The move is part of the process that allows the Louisiana Insurance Guaranty Association (LIGA) to take over claim payments, ensuring most policyholders with pending hurricane claims will get paid.

The consolidation plan, subject to regulatory approval, seeks to create a more efficient operating structure for United going forward.

Champlain Specialty co-CEOs David Evans and Richard Smith, who serve as CIG’s executive chairman and executive vice chairman respectively, will join the new management committee.

Americas has approximately 24,000 policies and 13,000 Ida-related claims, covering 1.31% of the Louisiana homeowners’ insurance market.

The assumption of the policies, which the Florida-based insurer acquired for the price of the unearned premium, is retroactive to December 1.

The buyer’s identity will be disclosed after the policy acquisitions obtain court approval.

On Louisiana Citizens, Commissioner Donelon said that the state-backed carrier does not need to acquire additional reinsurance to endure the impact of major losses from the Ida and Laura storms.

Gaining market share while avoiding any new business penalty will be an interesting balancing act if the firm is to meet its 2026 targets.

The preannouncement follows announcements from Bermuda (re)insurers Axis Capital and RenaissanceRe on Wednesday.

The executive expressed disappointment with the 2020 results but spoke optimistically about strategic actions UFG was taking.

Catastrophe losses were higher in the fourth quarter and more than doubled for the full year in 2020.

Roche raised concerns about the "reemergence of social inflation".