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The insurance commissioner said the carrier has not shown the need for price increases. -
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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The carrier is “extremely well capitalised” to achieve its strategic ambitions.
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The carrier enters H2 with a clean reinsurance programme.
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The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.
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The role at PCS included acting as primary touchpoint for ILS.
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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 company did not take questions on its recently announced business review.
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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 is likely to exceed its Q1 large-loss budget due to the California wildfires.
