American Coastal
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United Insurance Holdings said it had fully exhausted its personal lines reinsurance cover on the event, rendering its personal lines carrier insolvent. -
The move follows the company’s loss estimate increase to $1.54bn from a preliminary estimate of $1bn.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The firm will exhaust its personal lines reinsurance coverage on the storm, pushing its personal lines carrier into insolvency, with commercial claims doubling.
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The moves follow RenRe’s positive feedback on January 1 renewals, and UPC selling most of its outstanding policies in Florida to InsurTech Slide.
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The transaction provides relief for policyholders and agents, but especially for those policyholders whose policies expire past UPC’s June 1 deadline.
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Receivership has been historically lower in the past 20 years, but trouble in Florida breaks away from the overall P&C industry trend.
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The carrier had earlier signalled that uncertainty over reinsurance would affect its ability to write new business.
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KBRA also affirmed the A- ISFR for subsidiaries American Coastal Insurance Company and Interboro Insurance Company.
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In late August, UPC signaled that it will pull out of personal lines in Florida, Texas, Louisiana and New York.
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Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.
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The executive added that the company's expected retention from a second event is estimated at $31.8mn.
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