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Federated National Insurance sees $77M in gross losses from Hurricane Matthew

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Federated National Insurance sees $77M in gross losses from Hurricane Matthew

FederatedNational Insurance Co. expects its aggregate gross liabilities as aresult of HurricaneMatthew to be approximately $77 million. Net of reinsurance, lossesshould not top $18.5 million and may be as low as $8 million.

The company's initial loss estimate in Florida is $75million in gross losses, with $18.5 million in net losses retained after creditfor reinsurance. The company noted that this estimate is "well below"its total first event reinsurance protection limit of $1.58 billion.

For South Carolina, Federated National's initial lossestimate is $2 million in gross losses. Losses in the state are covered as partof the company's reinsurance program, which also covers Florida. The companyalso has a separate reinsurance agreement to cover losses incurred outside ofFlorida from $8 million to $18.5 million.

MonarchNational Insurance Co.'s losses from the storm are expected to beimmaterial.

The companies are units of