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Out of the roughly 88 claims received so far, some were storm surge claims that are not covered by the carrier, according to the executive.
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Idalia might add further aggregate erosion to several cat bonds covering various perils over an annual risk period, it stated.
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With Hurricane Idalia’s landfall underway loss estimates are uncertain, but sources noted that the storm’s trajectory shows it taking the best path to impact minimal insured values in Florida.
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The technology specialist is joining the firm from Reinsurance Group of America.
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More than 800,000 houses could be affected by the hurricane’s storm surge.
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If the storm steers clear of Tampa, reinsurers will be well placed for minimal losses, but a retention loss is a further blow for weak Floridians.
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Idalia is forecast to become a hurricane later today and a dangerous major hurricane over the northeastern Gulf of Mexico by early Wednesday.
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A major hurricane in any section of Florida that extends into the Southeast states is likely a “multi-billion-dollar” insurance industry event, according to the broker.
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The storm is now forecast to become a major hurricane by Tuesday night. This morning’s advisory update had estimated that Idalia would reach major hurricane status by early Wednesday.
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The domestic carrier will write homeowners’ multi-peril business, according to filings which also detailed that $300,000 of the initial capital will be used to complete the statutory deposit requirement.
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The carrier’s Florida reinsurance tower’s top layers comprise a total of $450mn in Class A Sanders Re cat bond coverage.
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The executive said that the company reduced its consolidated retention and ceded premium ratio for its 2023 and 2024 treaty program.