American Coastal

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.

The Floridian’s new joint venture is called Journey Specialty Insurance Company.

The Floridian carrier has agreed terms for a new reinsurance treaty that increases its cession rate by eight points to 30.5%.

Chris Dittman will add the new title to his existing role as chief risk officer.

The figure compares with around $50mn in pre-tax cat losses in Q3 2019 from Hurricane Dorian and other events.

The insurer reported favorable reserve development and ceded $30mn of minor weather losses to reinsurers.

The insurer benefited from both lower loss and expense ratios.

The moves follow last month’s announcement that R Daniel Peed would become CEO following John Forney’s departure.