurred during 2021.

Included in the firm’s original losses were impacts from tropical storm Elsa, Hurricane Ida, and some other PCS designated cats that occurred in the period.

The main impact for United’s original estimate was from Hurricane Ida, which the insurer said had hit its reinsurance protection.

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Given the strength of Hurricane Ida, its landfall and track, it was no surprise that the event had eroded UPC’s retention.

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