UPC Insurance reveals $135m cat hit for Q3 2020

United Insurance Holdings (UPC Insurance), a property and casualty insurance holding company, has revealed its estimated catastrophe losses incurred during the third quarter of 2020.

The company expects the losses to be around $135 million before income taxes (approximately $107 million after tax), net of expected reinsurance recoveries.

The catastrophe losses included claims from six new named windstorms - Tropical Storm Fay, Hurricane Hanna, Hurricane Isaias, Hurricane Laura, Hurricane Marco, and Hurricane Sally - and other non-named windstorm catastrophe events.

For the second quarter of 2020, the company estimated approximately $30 million pre-tax, net of expected reinsurance recoveries, from 15 new catastrophe events and three new named tropical windstorms.

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.