United Insurance saw its growth go both ways as the company booked higher premiums but at the same time sustained losses from various catastrophes from 2016.
Newly released year-end financial results revealed that the company grew its total gross written premium by 24.3% to $138.5 million “primarily due to…strong organic growth,” according to a report by BusinessWire.
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However, policy acquisition costs also rose by 35% to $117.7 million as of the end of 2016.
Losses were considerable as the company sustained catastrophe losses of $55.8 million in the last year from winter and spring storms in Texas and Florida, the storms that hit Louisiana last August, several hurricanes and tropical storms, and other catastrophes not covered by the company’s reinsurance programs, the report further said.
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