American Coastal
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On August 1, Demotech downgraded UPC's financial stability rating by two notches to M from A. -
It is unclear if policies transferred by UPC to other entities through quota shares and renewal rights deals are covered by federal mortgage institutions.
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The insurer also completed the reorganization plan to consolidate its four Florida domiciled insurance carriers into two.
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Just last week, the insurer launched a strategic review as the latest insurance carrier to run into challenges operating in the state’s homeowners’ market.
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There is no guarantee that the process will yield a particular transaction.
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Kiln and UPC partnered to form the insurer in 2018, but it was merged into American Coastal earlier this year
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The sector was hit by a rough first half of 2022, with more to come in the second half of the year.
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Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.
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The consolidation plan, subject to regulatory approval, seeks to create a more efficient operating structure for United going forward.
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The firm said its results reflect its aim to return to profitability in 2022.
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The Inside P&C research team looks forward to the big issues of the new year.
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The Florida-headquartered carrier blamed litigation rates and rising reinsurance costs for the move.
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