1347 Property Insurance Holdings Expects Losses from Louisiana Storms

1347 Property Insurance Holdings Inc., which offers specialty property/casualty insurance through its subsidiary, Maison Insurance Co. (Maison), said it expects to incur losses from claims related to damage from the recent storms that produced record-breaking floods in Louisiana.

Maison has many policyholders who have been impacted by the Aug. 11 – 15 flooding in Louisiana.

This event primarily impacted the company’s manufactured/mobile home policies, which can be endorsed to cover the peril of flood. The company’s multi-peril product does not cover flood damage but Maison has experienced some homeowner policy claims related to wind damage from the storms.

While the ultimate cost and impact on the 1347 Property Insurance Holdings’ financial results cannot be determined with certainty at this time, the company said the retention for its catastrophe reinsurance program is set at $5 million for a single event. So pre-tax losses, net of reinsurance, are not expected to exceed $5 million, the company said.

Maison offers P/C insurance in Louisiana and Texas. Its insurance offerings for personal and commercial customers include homeowners, wind and hail only, manufactured home and dwelling fire policies.

Source: 1347 Property Insurance Holdings Inc.