Louisiana storm losses not expected to exceed single event retention: PIH

1347 Property Insurance Holdings (PIH), a holding company offering specialty insurance through subsidiary Maison Insurance Company, has estimated its pre-tax catastrophe losses from the storm activity in Louisiana from August 11 to August 15 2016 will not exceed $5 million.

PIH’s catastrophe reinsurance programme is structured so its retention is set at $5 million for a single event. Its initial potential loss based on current predictive models and claims experience is not expected to exceed this figure.

The storms primarily impacted PIH’s manufactured/mobile home policies, which can be endorsed to cover the peril of flood.

PIH also believes that it may have recoveries available to it under its per-risk reinsurance programme.

Doug Raucy, chief executive officer, said: “We are actively fielding and evaluating claims while working with our agents and reinsurance partners to quickly aid our policyholders following this period of storm activity.

“Our priority, as always in challenging situations like this, is to deliver the high level of customer service that our clients expect. We continue to maintain a strong capital position and intend to provide regular updates to our investors throughout the process.”