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The loss tally is considerably lower than estimates issued by model vendors.
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Richard Mangion spent almost two years as CFO at Bridgehaven.
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The Floridian insurer anticipates that it will remain profitable in Q3 and Q4 despite hurricane activity.
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Sources said that Milton may slow the pace of rate deceleration.
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The firm still expects to deliver positive net income for Q3 2024.
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The Floridian insurer has $80mn in surplus, with retention sitting at less than 10%.
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The company said $13bn-$22bn will come from wind damage.
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Hurricane Helene was blamed for $92mn of those losses.
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HCI is estimated to incur a net expense of $125mn for Milton in Q4 2024.
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Most of the insured loss was attributable to wind.
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RMS will issue its final loss estimates for Milton later this week.
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Milton’s significant but less-than-expected hit shifts our expectations for industry recovery.