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The Floridian also announced the completion of its first-ever takeout from Florida Citizens. -
Ceded losses grew by 69.2% in Q3 from the prior year quarter to $44mn.
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The combined ratio included 17 points of catastrophe losses in the third quarter.
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CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”.
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Most of the losses derive from France.
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Latest pricing suggests secondary market traders are baking in further loss development.
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The firm will provide an update on 22 November to avoid holiday season.
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September was the strongest performing month since the index began in 2006.
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The low PCS number is presenting a challenge for ILW buyers and sellers.
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The firm is also integrating changes to its process to allow it to cover wider ground.
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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.
