Florida-based insurers, Universal Insurance Holdings and American Coastal Insurance Corp, have reported losses in Q3 2024, partly due to Hurricane Helene and Hurricane Milton.
Universal Insurance Holdings, the parent company of Universal Property & Casualty Insurance Co., reported a net loss of $16.2 million in Q3 2024, compared to a $49 million profit in Q2 2024. However, the company’s CEO, Stephen Donaghy, noted that its “substantial reinsurance protection and strong reinsurance relationships” provide it with financial resilience to weather high-frequency and high-severity storm seasons.
Meanwhile, American Coastal Insurance Corp expects to see about $3.8 million in catastrophe losses from Hurricanes Debby and Helene, and about $16 million in losses from Hurricane Milton in Q4.
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