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The Florida insurer’s CEO said he was “cautiously optimistic” that legal reforms would benefit insurers struggling with rising loss inflation. -
The insurer also sourced more buydown reinsurance layers to reduce its retention of North American catastrophe risks.
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The insurer had a record quarter for earned premiums, linking the boost to the growth of TypTap, which recorded $39mn in earned premiums.
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The new retro fund launched with $98.9mn after an extended development phase.
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The former Alterra Global Reinsurance CEO will be responsible for establishing the new hub for the reinsurance broker.
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Fee income – an area of patchy disclosure by reinsurers – was generally stable amongst early reporters.
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It was nearly 900% up on the year-ago figure, as the insurer’s executives cautiously welcomed new Florida legal reforms.
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Universal Insurance Holdings reports premium growth and lower cat losses in Q2.
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The insurer grew its top line by 41% in the first half of 2021.
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The reinsurer stepped off five Florida domestic insurance programmes but has taken more E&S risk in the southeast US.
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Heritage expects to incur $24.5mn of net current accident quarter catastrophe losses and $11mn of net current accident quarter other weather losses in Q2 2021.
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Craig Swan will become CEO of the monetary authority, after working as deputy CEO for 21 months.
