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The carrier also has a $500mn excess $2.4bn aggregate protection. -
The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.
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The industry loss number has increased threefold from an initial $5bn pick.
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Losses from the larger fire will amount to $20bn-$25bn, the modeler said.
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Disclosures show the insurer has roughly 4,300 homeowners’ policies in effect in fire-impacted zip codes.
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Severe convective storms accounted for 41% of last year’s insured loss load.
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The carrier can claim separately for the Palisades and Eaton fires if necessary.
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The carrier has received more than 3,600 claims from LA wildfires.
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Year-end reserving, Milton and wildfires will dominate Q4 earnings discussions.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
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The reinsurance attaches at $7bn, unchanged for the past two years.
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Syndicate 609 will cede net loss reserves of approximately $196mn.
