United Insurance Company

UPC increases gross Ian estimate to $1.5bn with United P&C set for insolvency

United Insurance Holdings (UPC) has increased its gross loss estimate for Hurricane Ian by more than 50 percent, with the group’s personal lines arm United P&C expected to be declared insolvent as a result.

UPC combined ratio deteriorates to 131.6% in Q2

United Insurance Holdings (UPC) has reported a deterioration in its Q2 core loss and combined ratio, while its CEO noted a “milestone” in the transition towards becoming a specialty commercial lines writer as commercial direct premiums written exceeded that of personal lines in the quarter.

Demotech withdraws rating for Weston P&C, affirms several cos at A as others await their fate

Rating agency Demotech withdrew its rating for Weston Property and Casualty Insurance Company at the company’s request, and affirmed a number of higher-profile Florida carriers as the ratings agency published its first wave of ratings actions on Monday.

Demotech downgrades UPC FSR two notches to “M” as revisions made public

Demotech has downgraded United Property & Casualty Insurance Company (UPC) two notches and assigned the insurer a “Moderate” financial stability rating - a level that has historically crippled a carrier’s ability to write business - as the rating actions that many have feared for several weeks now start to roll in.

UPC’s Peed: Escalating pre-suit NOIs cast doubt over excessive litigation progress

United Insurance Holdings (UPC)’s share price has slumped by 37 percent following the Florida carrier reporting a first quarter earnings miss, while CEO Dan Peed has commented that a spike in pre-suit notifications of intent to litigate (NOIs) has made any progress on excessive litigation less certain in the Sunshine State.

Louisiana’s Donelon proposes fines for five carriers for “improper activity”

Louisiana State Insurance Commissioner Jim Donelon’s office is proposing $764,750 in total fines for five insurance companies doing business in the state, including a $250,000 punishment on United Property and Casualty, after finding the companies engaged in “improper activities” following hurricanes in 2020.

AM Best downgrades and withdraws Journey’s ratings on UPC reorg

Following Journey Insurance Company’s volatile performance since it was launched in 2018, AM Best has downgraded the United Insurance Holdings (UPC) subsidiary’s rating to B++ (Good), and then withdrawn it following the announcement earlier this week that Journey will be merged into American Coastal.

HCI Group to acquire UPC’s $90mn GA, NC and SC personal lines book

Florida-based homeowners carrier HCI Group has agreed a deal to take on the $90mn premium personal lines book of United Insurance Holdings (UPC Insurance) in Georgia, North Carolina and South Carolina as UPC looks to reallocate capital to its fast growing commercial specialty property portfolio.

UPC estimates $40mn in Q2 cat losses

United Insurance Holdings (UPC) has estimated its current year catastrophe losses incurred during the second quarter at $40mn, before income taxes and net of reinsurance recoveries.

UPC restructures reinsurance and considers Interboro sale

Floridian insurer United Insurance Holdings Corp (UPC Insurance) has significantly lowered first and second event retentions on its core cat programme and revealed it is considering selling New York subsidiary Interboro to free up capital for its growing commercial specialty book.

UPC nearing completion of additional quota share cover

United Insurance Holdings (UPC) is close to securing additional quota share protection to improve its risk-based capital (RBC) for the rest of the year, while the Florida carrier is expecting to reduce the per-occurrence and aggregate retention levels on its core cat programme next year.

UPC ceded $47mn of losses to reinsurers in Q2

Florida carrier United Insurance Holdings (UPC) has revealed that it ceded $46.5mn of its $76.3mn gross catastrophe losses in the second quarter, with management also indicating Irma claims are stable.

Peed stepping in as UPC CEO reflects underperformance: Wells Fargo’s Greenspan

UPC Insurance is handing the CEO role to Daniel Peed, who joined its board when the Florida carrier bought American Coastal (AmCo) in 2017, as a result of underperformance under John Forney in recent years, according to Wells Fargo equity analyst Elyse Greenspan.

UPC CEO Forney resigns to pursue other opportunities

John Forney has resigned as president and CEO of United Insurance Holdings (UPC), with former AmRisc CEO Daniel Peed named as the new CEO of the Florida carrier.

UPC buys increased $3.26bn cascading cat cover at 1 June

United Insurance Holdings (UPC) has increased its core multi-event cascading catastrophe reinsurance limit 3.2 percent to $3.26bn at 1 June, and said that the total cost of its excess of loss reinsurance programmes increased 7.1 percent.

Florida’s United pulls $130mn Armor Re cat bond issue

United Insurance Holdings (UPC Insurance) has pulled its $130mn Armor Re II 2020-1 series cat bond after marketing the proposed issuance with investors, The Insurer understands.

Applied Underwriters CEO seals Berkshire buyout in $920mn deal

Applied Underwriters founding CEO Steve Menzies has completed a transaction to buy the workers compensation specialist’s core insurance subsidiaries from Berkshire Hathaway in a move first revealed by The Insurer.

UPC bemoans “tough quarter” with 108.2% combined ratio

United Insurance Holdings (UPC Insurance) has pointed to elevated cat losses and the “last gasp” of the assignment of benefits (AOB) industry as reasons for a second quarter loss.

Regulators review Applied Underwriters transaction

Regulators are reviewing the potential sale of Berkshire Hathaway’s majority investment in Applied Underwriters but, contrary to reports today, the proposed transaction does not involve a full acquisition of the stake in the workers compensation specialist by United Insurance Company (UIC), The Insurer understands.

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