FedNat expects $41mn in Uri losses, reports Q4 underwriting loss driven by catastrophes
FedNat’s underwriting loss deepened in the fourth quarter, after pre-tax catastrophe losses swelled to $31mn from $4.5mn last year, and the company posted a roughly $12mn reserve charge on prior-year losses for the second year in a row.
The carrier’s $50mn underwriting loss grew from $21mn in the fourth quarter of 2019, continuing a stretch of consecutive negative quarterly underwriting results that began in the third quarter of 2018.
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