UPC investors breathed a sigh of relief as the Floridian returned to underwriting profitability after reserve development turned favorable and underlying results improved.
A previously reported Covid-19 loss of $150mn dampened underwriting profitability, though the remaining underwriting results were roughly in line with the year before.
The hedge fund reinsurer reported a slight underwriting gain and a sharp reduction in written premiums, overshadowed by a $35mn investment loss in the David Einhorn-managed portfolio.
