Universal

In June, the company renewed its reinsurance program, holding the program’s retention for Florida events steady at $43mn.

The executive joins from Universal, where he was president of the Floridian’s American Platinum division.

Universal said it made ‘significant progress’ in closing Irma claims.

The only Covid-related item cited was a decrease in fair value of certain investment securities which recovered in Q2.

On its quarterly earnings call the Floridian insurer updated investors and analysts on how it has responded to the Covid-19 crisis and disclosed $50mn of Irma reserve development.

The carrier has $1.3bn of public reinsurance cover remaining.

Universal also took a modest reserve charge of a little more than $4mn.

In its call with analysts, Universal revealed a $150mn rise in the company’s Irma gross loss estimate, to $1.4bn, representing a total increase of $400mn in the second half of 2019.

Universal’s earnings were badly hit by a combination of reserve charges and the recognition of prior-year losses that totaled more than $100mn and pushed underwriting margins into much further negative territory than a year ago.

The two Florida-based insurers have continued to suffer increased losses from prior year events such as Hurricanes Irma and Michael.

The carrier’s gross loss from the hurricane has now increased to $1.1bn.

The carrier was hit by increased losses and deteriorating reserves.