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The carrier attributed the intensification of storms this season to climate change. -
Lloyd’s has taken around 6% of aggregate US hurricane losses in recent years, and disclosed estimated net losses from Helene and Milton of $1.8bn to $3.4bn.
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Losses from Hurricane Milton are expected to affect only select junior structures.
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The 2024 hurricane season stayed within predictions for high activity but lacked market-moving events.
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The Class B notes on the carrier’s debut deal attach at $500mn of losses.
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The loss figure has increased 200% from the initial number provided in October.
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Moderate impacts to ILS returns are anticipated from Hurricane Milton.
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The estimate includes $102mn from Milton and $114mn Helene development.
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The floods add to an already historic loss tally for Canada in 2024.
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Helene losses were spread wider than initially suggested, in contrast to Milton claims.
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Twia’s SCS losses in Q1-Q3 2024 have been more than double the budgeted amount.
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Fema's traditional reinsurance programme will attach at losses of $7bn and above.
