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The wildfire started Wednesday and is 0% contained so far. -
The carrier had $300mn of favorable development in Q3, mostly led by short-tail lines and ex-workers' comp.
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The firm will provide an update on November 22 to avoid holiday season.
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The commercial carrier also reported a Hurricane Milton pre-tax net loss forecast of $250mn-$300mn.
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The estimate implies a roughly $15bn homeowners’ industry loss from the hurricane.
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Arch is assuming an industry loss related to Helene in the $12bn-$14bn range.
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The ratings agency said higher attachment points would make 2024 hurricane claims “manageable”.
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Insured losses for 9M 2024 have hit $102bn, according to a report.
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Liberty Mutual expects $550mn in Helene losses versus Milton’s $250mn-$350mn.
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Beazley leads the first $100mn layer of the programme, while Tokio Marine HCC leads the second on the Alesco-placed cover.
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The Floridian insurer anticipates that it will remain profitable in Q3 and Q4 despite hurricane activity.
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The Floridian anticipates Hurricanes Debby and Helene to incur losses of $3.8mn in Q3 2024.
