American Coastal
-
The company now expects to file the quarterly report on or before May 22. -
The company is also nearing completion of Interboro Insurance Company’s program renewal.
-
United said it will require additional time to finalize its financial statements and disclosures “related to subsequent events”.
-
Executives were speaking after the company reported a combined ratio of 308.8% for the fourth quarter, a 200-point hike from the prior-year period.
-
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.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The firm will exhaust its personal lines reinsurance coverage on the storm, pushing its personal lines carrier into insolvency, with commercial claims doubling.
-
The moves follow RenRe’s positive feedback on January 1 renewals, and UPC selling most of its outstanding policies in Florida to InsurTech Slide.
-
The transaction provides relief for policyholders and agents, but especially for those policyholders whose policies expire past UPC’s June 1 deadline.
-
Receivership has been historically lower in the past 20 years, but trouble in Florida breaks away from the overall P&C industry trend.
-
The carrier had earlier signalled that uncertainty over reinsurance would affect its ability to write new business.
Related
-
American Coastal targeting $20mn in premium for condo book: CEO Martz
February 27, 2025 -
Q4 earnings roundup February 27: Aspen, HCI Group, American Coastal
February 27, 2025 -
American Coastal president Martz appointed CEO
February 12, 2025 -
American Coastal secures cat aggregate XoL coverage at 1.1
January 07, 2025