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The carrier is one of a number of small firms with heavy concentration in Hawaii.
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The country’s second-largest carrier has disclosed around EUR100mn in gross losses during H1.
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The insurance company had set out plans last summer to expand its market share in Florida.
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Tropical Storm Lee is set to strengthen to an “extremely dangerous” Category 4 hurricane by the end of the week, although there are no coastal watches or warnings in place as yet.
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Meanwhile, ongoing hostilities have curtailed business opportunities for grain transport in the region.
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The National Flood Insurance Programme could face a loss of around $500mn from the hurricane, according to the estimate.
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The analytics firm said that the majority of insured losses will be attributable to wind.
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Out of the roughly 88 claims received so far, some were storm surge claims that are not covered by the carrier, according to the executive.
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Investigations have revealed more damage than first thought from the July explosion.
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Moody’s said most losses from Idalia are likely to arise from homeowners and commercial property lines.
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The storm battered large areas of the Southeast, leaving homes without power, flooding roads and damaging properties.
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Hurricane Idalia is still live, but the storm’s track reassured market participants that it will be a relatively minor loss, although one potential wild card is the damage it will cause to Georgia and South Carolina.