Universal
-
At least 14 new companies have opened up shop in the state in recent years. -
The Floridian also secured $352mn of multi-year coverage extending to 2027.
-
Renewal rates were favorable compared to what could have happened after several hurricanes.
-
Comments came as universal reported a 4.2 CoR jump to 107.9% in Q4.
-
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.
