Universal Insurance Holdings’ net income slimmed to $29.4mn in the second quarter on a premium base that swelled 8.9 percent partly driven by the insurer’s crusade beyond its Florida heartland.
The reinsurance community is expecting further demand for adverse development covers (ADCs) as a combination of soft market conditions, low interest rates and reserve adequacy concerns pushes carriers to scrutinise their back books.
Fosun-owned insurer Meadowbrook has promoted the former senior vice president of its admitted carrier operations Fred Browning to become chief underwriting officer.
Pat Ryan’s R-T Specialty has acquired N-Surance Outlets (NSO), a wholesale broker and binding authority dedicated to commercial P&C, transportation and garage risks.
US specialty carrier ProSight has partnered with the East coast’s largest marine broker, International Special Risk, with a new program to write cover for maritime contractors.
