American Coastal

The violations included not using properly appointed adjusters and failing to pay claims.

Floir has greenlit at least 14 new companies for operation in Florida in the last few years, contributing to the competition.

Rates continue to fall across the state but are firmer in the southeast region.

The Insurance Insider US news team runs you through the earnings results for the day.

The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.

The Insurance Insider US news team runs you through the earnings results for the day.

In February, the company announced it received regulatory approval for the deal.

The CEO expects to see a larger shift between condos and apartments in 2026 and 2027.

The Insurance Insider US news team runs you through the earnings results for the day.

His predecessor Peed remains with the firm as executive chairman.

The new agreement provides $40mn of aggregate limit excess of zero.

The Floridian also announced the completion of its first-ever takeout from Florida Citizens.

The Insurance Insider US news team runs you through the earnings results for the day.

The Floridian insurer anticipates that it will remain profitable in Q3 and Q4 despite hurricane activity.

The Floridian anticipates Hurricanes Debby and Helene to incur losses of $3.8mn in Q3 2024.

Shares gained after Hurricane Milton did less damage than anticipated.

Milton threatens to make landfall in Florida shortly after Helene.

The storm brought a lot of rain, but the Floridian doesn’t provide flood insurance.

The Insurance Insider US news team runs you through the earnings results for the day.

AmCoastal also cut its board down to five members, including two new appointments.

The company plans to reduce its quota share to 20% from 40%.

The Insurance Insider US news team runs you through the earnings results for the day.

The closing of the Interboro sell-off was postponed to nearer the end of the year.

The Insurance Insider US news team runs you through the earnings results for the day.

The transfer is intended to allow Brad Martz to “focus on his position as president of American Coastal,” the company said in a regulatory filing.

The agreement provides coverage for in-force, new and renewal business, with up to $100mn of limit excess of $10mn per occurrence.

A non-binding term sheet was signed on October 6, whereby the buyer will acquire 100% of Interboro’s issued and outstanding securities in exchange for cash.

The Inside P&C news team runs you through the earnings results for the day.

The Inside P&C news team runs you through the earnings results for the day.

ACIC’s program offers sufficient coverage for approximately a one-in-167-year event and a one-in-100-year event followed by a one-in-50-year event in the same season, the company said.

Forecasts for “near-normal” activity may mean the chance at a reprieve for the Florida market, but a history of underestimates warrants caution.

The company now expects to file the quarterly report on or before May 22.

The company is also nearing completion of Interboro Insurance Company’s program renewal.

United said it will require additional time to finalize its financial statements and disclosures “related to subsequent events”.

Executives were speaking after the company reported a combined ratio of 308.8% for the fourth quarter, a 200-point hike from the prior-year period.

United Insurance Holdings said it had fully exhausted its personal lines reinsurance cover on the event, rendering its personal lines carrier insolvent.

The move follows the company’s loss estimate increase to $1.54bn from a preliminary estimate of $1bn.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The firm will exhaust its personal lines reinsurance coverage on the storm, pushing its personal lines carrier into insolvency, with commercial claims doubling.

The moves follow RenRe’s positive feedback on January 1 renewals, and UPC selling most of its outstanding policies in Florida to InsurTech Slide.

The transaction provides relief for policyholders and agents, but especially for those policyholders whose policies expire past UPC’s June 1 deadline.

Receivership has been historically lower in the past 20 years, but trouble in Florida breaks away from the overall P&C industry trend.

The carrier had earlier signalled that uncertainty over reinsurance would affect its ability to write new business.

KBRA also affirmed the A- ISFR for subsidiaries American Coastal Insurance Company and Interboro Insurance Company.

In late August, UPC signaled that it will pull out of personal lines in Florida, Texas, Louisiana and New York.

Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.

The executive added that the company's expected retention from a second event is estimated at $31.8mn.

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.

The insurer has received roughly 19,000 claims to date and estimates it will receive 27,000 to 30,000 claims.

As the loss numbers for Hurricane Ian begin to come into focus, three topics to watch are impact from demand surge, litigation trends, and rate activity.

Hurricane Ian’s total effect is still unknown, but lessons from Hurricane Irma give insight into potential outcomes.

If current forecasts prove accurate, this will be a pivotal moment for the already off-balance Florida cohort and could result in a new market landscape.

In late August, UPC signaled that it will pull out of personal lines in Florida, Texas, Louisiana and New York.

With the most active hurricane month just a week away, the moment of truth has finally come for the already strained Floridians.

On August 1, Demotech downgraded UPC's financial stability rating by two notches to M from A.

It is unclear if policies transferred by UPC to other entities through quota shares and renewal rights deals are covered by federal mortgage institutions.

The insurer also completed the reorganization plan to consolidate its four Florida domiciled insurance carriers into two.

Just last week, the insurer launched a strategic review as the latest insurance carrier to run into challenges operating in the state’s homeowners’ market.

There is no guarantee that the process will yield a particular transaction.

Kiln and UPC partnered to form the insurer in 2018, but it was merged into American Coastal earlier this year

The sector was hit by a rough first half of 2022, with more to come in the second half of the year.

Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.

The consolidation plan, subject to regulatory approval, seeks to create a more efficient operating structure for United going forward.

The firm said its results reflect its aim to return to profitability in 2022.

The Inside P&C research team looks forward to the big issues of the new year.

The Florida-headquartered carrier blamed litigation rates and rising reinsurance costs for the move.

Inside P&C's Research team looks at the prospects of Florida's wave of new arrivals.

Coupled with aggregate cover the company has in place, United said Thursday that exposure to cat events for the remainder of its current reinsurance program would be $9mn.

She previously worked as VP underwriting for IAT insurance group, a Florida based property-casualty carrier.

The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.

The Florida-based carrier is now scaling back personal lines exposure and raising rates after reporting a $25mn Q2 loss.

The carrier reduced its catastrophe retentions and increased quota share reinsurance protection.

In a filing, the company said he was leaving the post “to pursue another opportunity”.

UPC’s early look at its expected cat toll for Q2 – typically a quiet period for cat events – could be a signal that the quarter was busier than usual for weather events.

Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.

The carrier cut back its treaty limit by around 13% and lowered its deductible.

UPC also said it had retained Raymond James to explore a sale of Interboro, in a bid to deleverage its capital.

This came as the insurer said its reinsurance programme was oversubscribed and it expected rate increases to be in a mid single digit range.

United Insurance Holdings reported a core after-tax loss of $19.4mn for the first quarter of 2021, as elevated natural catastrophe claims from Winter Storm Uri and a $30mn reserve charge weighed on the carrier’s results.

UIHC attributed the reserve charge to a “significant increase” in litigated claims volume in the quarter.

Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.

CEO Dan Peed says the company will develop direct-to-consumer products and work on improving the carrier’s underwriting performance.

Catastrophes increased the carrier’s losses and LAE for the quarter by 41.7% year on year.

The Floridian’s new joint venture is called Journey Specialty Insurance Company.

The Floridian carrier has agreed terms for a new reinsurance treaty that increases its cession rate by eight points to 30.5%.

Chris Dittman will add the new title to his existing role as chief risk officer.

The figure compares with around $50mn in pre-tax cat losses in Q3 2019 from Hurricane Dorian and other events.

The insurer reported favorable reserve development and ceded $30mn of minor weather losses to reinsurers.

The insurer benefited from both lower loss and expense ratios.

The moves follow last month’s announcement that R Daniel Peed would become CEO following John Forney’s departure.