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Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
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The storm is expected to weaken to a post-tropical cyclone later tonight.
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‘Life-threatening’ storm surge and hurricane-force winds expected for the state, according to the NHC.
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Francine is expected to make landfall in Louisiana tomorrow.
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The estimate from the Perils-owned company does not include any losses from Hurricane Debby.
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A hurricane watch is now in effect for the Louisiana coastline.
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Some Canadian cedants have approached the market for top-up cover.
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The loss has increased by 1.4% since the company’s first assessment.
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Urban expansion, climate change and inflation are key drivers of losses.
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The Insurance Bureau of Canada said the blaze damaged one-third of the Jasper community.
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The CEA has $326.4mn towards risk transfer, 44% below budget.
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Leadenhall first filed its lawsuit against 777 Partners in May this year.