Florida
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Richard Mangion spent almost two years as CFO at Bridgehaven. -
The firm still expects to deliver positive net income for Q3 2024.
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The company said $13bn-$22bn will come from wind damage.
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HCI is estimated to incur a net expense of $125mn for Milton in Q4 2024.
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Most of the insured loss was attributable to wind.
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The bulls expect around $20bn-$30bn in Milton losses, with the bears anticipating $40bn-$50bn.
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RMS will issue its final loss estimates for Milton later this week.
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With the storm’s losses looking more favourable, questions over rates and gross/net strategies will arise.
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Milton made landfall near Siesta Key yesterday, leaving 2.7 million homes without power.
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On Wednesday, the model had suggested a mean figure at $25.3bn.
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A more residential-skewed loss would impact Lloyd’s carriers in treaty where market share is lower.
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The event has spared (re)insurers the more extreme scenarios that were under discussion earlier this week.
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