Hurricane
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The $500mn of new demand from Allstate highlights carrier need for cover after Ida, but pulling together cat capacity in the peak US market remains a tougher ask. -
By failing to pass plans for new roof damage deductible, Citizens Property policy reductions, Florida lawmakers left property insurance reforms in limbo.
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The company’s new models will be generally available in June for major perils including US flood, US wildfire and Japan typhoons.
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The ceded premiums were up more than sixfold after it set up a new sidecar.
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Net income was impacted by $4.4mn of reserve strengthening, net of reinsurance recoveries.
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The firm posted a combined ratio of 80% for its P&C segment and 72.5% for its specialty unit, improving from 97.6% and 100.2% in Q4 2020, respectively.
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It will offer components for buyers looking for indemnity, parametric or blended coverage.
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The firm’s 2020 edition cat bond has also lost $3.2mn.
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The company deepened its overall net loss to $48.1mn, as it said non-cat losses and Hurricane Irma creep contributed to reserve deterioration.
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The firm said its results reflect its aim to return to profitability in 2022.
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Just under half of the $8mn cat losses stem from insurance books FedNat is running off, with reserve strengthening impacted by 2020 reinsurance gaps.
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A similar ‘day of reckoning’ could befall many other carriers as 1.6 approaches, the ratings firm said.
