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Florida-based Universal sees 6.1% drop in policies in force; challenging claims environment pressures underwriting profit. -
The issuance is much smaller-scale than the previous Everglades Re cat bond but the multiples on offer are considerably higher.
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The company cited its continued Q1 2022 underwriting losses and recent rating downgrade.
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With a hugely challenging reinsurance renewal ahead, Florida insurers are maximising participations in the state scheme.
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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 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 downgrade was attributed to weather claims from Louisiana and Texas following the company’s expansion into those markets.
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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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Downgrades are expected to be announced next week for some Florida carriers that are “already winding down”.
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The ratings were withdrawn after the reports for the full-year 2021 fell short of requirements to maintain it, Joseph Petrelli, president at Demotech said.
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