1347 Property Insurance Holdings, Inc. Provides Preliminary Estimate of Catastrophe Losses from the Recent Storm Activity in Louisiana
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While the ultimate cost and impact on the Company's financial results cannot be determined with certainty at this time, the Company expects to incur losses with respect to insurance claims related to damage resulting from these storms. This event primarily impacted the Company's manufactured/mobile home policies which can be endorsed to cover the peril of flood. As a reminder, our Homeowner's multi-peril product does not cover the peril of flood; however, we have experienced some homeowner policy claims related to wind damage.
The Company's catastrophe reinsurance program is structured so that its retention is set at
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