Heritage
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The Inside P&C research team looks forward to the big issues of the new year. -
As part of the deal, Heritage will transfer ownership of carrier Pawtucket and MGA First Access, as well as claims and underwriting data.
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Storm losses were down 30% to $13mn, but the prior-year result had benefitted from a one-off gain.
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Net cat losses were down, but other weather losses rose by 56% to $35.5mn.
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Despite four major storms striking the US, Heritage sees Q3 cat losses decline by 35%.
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Inside P&C's Research team looks at the prospects of Florida's wave of new arrivals.
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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 Florida insurer’s combined ratio rose to an unprofitable 105.2% on higher weather losses and an increase in ceded premium.
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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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Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.
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The total reinsurance program’s cost jumped to $312mn at the renewal, compared with a $272mn price tag a year ago.
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Higher underlying losses also cost the Floridian insurer, but it managed to deliver prior-year reserve releases.
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