Insolvency ‘likely’ for St. Pete insurer with $1B in estimated losses
attributed the decision to withdraw the company’s personal lines business from Florida, as well as Louisiana and Texas, to “significant uncertainty around the future availability of reinsurance.”
Company executives first addressed UPC’s deteriorating financial condition in January, when they announced the end of writing new business in Florida. Then, in April, UPC sold renewal rights and ceded all premiums held in Georgia, South Carolina and North Carolina.in April and consolidated its four subsidiaries into two after reporting consecutive quarters of heavy underwriting losses.
“When they announced their orderly runoff of Florida policies in late August, we forecast the plan was not viable. Based on the heavy loss anticipated from Hurricane Ian, the company’s future is in serious peril, and insolvency most likely lies ahead,” Friedlander said.
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