hurricane Irma 2017

Florida headquartered primary insurance company Universal Insurance Holdings is set to pass on another $50 million of losses from hurricane Irma to its reinsurance panel, after its gross loss exposure to the catastrophe event increased during the last quarter.

According to the Florida Office of Insurance Regulation (FLOIR) the value of insurance claims from hurricane Irma in the state of Florida has risen to just over $8.6 billion, with still more than 100,000 claims remaining open.

Florida focused property and casualty insurer Heritage Insurance Holdings, Inc. has elected to extend the maturity for two tranches of its Citrus Re Ltd. (Series 2015-1) catastrophe bond, as the company waits for loss to continue developing following last year’s hurricanes.

Catastrophe bond investors are facing over $104 million of losses from Citrus Re bond issues sponsored by Florida focused property and casualty insurer Heritage Insurance Holdings, Inc., after the company made clear it intends to proceed with recoveries under three separate issuances following the impacts of hurricane Irma.

Insurance claims due to the impact of hurricane Irma are rising above $10.2 billion, with the total reported by the regulator in Florida having now neared $8 billion, while a French insurance association reports claims in the Caribbean are now expected to reach $2.26 billion.

The value of insurance claims in the state of Florida from hurricane Irma has risen by just over 7% to reach almost $6.3 billion, according to the latest information from the Florida Office of Insurance Regulation.

Florida headquartered primary insurer Universal Insurance Holdings has reported just a $37 million net loss from hurricane Irma’s impact on its home state, as its reinsurance providers took somewhere north of $400 million of its losses, some of which will have falled to ILS funds and collateralized sources.

Property and casualty insurance company United Insurance Holdings (UPC Insurance) has passed the majority of its losses from hurricanes Harvey and Irma to its reinsurance capacity providers, with the ILS fund market providing a significant amount of support, as its program is roughly 85% collateralized.

Reinsurance capital has played a significant role in helping primary insurance giant and specialist reinsurance player Chubb to manage the impact of recent major catastrophe events, with the company managing to claim back around $1.1 billion from its reinsurance partners reducing its near $3 billion gross cat loss down to $1.9 billion.

Despite the significant catastrophe losses facing the reinsurance industry, French reinsurer SCOR has reported a profit for the first none months of 2017, as support from its retrocession providers helped the firm to better manage its losses.