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The start-up fronting and risk sharing carrier was given a preliminary A- rating in March.
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The Florida insurer took $17mn of weather-related losses.
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The insurer’s Q2 earnings of $0.81 per share slightly missed analyst expectations.
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Heritage’s CEO Bruce Lucas said he has seen worsening claims abuse in the state despite the legislative reform.
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The Bermudian alternative asset manager has named Validus' Jeff Sangster as partner, CFO and head of strategy.
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The insurer has “several hundred million” of private reinsurance limit remaining. -
Profit at the carrier fell from $2.4mn to $0.7mn year on year.
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The withdrawal of Catco created retro opportunities for the reinsurer, according to the CEO.
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The insurer expects to report $16mn in net catastrophe losses for the second quarter.
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The carrier reported it will absorb $17mn in gross catastrophe losses from Q2.
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Sean Downes will remain with the business as executive chairman.
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The personal line carrier’s Camp Fire loss estimate is believed to have fallen from $1.8bn to $1.75bn.
