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The firm is also integrating changes to its process to allow it to cover wider ground. -
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.
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The figures imply first-layer reinsurance recoveries for Helene.
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The reinsurer is planning to drop its cession rate from 40% to 30%-35%.
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The company’s reinsurance premiums ceded fell by 58% to $149mn.
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Fee income fell by 42% to $25.1mn in Q3 over the prior-year quarter.
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The firm has helped underwriting businesses secure $3.5bn in capital.
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Artex said the solution should allow for the expansion of services in the Middle East and Africa.
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The NFIP’s traditional reinsurance coverage kicks in at $7bn of losses.
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The loss tally is considerably lower than estimates issued by model vendors.
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Insured losses for 9M 2024 have hit $102bn, according to a report.
