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The insurer will conduct an audit to ensure “transparency and accountability.” -
It estimated insured losses from nat cats on track to exceed $135bn in 2024.
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The carrier attributed the intensification of storms this season to climate change.
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Major reserve releases help drive strong Q3 and year-to-date results, but the industry looks over-optimistic.
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The 2024 hurricane season stayed within predictions for high activity but lacked market-moving events.
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The Class B notes on the carrier’s debut deal attach at $500mn of losses.
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The P&C industry had its best Q3 combined ratio since 2015, driven by personal lines.
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Cybersecurity basics could reduce cyberattack costs by up to ~75%.
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The association’s Hurricane Beryl net loss stood at $455mn as of 30 September.
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The estimate includes $102mn from Milton and $114mn Helene development.
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The industry posted a good quarter, but reserving and loss cost concerns hardly abated.
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It is targeting $25mn GWP this year and $50mn GWP in 2025.
