Universal
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The two Florida-based insurers have continued to suffer increased losses from prior year events such as Hurricanes Irma and Michael.
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The carrier’s gross loss from the hurricane has now increased to $1.1bn. -
The carrier was hit by increased losses and deteriorating reserves.
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Outgoing CEO Sean Downes will be executive chairman.
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The company’s reinsurance spend as a proportion of earned premium rose to 33.3 percent – up 2 percentage points.
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New firm order terms point towards less significant rises for clients with stronger records but still significant increases.
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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.
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The result was driven by a positive investment return which was offset by a weakened underwriting result.
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