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Heritage’s Q3 combined ratio improved 10.2 points to 100.6% driven by lower losses and expenses. -
The wildfire started Wednesday and is 0% contained so far.
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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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Funding has reached $3.2bn over the first three quarters, 7% less than in 2023.
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The firm will provide an update on November 22 to avoid holiday season.
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The broker said the casualty segment is approaching an “inflexion point”.
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The estimate implies a roughly $15bn homeowners’ industry loss from the hurricane.
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The loss tally is considerably lower than estimates issued by model vendors.
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Insured losses for 9M 2024 have hit $102bn, according to a report.
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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.
