Florida headquartered, expansive catastrophe exposed primary property insurer United Insurance Holdings (UPC Insurance) has estimated its losses from recent tropical storm, hurricane and other catastrophe activity.
The company said yesterday evening that its current year catastrophe losses, incurred in the third-quarter of 2020, have amounted to roughly $135 million, before tax and after taking into account any reinsurance recoveries made.
After tax, the total comes to to $107 million.
United’s (UPC) quota share reinsurance would be expected to take a share of these losses, we believe. While there is also a chance other reinsurance arrangements have responded.
The carrier group has collateralised aggregate reinsurance in place and also shares some of its losses with its UPC Re reinsurance vehicle, which co-participates in some of the group losses.
United (UPC) said that its third quarter catastrophe losses included claims from the active hurricane season.
In total, the insurer suffered losses from six named tropical storms and hurricanes during the period.
These were Tropical Storm Fay, Hurricane Hanna, Hurricane Isaias, Hurricane Laura, Hurricane Marco, and Hurricane Sally.
On top of this, United (UPC) also suffered losses from other non-named windstorm catastrophe events in the period.