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United (UPC) adds $150m to gross hurricane Irma loss

United Insurance Holdings (UPC Insurance), the Florida headquartered and still focused insurer, has revealed a further $150 million of loss creep related to 2017's hurricane Irma, which the company booked at the end of Q1 2021. At the same time, United (UPC) believes that the rate of litigation related claims inflation read the full article →

United (UPC) says Florida to remain “very firm for the foreseeable future”

Florida headquartered insurer United Insurance Holdings (UPC Insurance) has said that it anticipates the Florida personal lines property insurance market remaining "very firm for the foreseeable future". The carrier had recently explained that the litigation issue and resulting loss inflation and amplification continues for Florida homeowners’ insurers, with its data suggesting read the full article →

“Significant increase” in litigated Florida claims in Q1: United (UPC)

The litigation issue and resulting loss inflation and amplification continues for Florida homeowners' insurers, with the latest report from United Insurance Holdings (UPC Insurance) suggesting that the issue is worsening in 2021. United (UPC) reported on Friday that it has experienced a "significant increase in litigated claims volume from Florida homeowners’ read the full article →

Florida Citizens to seek $850m of cat bonds before 2021 hurricane season

Florida’s Citizens Property Insurance Corporation is targeting a $2.6 billion reinsurance and risk transfer program in advance of the 2021 hurricane season beginning and within the renewed towers could be $850 million of new catastrophe bonds. Florida Citizens has been growing at an unsustainable rate, which its Chairman previously said makes read the full article →

Unsustainable growth makes Florida Citizens the “insurer of first resort”

Florida’s Citizens Property Insurance Corporation has increased its policy count by 28% in just the last 18 months and the insurer expects its growth to continue at an unsustainable rate, which now makes it "the insurer of first resort," according to its Chairman. Florida Citizens was always supposed to be the read the full article →

Florida Citizens growth suggests takeout opportunity returning

The opportunity to takeout insurance policies from Florida's Citizens Property Insurance Corporation may return once again, as the insurers portfolio is expanding faster than it expected and it feels some of the book may be attractive. Florida Citizens had previously said that the state of the Florida insurance market would drive read the full article →

Florida Citizens 17% growth in 2020 may drive reinsurance requirements

Florida’s Citizens Property Insurance Corporation is likely to see an increasing need for more risk transfer and reinsurance over the coming year, as it forecasts that its assumption of risk and policies will accelerate, with the state of the Florida insurance market set to drive its portfolio up by 17% read the full article →

Florida rates may still not cover true cost of risk: Nottingham, Hiscox Re & ILS

When thinking about the recent firming or even hardening of the Florida reinsurance market at the June renewals, it's important to understand that even the rate increases achieved may not always be sufficient to cover the true cost of risk in the state, according to Ross Nottingham of Hiscox Re read the full article →

United (UPC) losses hit retention, AOB drives adverse development in Q2

For the second-quarter of 2019 Florida headquartered and expanding primary insurer United Insurance Holdings (UPC Insurance) revealed that two severe weather catastrophe events hit its retention, while ongoing assignment of benefits (AOB) impacts drove adverse prior year development. Underlying losses and loss adjustment expenses reached $85.1 million in the quarter for read the full article →

Don’t over-estimate pricing impact of AOB reform in Florida: A.M. Best

Rating agency A.M. Best warned of concerns that insurers may over-estimate the benefits of recently passed legislation to reform the assignment of benefits (AOB) system in Florida in their pricing. While A.M. Best notes that it is "cautiously optimistic" on the impact the legislative reform can have on insurers over time, read the full article →