Universal Property and Casualty Insurance Company, the Florida-based homeowners insurance subsidiary of Universal Insurance Holdings continues to accept new and renewal policies across Florida. Due to its reinsurance arrangements and its ability to purchase supplemental reinsurance during the hurricane season, UPCIC retained $400,000 in losses for each of the hurricanes or $1.6 million in the aggregate, which will adversely affect UIH’s operating results for the third quarter. The storm losses have been offset by $1.175 million in additional capital contributed to UPCIC by UIH and by UPCIC’s non-catastrophe operating results. Management estimates that despite the hurricane losses, UPCIC’s reported surplus as of Sept. 30 will equal or exceed the $4.62 million in surplus reported June 30. UPCIC management says the company will continue to write policies in Florida relying on independent agents.
Topics Florida
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