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The carrier disclosed it will book $1.1bn in net losses from the California fires. -
The insurer acknowledged additional claims in 2025 would be “reasonably possible”.
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The specialty insurer reported favorable developments in both its insurance and reinsurance segments.
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The carrier has been reducing its presence in the state since 2007.
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A majority of losses come from property-oriented businesses and inland marine.
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The carrier’s Eaton Fire loss would be a retained net loss hit.
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RenRe gave the highest anticipated market loss of $50bn.
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At January 1 renewals, prices dropped 5%-15% for loss-free programs.
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The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
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The company’s reinsurance business also has some exposure, the executive said.
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The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.
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The Floridian also expects to report its “best earnings quarter” for Q4 2024.
