Results

United Insurance Holdings reported a core after-tax loss of $19.4mn for the first quarter of 2021, as elevated natural catastrophe claims from Winter Storm Uri and a $30mn reserve charge weighed on the carrier’s results.

The carrier last year said its K sidecar would pick up Covid claims over time.

The reinsurer’s net exposure was up 36% as it retained more risk in retro and North American cat.

The carrier increased premium volume by 20% at 1 April as Japanese cedants lifted limits.

The primary unit swings back to profit, while P&C re earnings expand seven-fold.

Lancashire Capital Management says little to no impact from Uri

The carrier yesterday shook of $64mn in Uri claims to report a return to profit.

The insurer returned to underwriting profit after last year’s Covid hit, but the reinsurance segment faced higher non-Covid cat losses.

The insurer reported no new above-budget weather losses in the quarter.

Markel’s overall ILS revenues dropped by 27% year on year as it lifted fronted premium written for the Bermudian firm.

The reinsurer said it had significantly grown its casualty underwriting portfolio, but also returned $230mn via share buybacks to mid-April.

Covid-19 losses remained stable as the insurer said rate rises should endure.