United Insurance reveals $30m cat hit for second quarter 2020

Florida-based property and casualty insurance company United Insurance Holdings (UPC) has estimated catastrophe losses of approximately $30 million for the second quarter of 2020.

The catastrophe losses included claims from 15 new catastrophe events assigned serial numbers by Property Claims Services (PCS) and three new named tropical windstorms.

The $30 million before income taxes (approximately $23 million after tax) is net of expected reinsurance recoveries.

UPC writes and services personal and commercial residential property and casualty insurance policies using a group of wholly owned insurance subsidiaries.

The company currently writes policies in Connecticut, Florida, Georgia, Hawaii, Louisiana, Massachusetts, New Jersey, New York, North Carolina, Rhode Island, South Carolina and Texas.