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Insurers could absorb as much as 90% of this year’s already elevated losses given shifts in attachment points. -
The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.
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The NFIP’s strategy is to use "short-term borrowings" to meet what could be $10bn in claims.
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The role at PCS included acting as primary touchpoint for ILS.
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Its post-tax estimate of $1.3bn is net of reinsurance recoveries.
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CFP has a $900mn reinsurance attachment point and is still receiving claims daily.
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Insureds often just want cover in place at the lowest price possible, and insurers oblige under the skeptical eye of regulators.
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The Florida of 2022 lacked stability and saw many carrier insolvencies.
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The company did not take questions on its recently announced business review.
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The carrier has not added new business in the state since 2007.
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The specialty insurer reported favorable developments in both its insurance and reinsurance segments.
