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Hawaii wildfire loss unusual, but no huge impact to reinsurance renewal process: RLI

October 25, 2023

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.

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