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Idalia is forecast to become a hurricane later today and a dangerous major hurricane over the northeastern Gulf of Mexico by early Wednesday.
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The reinsurance broker said the losses will fall on the higher end of industry loss ranges.
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The estimate is based on the impact to approximately 200 structures where RLI provided primarily homeowners’ insurance.
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Large carriers with geographic spread across the continental US will have the capital and reinsurance coverage to absorb losses related to the wildfires, according to AM Best.
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Vesttoo has filed documents at the Bankruptcy Court for the District of Delaware that seek an automatic stay against White Rock and its putative liquidators.
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The commercial insurance CEO said carriers must communicate on the reasons for ongoing rate increases as the market bifurcates.
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The loss event was flagged by European carriers in recent Q2 earnings disclosures.
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The Australian insurer has denied liability for Greensill’s insurance claims, which are expected to take several years to resolve in court in New South Wales.
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"Finally we feel things are moving forward," says West Kelowna fire chief Jason Brolund.
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Data from the NHC shows that maximum sustained winds are near 65mph, with higher gusts.
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However minor an irritant these losses are for global carriers, their impact is likely to have an outsized influence on the narrative heading into the 1 January renewals.
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Earlier this afternoon, San Diego County issued a tropical storm warning related to Hilary – the first in its history.