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The NFIP can take on more debt, but climate-fueled disasters aren’t going anywhere. -
The stock was hovering around $40 per share just before closing.
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The NFIP’s traditional reinsurance coverage kicks in at $7bn of losses.
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The policies assumed represent $200mn of in-force premium.
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The firm still expects to deliver positive net income for Q3 2024.
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In an interview with this publication, Lara said "everything’s on the table" for future reforms.
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The catastrophe loss estimate for September totalled $889mn, pre-tax.
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Hurricane Helene was blamed for $92mn of those losses.
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A bill in Congress would expand a similar pilot tried earlier in New York City.
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Milton and Helene will join reserve trends, cat losses and organic growth as Q3’s key topics.
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Twia filed for the rate hike in August after an actuarial analysis showed that rates were inadequate.
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Milton’s significant but less-than-expected hit shifts our expectations for industry recovery.
