United Insurance Holdings Corp. announces estimated losses from Hurricane Ian
UPC Insurance , a property and casualty insurance holding company, announced that it estimates catastrophe losses incurred from Hurricane Ian during the third quarter ending September 30, 2022, of approximately $36.4 million before income taxes, net of expected reinsurance recoveries. This includes a net retention of $16.4 million split approximately $7.4 million to United Property & Casualty Insurance Company and $9.0 million to American Coastal Insurance Company, plus a $20 million retention by its captive reinsurer, UPC Re.
The Company has received approximately 19,000 claims to date and estimates it will receive 27,000 to 30,000 claims in total with a gross estimated loss of $1 billion. “We also expect to incur about $16 million of reinstatement premiums that will be amortized over the remaining duration of our Core Catastrophe reinsurance program expiring May 31, 2023.”
“Hurricane Ian was a devastating storm, and our primary focus today is on servicing our policyholders. There is a very high degree of uncertainty regarding the long-term economic implications of this event for our Company, and the entire industry. The Company will be working closely with its reinsurers, service providers, and other key stakeholders to adjudicate losses accurately and timely.” – Brad Martz, President & Chief Financial Officer.