UPC Insurance

The insurer also completed the reorganization plan to consolidate its four Florida domiciled insurance carriers into two.

Kiln and UPC partnered to form the insurer in 2018, but it was merged into American Coastal earlier this year

The cover changed from cascading aggregate to an occurrence-based structure.

This is UPC’s latest attempt to downsize after offloading part of its personal lines business to HCI.

UPC recorded a $33.2mn loss in Q1, with a 30.9% drop in net premiums earned.

Ceded premiums earned were also up by 27.7% due to new quota share agreements.

The firm said its results reflect its aim to return to profitability in 2022.

The deal follows a similar transaction on northeast business in January.

The Florida-headquartered carrier blamed litigation rates and rising reinsurance costs for the move.

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.

United Insurance holdings (UPC Insurance) reported net catastrophe losses of $37.0mn in Q3 2021, down from $140.0mn for the prior-year quarter, after action to significantly reduce gross and net catastrophe exposure during the past year led to a “materially reduced” hurricane loss.

The increase of $10mn reflects re-estimation and the addition of Hurricane Nicholas.