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The ratings agency had a B rating with a negative outlook on the carrier.
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The Heritage co-founder said InsurTechs need more insurance expertise and to focus on underwriting margin.
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The Floridian carrier is not looking to expand in Louisiana or Texas, citing the elevated catastrophe risks.
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The carrier’s co-founder Bruce Lucas will step down as CEO on November 30.
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Southern Fidelity has struggled during a busy 2020 storm season because of its exposure to the Gulf states.
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Bruce Lucas tells Trading Risk Live that 10-12 companies are at “extreme insolvency risk”.
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Hurricanes Isaias and Sally were "full retention events" and the firm took 2,000 new Irma cat claims in Q3, the company said.
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Universal’s combined ratio deteriorated by 37 points to 134.7%, driven by Laura and Sally losses.
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The calls will provide a barometer of claims activity on historic storms Irma and Michael as well as recent Hurricane Sally.
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Repeated pelting from smaller cat losses presents a host of challenges for carriers.
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Lawsuits launched against top property carriers hit a fresh annual high in September, data shows.
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Hurricane Delta triggered the carrier’s aggregate reinsurance programme.