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Sources have suggested that Weston's policy count is about 20,000 policies, of which most are wind-only. -
At the time of publication, only a small number of carriers remain to be affirmed, including People's Trust and Cypress P&C.
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The Florida firm lost its rating from Demotech last week.
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Nicole Fried cited her department’s duty to act in consumers’ best interests.
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The former executive is looking for $40mn to $80mn of new capital, sources suggested.
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The Bermuda sidecar took losses of $21.1mn from the reinsurer during the quarter.
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The carrier had improved its combined ratio by 6 points to 99.4%.
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It is unclear if policies transferred by UPC to other entities through quota shares and renewal rights deals are covered by federal mortgage institutions.
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The carrier booked $45mn Q2 cat losses net of retrocession that included $41mn from Natal Floods and $4mn associated with the Australian floods.
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HSCM has had a majority stake in the company since 2020.
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The office will be led by chief actuary Faisal Haddad.
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The firm said it was well prepared for hurricane season with no gaps in reinsurance coverage.
