Super-regional property and casualty insurance holding company, Heritage Insurance Holdings, has revealed that it expects to incur $40.0 million of net retained losses from Hurricane Ian.
The company specified that this estimate is inclusive of reinstatement premiums and participation by its captive reinsurer, Osprey Re.
It added that ultimate gross losses continue to be evaluated but are expected to fall within layer 2 of its catastrophe excess of loss program which begins at $140.0 million and exhausts at $960.0 million.
To date, Heritage says it has received close to 12,000 claims associated with Hurricane Ian.
“Our ultimate gross loss is expected to be contained within the second layer of our reinsurance tower and be well within our reinsurance tower, which provides up to $1.2 billion of limit for a first event,” explained Heritage CEO Ernie Garateix.
Heritage upped the spend for its 2022-2023 catastrophe reinsurance program to $359.5 million back at the June renewals this year, accounting for 31% of March 31, 2022, premiums-in-force, which is three points higher than the prior year cost.
“I recently visited southwest Florida and observed some of the wind and flood damage caused by the hurricane. Our highest priority is our policy holders and all those affected by Hurricane Ian remain in our thoughts,” Garateix continued
“Our Heritage team includes excellent claim handling resources, robust repair and mitigation capabilities, and an experienced in-house legal team, all of which are supported by technical analytical resources to assist with the claims adjusting process. Additionally, we have a highly rated syndicate of reinsurance partners on our reinsurance program.”
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