American Coastal

The carrier reduced its catastrophe retentions and increased quota share reinsurance protection.

In a filing, the company said he was leaving the post “to pursue another opportunity”.

UPC’s early look at its expected cat toll for Q2 – typically a quiet period for cat events – could be a signal that the quarter was busier than usual for weather events.

Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.

The carrier cut back its treaty limit by around 13% and lowered its deductible.

UPC also said it had retained Raymond James to explore a sale of Interboro, in a bid to deleverage its capital.

This came as the insurer said its reinsurance programme was oversubscribed and it expected rate increases to be in a mid single digit range.

United Insurance Holdings reported a core after-tax loss of $19.4mn for the first quarter of 2021, as elevated natural catastrophe claims from Winter Storm Uri and a $30mn reserve charge weighed on the carrier’s results.

UIHC attributed the reserve charge to a “significant increase” in litigated claims volume in the quarter.

Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.

CEO Dan Peed says the company will develop direct-to-consumer products and work on improving the carrier’s underwriting performance.

Catastrophes increased the carrier’s losses and LAE for the quarter by 41.7% year on year.