Universal
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Weather losses continued to take a relatively high toll amid a mixed picture for prior-year reserving levels. -
It was nearly 900% up on the year-ago figure, as the insurer’s executives cautiously welcomed new Florida legal reforms.
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Universal Insurance Holdings reports premium growth and lower cat losses in Q2.
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The Floridian carrier said reinsurance spending was up by 5%.
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The hurricane made landfall in Alabama on 16 September 2021 and swept through a number of southern states.
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The insurer reported no new above-budget weather losses in the quarter.
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The insurer is turning to the ILS market after a busy year for Florida deals in 2020.
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The executive was previously an underwriter at Chubb Tempest Re and Odyssey Re.
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The carrier transferred $44mn from a holding company to its insurance subsidiary in the quarter.
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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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In June, the company renewed its reinsurance program, holding the program’s retention for Florida events steady at $43mn.
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