Universal
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The executive joins from Universal, where he was president of the Floridian’s American Platinum division.
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Universal ceded $11mn of prior-year losses to reinsurers. -
The carrier has now exhausted its private reinsurance cover for 2017 storm Irma, with $1.3bn of public reinsurance cover remaining.
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The Floridian insurer remained in underwriting profit but recorded $4.3mn of prior-year loss creep.
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The “vast majority” of the Irma loss increase would be covered by the Florida Hurricane Catastrophe Fund, CFO Frank Wilcox said.
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Despite continuing Irma losses, retro availability could be a stronger influence on 2020 renewals, suggested one Florida insurer.
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News of adverse development from the two Floridians may point to a market-wide issue.
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All the carrier's new cat losses were retained net.
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The insurer has “several hundred million” of private reinsurance limit remaining.
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The Floridian insurer also transferred $2.9mn of tornado losses to reinsurers in the quarter.
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Sean Downes will remain with the business as executive chairman.
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The company’s cover for a Florida storm now extends to $3.28bn – up $134mn from 2018.
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