RLI Insurance recorded losses of $66 million from the Maui wildfires in the third quarter of 2023, but while this was a severe event and unusual for the company, it’s not expected to have a major impact on the firm’s January 1st, 2024, reinsurance renewal process, according to Chief Operating Officer (COO), Jennifer Klobnak.
This week, RLI reported a lower but still profitable underwriting result for the third quarter of 2023, as losses from the Hawaii wildfires dented underwriting by $58.2 million, which more than offset a benefit of $19.8 million from favourable development in prior years’ loss reserves.
