UPC Insurance is expecting 27,000 to 30,000 claims from hurricane Ian, driving an estimated gross loss of $1 billion.

The carrier, which has sought to exit its personal lines business in Florida, Louisiana, New York and Texas, had its personal line’s insurer’s Demotech rating withdrawn in August. That same month it made a round of layoffs, according to an Insurance Information Institute spokesperson, who cautioned that it could be on the “verge” of failure.

Read more: UPC lays off staff, insurer on "verge" of failure – Triple-I

UPC updated that third quarter losses from Ian are approximately $36.4 million before income taxes and net of reinsurance recoveries.

This includes a net retention of $16.4 million, with approximately $7.4 million attributable to the personal lines business, United P&C, and $9 million to American Coastal Insurance Company, in addition to a $20 million retention by its captive reinsurer, UPC Re.

To date, it has received 19,000 claims from the event.

The business said it also expects to incur around $16 million of reinstatement premium, to be amortized over the “remaining duration” of its core catastrophe reinsurance program, which is set to expire on May 31, 2023.

“Hurricane Ian was a devastating storm, and our primary focus today is on servicing our policyholders,” said UPC president and chief financial officer Brad Martz.

“There is a very high degree of uncertainty regarding the long-term economic implications of this event for our company, and the entire industry.”