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Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss. -
The company said it expects portfolio positions to reflect the updated figures soon.
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The bonds had been heavily marked down initially.
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According to the latest reports, around 110,000 customers have been left without power in Florida as Nicole makes its way across the state.
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Hurricane Ian losses at United Insurance Holdings (UPC) Insurance have nearly reached the top of its personal lines reinsurance tower, company executives said on its earnings call.
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The Category 1 storm’s landfall on the east coast of Florida would be a “manageable” cat event that hurts primary carriers more than their reinsurers, he said.
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The California-based carrier specialises in personal lines cat cover.
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The NHC has warned of a large storm with hazards extending across the state.
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The sector’s performance was better overall compared with September 2017.
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The storm will hit a state already devastated by Hurricane Ian, which has eroded the capital of local carriers.
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The carrier pushed London brokers for a reduction in the traditional 15% commission.
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The carrier has booked major losses of A$350mn-A$410mn in the three months to 31 October.
