Results
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The carrier has pegged preliminary pre-tax Milton losses at less than $200mn. -
Hamilton reported a $30mn-$70mn net estimate for Hurricane Milton losses.
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Hurricane Milton is estimated to have a net negative impact of $275mn on Q4 results.
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The company has written over $100mn in gross premium in the US this year.
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The combined ratio included 17 points of catastrophe losses in the third quarter.
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The CEO said the property market was in a “super-good place”, and increased competition was inevitable.
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CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”.
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Some US and European cedants will likely see "specific adjustments" to their programmes.
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The carrier said activity across smaller and mid-sized natural catastrophe and risk events had been “elevated”.
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The carrier said an active hurricane season and a global cyber event had not altered its full-year guidance.
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The carrier increased insurance revenue by 16.8% to $1.3bn year on year.
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Losses were attributed to the Taiwan earthquake and flooding in Middle East and Europe.
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