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The company relies heavily on underwriting expertise to prepare for cat events.
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That figure compares to pre-landfall loss estimates in the low-single-digit billions.
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Cat claims stemmed from hurricanes Laura, Sally and Isaias, the Midwest derecho and California wildfires.
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Bruce Lucas tells Trading Risk Live that 10-12 companies are at “extreme insolvency risk”.
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New Orleans officials warned more damage could be revealed on Thursday.
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The storm has also struck areas of Alabama still struggling to recover from Hurricane Sally after its Category 2 landfall in Louisiana yesterday.
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The storm is expected to gather speed before making a second landfall along the Mississippi coast.
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New Orleans may fall outside the strongest winds but the storm's possible track has drawn closer to the urban centre.
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Hurricanes Isaias and Sally were "full retention events" and the firm took 2,000 new Irma cat claims in Q3, the company said.
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Pricing on the deal's lower-risk layers has dropped below USAA's original target, falling 50 basis points.
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The company’s overall operating income was down 24% to $907mn.
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The storm has gained strength after earlier forecasts put it at a Cat 1 landfall strike.