Property
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The carrier posted 6% growth in reinsurance, with primary insurance premiums rising 15%. -
The Tampa-based carrier said cat losses nearly tripled, while other weather losses also rose from last year.
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The carrier has extended the limit to $1.275bn for the year to 31 March 2023.
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The company cited its continued Q1 2022 underwriting losses and recent rating downgrade.
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The Floridian carrier must improve its financial strength rating ahead of its 1 July reinsurance renewal.
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The underwriter had worked at Hiscox since 2019 following a long stint at Ariel Re and predecessor entities.
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The state Governor’s goal is ‘to have a functioning market’ for property insurance in Florida.
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March tolls second-highest monthly count since Senate Bill 76 took effect last July.
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The Florida governor said action was needed to prevent more carriers from failing.
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The consolidation plan, subject to regulatory approval, seeks to create a more efficient operating structure for United going forward.
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The Senator is seeking to use a statute to activate a special session on property insurance.
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March brought a flurry of people moves in the ILS market.
