Universal

The carrier is looking at a $600-$900mn hit from Debby, Helene, Milton.

This compares to the 2023-2024 tower which covered losses up to $2.83bn.

The carrier has completed its 2024-25 reinsurance renewal.

The Floridian insurer’s loss from the hurricane was within its reinsurance retentions.

The executive said that the company reduced its consolidated retention and ceded premium ratio for its 2023 and 2024 treaty program.

This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.

The carrier’s combined ratio totaled 100%, up 2.1 points from Q1 2022, reflecting a higher net loss ratio, partially offset by a lower net expense ratio.

The carrier reported a Q4 combined ratio of 101.4%, an improvement of 30 points year-on-year, driven by a 27-point reduction in its loss ratio.

The carrier reported 76.3% for its loss ratio for the quarter, which resulted from a lower current accident-year net loss ratio and lower adverse prior-year reserve development.

Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.

The executive added that while the Florida market has seen benefits from recent legislation, the major issue remaining is one-way attorney fees.

The Floridian's loss ratio increased 42.8 points, reflecting $111mn of retained Hurricane Ian losses and a higher attritional initial accident year loss pick.