Universal Insurance Holdings Inc. experienced an estimated $58 million, pre-tax impact from two hurricanes in the third quarter of 2020, the company announced on Sept. 23.
The full retention events of Hurricanes Isaias and Sally caused the catastrophe losses, Universal Insurance reported in a release.
Hurricane Isaias had an estimated pre-tax, Other States program catastrophe loss of $15 million.
The estimated catastrophe loss for Hurricane Sally reached $43 million in the company’s pre-tax, All States program.
The total net impact after-tax was approximately $44 million, the release reported.
The holding company offers property and casualty insurance, plus value-added insurance services. The company writes insurance products mostly in the residential homeowners line of business. Product are sold through appointed independent agents and the company’s direct online channels in 18 states, but primarily in Florida.
The company said on its website that it launched Florida’s first Florida online platform to let consumers purchase a homeowners policy online.
