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The company is confident it has sufficient additional reinsurance capacity should claims begin to develop outside of initial expectations. -
The Floridian's net loss ratio jumped nearly 18 points to 97.6%, driven by a $40mn retention from Ian and slightly lower net earned premium than the prior-year quarter.
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FloodSmart Re bonds recovered by a few points in October after initial steep write-downs following Ian.
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The executive added that while the Florida market has seen benefits from recent legislation, the major issue remaining is one-way attorney fees.
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The carrier said it was “insulated from open market pricing dynamics” for its 2023-24 reinsurance.
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The Floridian's loss ratio increased 42.8 points, reflecting $111mn of retained Hurricane Ian losses and a higher attritional initial accident year loss pick.
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The projected Ian loss is $2.2bn higher than the state reinsurer took from Hurricane Irma in 2017.
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A special session in December and prohibition of assignments of benefits have been cited on the Florida campaign trail.
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The firm’s capital and risk solutions segment has been growing its reinsurance business this year.
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UPC’s closing price hit the bottom of $0.99 per share on Sept 6 and has remained below the $1.00-threshold ever since.
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Arch’s estimate is commensurate with a range of expected insured losses across the global P&C industry of $50bn to $60bn.
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The analysts said market pricing indicators suggested a hard market was going to set in, requiring increases of 20%-30%.
