Universal
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Demotech wrote to more than 15 carriers to warn of a possible downgrade last month. -
He continued that the program contains full protection for hurricanes and tropical storms with no gaps in coverage and no co-participation.
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The company cited the challenging Florida claims environment and inflationary and weather trends as the key reasons for the loss ratio increase.
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For most policy forms, all roof types must be 15 years or newer to write new business in certain counties.
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Excessive litigation costs and continued losses threaten the Sunshine state’s market.
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Forecasters have again predicted an active season for storm activity, with the Florida market particularly vulnerable to high cat activity.
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The reinsurer has put the first layer through its captive, a move that reflects the lack of reinsurance capacity for this high-risk business.
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Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.
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The CEO assured analysts that the company has secured 85% of its core all-state first-even catastrophe tower.
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Florida-based Universal sees 6.1% drop in policies in force; challenging claims environment pressures underwriting profit.
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CEO Steve Donaghy said the hires would boost the company’s strategic objectives.
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