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The carrier can claim separately for the Palisades and Eaton fires if necessary. -
The carrier has received more than 3,600 claims from LA wildfires.
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Year-end reserving, Milton and wildfires will dominate Q4 earnings discussions.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
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The reinsurance attaches at $7bn, unchanged for the past two years.
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Syndicate 609 will cede net loss reserves of approximately $196mn.
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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.
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New CEO Williamson will likely continue walking the hybrid path, with an emphasis on fixing US casualty.
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The 2024 loss figure exceeded that of the previous record of C$6.2bn in 2016.
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The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.
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Investigators are homing in on the likely causes of the incidents.
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AM Best said it expects insured losses from the California wildfires to be “significant”.
