FedNat
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Strategic Review Committee chairman Bruce Simberg sets out the challenge ahead for FedNat as natural catastrophes continue to hit southern policyholders. -
The company said claims adjusting fees from the event would offset the hit to its retention.
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The insurer said it had "a tsunami of rate rolling onto the book".
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The insurer reported a combined ratio of 283.5%, sharply worse than the 147.9% in Q2 2020.
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The insurer has lifted its ceded premium ratio and noted tougher terms on low-lying all-perils coverage.
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The insurer has benefited from recoveries from its captive after reworking its reinsurance treaty with the unit.
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Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.
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The company said adjustments to a previously reported loss related to ceded losses and commissions stemming from a quota share treaty with a captive reinsurer.
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The offering ended up well below the $43mn size initially mooted, as the carrier turned to the public market after taking $41mn of losses from winter storm Uri.
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Texas winter storm losses to spill over FedNat reinsurance retention.
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The company will split out its Florida reinsurance tower and will cede Uri losses to reinsurers after facing six cat events in the past year.
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The Floridian has also incurred $23mn of net catastrophe losses in Q4 before tax.
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