Heritage
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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. -
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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The Floridian insurer expects net current quarter “other weather” losses to make up $16.1mn of the claims tally.
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Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.
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The Floridian grew premiums in all states and products, and by 20% overall, to $282mn.
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The company announced the departures of former CEO Bruce Lucas and former president Richard Widdicombe last year.
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Former president Widdicombe has taken the role of chairman, as planned, but won’t serve on any board committee.
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The Heritage co-founder said InsurTechs need more insurance expertise and to focus on underwriting margin.
