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The estimate is net of its per-occurrence reinsurance program and gross of tax. -
More than 33,000 claims had been filed as of 5 February.
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The estimate covers property and vehicle claims.
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Genna Biddell will report to Brad Melvin, president and CEO, BMS Re US.
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The carrier is “extremely well capitalised” to achieve its strategic ambitions.
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Its post-tax estimate of $1.3bn is net of reinsurance recoveries.
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Underinsurance, total loss claims, and high property values have impacted loss estimates.
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The annual claims totalled £5.7bn, the largest amount paid out in any year.
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The storm is likely to be one of the costliest weather events in Canadian history.
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The carrier’s Eaton Fire loss would be a retained net loss hit.
