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Most of the losses are attributable to a supercell storm in Texas. -
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It previously predicted activity slightly below the 1995-2024 average.
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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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The agency forecasts up to five major hurricanes and 19 named storms.
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Two large storms hit the Midwest and Ohio Valley regions on 14-17 May and 18-20 May.
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P&C combined ratios were higher than Q1 2024, and wildfires impacted Hannover Re most.
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Tornadoes have killed at least 32 people in three states.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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The carrier’s overall P&C combined ratio improved 0.1 points to 91.8%.
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The revision is significantly lower than the $4.5bn October estimate.
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The new CEO said recent purchases were designed to protect earnings volatility.
