R59, in UVE's 10Q filing, I noted this passage:
Management continues to take action to strengthen UPCIC's financial condition.
On the Company's Homeowner's program ("HO"), premium rate increases averaging
10.1% and 13.2% statewide were approved by the Florida Office of Insurance
Regulation ("OIR") and implemented with effective dates in May 2006 and October
2006, respectively. On the Company's Dwelling Fire program ("DP"), premium rate
increases averaging 11.2% and 30.6% statewide were also approved by the OIR and
implemented with effective dates in May 2006 and September 2006, respectively.
Further, a rate decrease averaging 11.1% statewide (HO) and 3.2% statewide (DP)
reflecting anticipated reinsurance savings was filed March 15, 2007 and implemented in UPCIC's rates on June 1, 2007 and is subject to approval by the
OIR. UPCIC will make a subsequent rate filing by September 30, 2007, reflecting
any changes that took place from the June 1, 2007 filing.
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You said that "the catastrophe premium went up by a huge amount due to the increased number of policies." Is it possible that they didn't go up as much on a per policy basis?
I don't know how else to reconcile the two statements.
