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The wildfire in Ventura County was 7% contained as of Friday afternoon. -
The storm caused major damage to one of the drinks company’s warehouses in Tennessee.
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Heritage’s Q3 combined ratio improved 10.2 points to 100.6% driven by lower losses and expenses.
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The wildfire started Wednesday and is 0% contained so far.
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In other property, Helene and Milton will assure rates remain attractive, he added.
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D&O and D&F are also facing increased competition, but property remains price adequate.
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The carrier’s Q3 net income will be around $100mn, far below consensus.
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The company has written over $100mn in gross premium in the US this year.
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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”.
