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Weather losses continued to take a relatively high toll amid a mixed picture for prior-year reserving levels. -
The Florida insurer’s CEO said he was “cautiously optimistic” that legal reforms would benefit insurers struggling with rising loss inflation.
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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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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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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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Its reinsurance premiums ceded are expected to reach $207mn, up from $175mn a year earlier.
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The new adjustments will increase rates 7.6% on average after February 1, 2022.
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A federal judge finds that a new law banning contractors from advertising that insurance may cover roof repairs unconstitutional.
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It hit north of Tampa, and storm surge warnings for wider Gulf Coast were discontinued.
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It was upgraded to a category one hurricane by the National Hurricane Centre last night before being downgraded in a public advisory at 2am (EDT).
