UIHC - United Insurance estimates $24M in Q1 catastrophe losses

United Insurance (UIHC) estimates current year catastrophe losses incurred during Q1 of ~$24M (~$19M after tax), net of expected reinsurance recoveries.The first quarter catastrophe losses included claims from Winter Storm Uri, seven additional PCS catastrophe events and two non-PCS catastrophe events.The company also experienced a significant Y/Y increase in litigated claims volume from Florida homeowners' during Q1 leading to actual loss reserve development exceeding expectations across most accident years.Led by higher-than-expected frequency of litigation in Florida, the company intends to strengthen its reserves for unpaid loss and loss adjustment expenses on prior accident years by $30M for Q1.

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United Insurance estimates $24M in Q1 catastrophe losses