UPC halves Armor Re II cat bondUnited Insurance Holdings (UPC)’s latest catastrophe bond, Armor Re II Ltd, has been cut to $100mn from its planned $200mn due to its Class A tranche being priced at the upper end of guidance, according to reports.
UPC shifts cat to QS and slashes open market reinsurance placementAs Florida renewal negotiations continue, United Insurance Holdings (UPC Insurance) has revealed only about $800mn of its $3.2bn reinsurance program remains to be placed, with its open market capacity needs falling 50 percent over 2018.
Cats hit UPC combined ratio but underlying performance improvesUnited Insurance Holdings (UPC Insurance) reported a combined ratio that deteriorated by 16.3 points to 108.9 percent in the fourth quarter as it felt the impact of Hurricane Michael and a higher aggregate retention compared to the prior-year period.
United’s third quarter catastrophe bill hits $35mnUnited Insurance Holdings has racked up $35mn of net catastrophe losses in a third quarter that saw Hurricane Florence pound the Carolinas as a Category 1 storm.