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The storm caused major damage to one of the drinks company’s warehouses in Tennessee. -
The wildfire started Wednesday and is 0% contained so far.
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D&O and D&F are also facing increased competition, but property remains price adequate.
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Arch stands out among hybrids, but Axis and Everest grind it out.
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The carrier’s Q3 net income will be around $100mn, far below consensus.
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The carrier increased specialty premium by 39% by the nine-month mark.
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Earnings call commentary shows pockets of casualty reserve strengthening for AY 2020-2023.
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The carrier said activity across smaller and mid-sized natural catastrophe and risk events had been “elevated”.
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Casualty submissions rose over 70% while property increased over 20% YoY in Q3.
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Rates fell across all premium lines, especially for property and GL.
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The carrier reported total cat losses of $48.9mn during Q1-Q3 2024, versus $20.2mn in 2023.
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Initial expectations for the later storm prove overblown, while inland auto losses mount for the earlier event.
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