Universal
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The CEO assured analysts that the company has secured 85% of its core all-state first-even catastrophe tower. -
Florida-based Universal sees 6.1% drop in policies in force; challenging claims environment pressures underwriting profit.
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CEO Steve Donaghy said the hires would boost the company’s strategic objectives.
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Universal Insurance Holdings reported a wider operating loss for the fourth quarter as adverse reserve development offset rising premium driven by rate increases.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Universal Insurance Holdings books $30.7mn reserve charge and sees $21.5mn in weather above plan for Q4, with shares plunging on the news.
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Inside P&C's Research team looks at the prospects of Florida's wave of new arrivals.
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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It was nearly 900% up on the year-ago figure, as the insurer’s executives cautiously welcomed new Florida legal reforms.
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The Floridian carrier said reinsurance spending was up by 5%.
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The insurer reported no new above-budget weather losses in the quarter.
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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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