Universal projects $35mn in net pre-tax cat losses

Universal Insurance Holdings expects to be hit with gross
catastrophe losses of as much as $450mn from Hurricane Irma but
added that reinsurance recoveries would reduce that figure to a net
$35mn pre-tax cat loss.
The insurer also noted that if it recovers more from reinsurance
for losses related to Irma outside Florida, that $35mn would be
further reduced.
Universal said that at the level of losses anticipated, which may
be as little as $350mn gross, it still has $2.65bn...