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Its post-tax estimate of $1.3bn is net of reinsurance recoveries. -
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.
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The specialty insurer reported favorable developments in both its insurance and reinsurance segments.
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The carrier’s Eaton Fire loss would be a retained net loss hit.
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The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
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The company’s reinsurance business also has some exposure, the executive said.
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Plus, the latest people moves and all the top news of the week.
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The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.
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The Floridian also expects to report its “best earnings quarter” for Q4 2024.
