Universal

Universal also took a modest reserve charge of a little more than $4mn.

In its call with analysts, Universal revealed a $150mn rise in the company’s Irma gross loss estimate, to $1.4bn, representing a total increase of $400mn in the second half of 2019.

Universal’s earnings were badly hit by a combination of reserve charges and the recognition of prior-year losses that totaled more than $100mn and pushed underwriting margins into much further negative territory than a year ago.

The two Florida-based insurers have continued to suffer increased losses from prior year events such as Hurricanes Irma and Michael.

The carrier’s gross loss from the hurricane has now increased to $1.1bn.

The carrier was hit by increased losses and deteriorating reserves.

Outgoing CEO Sean Downes will be executive chairman.

The company’s reinsurance spend as a proportion of earned premium rose to 33.3 percent – up 2 percentage points.

New firm order terms point towards less significant rises for clients with stronger records but still significant increases.

Executives for the carrier said it is too early to say what the impact will be, but that it will likely be positive for the market.

The result was driven by a positive investment return which was offset by a weakened underwriting result.