Universal

Universal Insurance Holdings books $30.7mn reserve charge and sees $21.5mn in weather above plan for Q4, with shares plunging on the news.

The financials from the listed Floridians show them plotting a path through challenges by exposure management and rate rises, but reinsurers are still picking up notable storm losses from this reinsurance-reliant group.

Weather losses continued to take a relatively high toll amid a mixed picture for prior-year reserving levels.

It was nearly 900% up on the year-ago figure, as the insurer’s executives cautiously welcomed new Florida legal reforms.

Universal Insurance Holdings reports premium growth and lower cat losses in Q2.

The Floridian carrier said reinsurance spending was up by 5%.

The hurricane made landfall in Alabama on 16 September 2021 and swept through a number of southern states.

The insurer reported no new above-budget weather losses in the quarter.

The insurer is turning to the ILS market after a busy year for Florida deals in 2020.

The executive was previously an underwriter at Chubb Tempest Re and Odyssey Re.

The carrier transferred $44mn from a holding company to its insurance subsidiary in the quarter.

Hurricanes Isaias and Sally were "full retention events" and the firm took 2,000 new Irma cat claims in Q3, the company said.