UIHC - United Insurance estimates $36.4M in catastrophe losses from Hurricane Ian

• United Insurance ( NASDAQ: UIHC ), a property and casualty insurer located in Saint Petersburg, Florida, has estimated $36.4M in catastrophe losses incurred from Hurricane Ian , it said Wednesday.
• That figure consisted a net retention of $16.4M, including ~$7.4M to United Property & Casualty Insurance Company, $9.0M to American Coastal Insurance Company, and a $20M retention by its captive reinsurer, UPC Re.
• The insurer said it expects to receive a total of 27K-30K claims with a gross estimated loss of $1B, having already gotten ~19K claims to date.
• In addition, UIHC anticipates incurring about $16M of reinstatement premiums that will be amortized over the remaining duration of its Core Catastrophe reinsurance program expiring May 31, 2023.
• "There is a very high degree of uncertainty regarding the long-term economic implications of this event for our Company, and the entire industry," sad United Insurance President and CFO Brad Martz.
• Previously, (Aug. 25) United Insurance files withdrawal plans in three states due to personal-lines uncertainty .

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