Universal

The company estimates its overall gross loss to be approximately $1bn, below its $3bn overall reinsurance tower.

Demotech wrote to more than 15 carriers to warn of a possible downgrade last month.

The firm said it was well prepared for hurricane season with no gaps in reinsurance coverage.

For most policy forms, all roof types must be 15 years or newer to write new business in certain counties.

The reinsurer has put the first layer through its captive, a move that reflects the lack of reinsurance capacity for this high-risk business.

The carrier has already secured 85% of all-states, first-event cover for the June renewal.

Florida-based Universal sees 6.1% drop in policies in force; challenging claims environment pressures underwriting profit.

CEO Steve Donaghy said the hires would boost the company’s strategic objectives.

In its earnings call, the firm said lower policies in force and higher premiums would increase the firm’s top line

The company deepened its overall net loss to $48.1mn, as it said non-cat losses and Hurricane Irma creep contributed to reserve deterioration.

Universal Insurance Holdings books $30.7mn reserve charge and sees $21.5mn in weather above plan for Q4, with shares plunging on the news.

The financials from the listed Floridians show them plotting a path through challenges by exposure management and rate rises, but reinsurers are still picking up notable storm losses from this reinsurance-reliant group.