Heritage exhausts private Irma reinsurance cover after late deterioration
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Heritage exhausts private Irma reinsurance cover after late deterioration

Heritage Insurance logo storm surge.jpg

Heritage CFO Kirk Lusk said that the Floridian insurer had exhausted its private reinsurance cover connected to Hurricane Irma after a late addition to reserves in Q4.

The additional reserves reflected that “most of the open claims are late-reported litigated claims,” he said. The carrier took $14mn of net loss deterioration associated with the 2017 storm, which caused extensive adverse development among Floridians in the years...

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