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The storm outbreak follows similar events in the area in 2020 and 2023. -
The peril has been historically difficult to model compared to others.
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Insurers with SCS exposure reaped fewer benefits but still improved over Q3 2024.
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Many commercial risks will have London coverage, but insured values are relatively low.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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Newsom has yet to sign a pending bill to create a public cat model.
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Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.
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Seller White Mountains will retain a roughly 15% fully diluted equity stake.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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The measures also seek to encourage greater wildfire mitigation efforts.
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The data modeling firm said losses previously averaged $132bn annually.
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The violations included not using propertly appointed adjusters and failing to pay claims.
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After the LA wildfires in Q1, carriers got some relief in Q2 ahead of wind season.
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The group claims the White House is undermining disaster preparedness.
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The company plans to launch in New York and New Jersey next year.
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American Integrity grew GWP by 30% to $287mn and Slide GWP was up 25% to $435mn in Q2.
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The company also purchased $15mn of SCS parametric coverage.
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The reinsurance CoR fell 2.3 points to 79.5% while the primary CoR rose 4.7 points to 98.7%.
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The model becomes the second in the state to get approval to affect ratemaking applications.
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Mercury’s recovery from the guaranteed percentage of losses is $47mn.
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This brings the carrier’s total limit on the program to $1.8bn.
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At least 14 new companies have opened up shop in the state in recent years.
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Insurers must write policies in high-risk areas in order to incorporate the model.
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The losses were below May’s $777mn, but almost 3x higher than for June 2024.
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The suit claims billions of dollars are being illegally withheld.
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The US accounted for 92% of all global insured losses for the period.
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State legislation has led to major strides in rate adequacy.
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Category 4 and 5 storms could become more common and hit further north.
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Despite predicting fewer hurricanes, the numbers are still above average.
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The company said the reduction was due to years of steady improvements.
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The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
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Allstate attributed the bulk of its losses to three major wind and hail events.
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HCI secured three towers with $3.5bn in XoL coverage.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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The deal leaves premier surety as Travelers' sole Canadian portfolio.
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Florida’s top regulator says he’s eyeing eventual tweaks to the state’s cat fund, too.
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The firm is pressing ahead with IPO plans just ahead of the start of the Atlantic storm season.
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TSR previously predicted activity slightly below the 1995-2024 average.
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The agency forecasts up to five major hurricanes and 19 named storms.
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Tornadoes have killed at least 32 people in three states.
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Proceeds will expand the company’s reinsurance protection in Florida and South Carolina.
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With plenty of reinsurance capacity, CEO Patel said it’s been a “boring year” for treaty negotiations.
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The total cost for the program increased 1.8% from last year’s.
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The carrier’s estimated first event limit could increase 16%, to $1.35bn.
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California homeowners are also expected to move admitted business to E&S.
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The insurer has not decided whether to sell its Eaton subrogation rights.
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The renewal and upsizing of the Trouvaille E&S sidecar highlighted the market’s potential.
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The initial offering will include 6,875,000 shares of common stock.
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Renewal rates were favorable compared to what could have happened after several hurricanes.
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The carrier surpassed the retention on its annual aggregate reinsurance cover for the year to March 31.
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The Floridian company applied to be traded on the NYSE.
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The announcement spurred a quick spike in stock market valuations.
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Colorado State University is predicting 17 named storms, nine hurricanes and four major hurricanes.
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The carrier has received 12,300 claims as of 28 March.
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The insurer has lined up Piper Sandler and KBW to run the process.
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Cat losses last month were lighter than historical trends, but all eyes are on Q1 figures.
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Commissioner Lara also proposed a $500mn cash infusion from parent State Farm.
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As of 14 February, the company received 405 claims.
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The bond will provide fire protection for MGA Bamboo’s California business.
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State Farm General has asked California regulators for an emergency rate increase.
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The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
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The conglomerate reported after-tax cat losses of $1.2bn related to Hurricanes Helene and Milton in 2024.
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The carrier said 72% of those losses occurred in personal property.
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A higher loss quantum will put a greater burden on retro programmes.
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Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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Citizens approved an average 8.6% rate hike and decreases for one-fifth of policyholders.
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CFP has a $900mn reinsurance attachment point and is still receiving claims daily.
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The state has seen 11 new entrants into the insurance market, reflecting renewed confidence.
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The carrier has been reducing its presence in the state since 2007.
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The company says the recent wildfires will be the costliest in its history.
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The company’s reinsurance business also has some exposure, the executive said.
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The Floridian also expects to report its “best earnings quarter” for Q4 2024.
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The company received over 10,100 home and auto claims as of January 27.
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Guy Carpenter said personal lines exposure would account for 85% of the aggregate loss.
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Fitch said 1Q wildfire losses could add 6% to 10% to Mercury’s CoR.
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The total includes fire and smoke damage plus living expenses for evacuees.
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The fire started Wednesday morning and is currently 0% contained.
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Most carriers paid more in homeowners’ claims than they collected in premiums.
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There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.
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Sources say the Fair Plan is under-reserved, leading to the possibility of member assessment.
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The carrier is the largest writer of homeowners’ multi-peril in the state.
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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.
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The number of structures damaged may put the event on par with the fires of 2017 and 2018.
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Sources say 2025 could be as costly for wildfires as the $20bn-loss years of 2017-18.
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Total economic and insured losses are “virtually certain” to reach into the billions.
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This could see it surpass the 2017 Camp Fire, which cost around $12.2bn.
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Plenum said impact is marginal because wildfire contributes only marginally to the risk of bonds.
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He succeeds Wayne Peacock, who retires this year after four years of service.
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The fast-moving blazes have prompted evacuations across the city.
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Homeowners’ insurance rates have spiked almost 60% since 2018.
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The regulations are part of a state effort to expand wildfire coverage.
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The estimate includes $102mn from Milton and $114mn Helene development.
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Twia’s SCS losses in Q1-Q3 2024 have been more than double the budgeted amount.
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