Insurers
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The Class B segment of the bond has priced below initial guidance. -
The bond provides coverage for storms, earthquakes and severe weather events.
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The carrier is “extremely well capitalised” to achieve its strategic ambitions.
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The bond will provide coverage for named storms in North Carolina.
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The carrier has recognised two separate losses for the Palisades and Eaton fires.
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Compared with its initial figure, CatIQ’s latest estimate has increased by 40%.
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The total includes fire and smoke damage plus living expenses for evacuees.
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The carrier’s Milton loss came in below expectations, but its fire claims will be “material” in Q1.
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Losses from the larger fire will amount to $20bn-$25bn, the modeller said.
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The estimate has reduced slightly since the modeler’s last update in October.
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The company’s stock price has plummeted in the wake of the LA wildfires.
