Universal

The move follows the carrier’s 30-point improvement in its combined ratio to 101.4% after markets yesterday.

The carrier reported a Q4 combined ratio of 101.4%, an improvement of 30 points year-on-year, driven by a 27-point reduction in its loss ratio.

The carrier reported 76.3% for its loss ratio for the quarter, which resulted from a lower current accident-year net loss ratio and lower adverse prior-year reserve development.

Receivership has been historically lower in the past 20 years, but trouble in Florida breaks away from the overall P&C industry trend.

Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.

Discussion on Q3 earnings calls focused heavily on the supply-demand imbalance in cat capacity, as executives discussed how they would navigate a challenging January renewal.

The executive added that while the Florida market has seen benefits from recent legislation, the major issue remaining is one-way attorney fees.

The Floridian's loss ratio increased 42.8 points, reflecting $111mn of retained Hurricane Ian losses and a higher attritional initial accident year loss pick.

The executive steps into the role at a significant time where the company faces the task of dealing with the consequences of Hurricane Ian.

The company estimates its overall gross loss to be approximately $1bn, below its $3bn overall reinsurance tower.

As the loss numbers for Hurricane Ian begin to come into focus, three topics to watch are impact from demand surge, litigation trends, and rate activity.

Universal P&C, the FHCF, Axis, Berkshire and Nephila are among the firms that will be in focus as the loss develops.