UPC Insurance projects storm losses
October 17, 2019 - United Insurance Holdings Corp. expects to incur about $46 million pre-tax of net retained catastrophe losses from storms and other events for the third quarter of 2019. United (Nasdaq: UIHC), a property and casualty insurer headquartered in St. Petersburg, said in a news release that the projected losses were due to Tropical Storms Barry and Imelda and Hurricane Dorian. Increased retention from non-tropical events related to its reinsurance program was another factor in the expected loss, the company said. United, which does business as UPC Insurance, also said it will report $15 million pre-tax of adverse reserve development stemming from catastrophe losses in prior accident years. The company expects to release its Q3 2019 financial results on Oct. 30.