Latest news with #Keese
Yahoo
10-03-2025
- Business
- Yahoo
Lloyd's of London expects $2.3 billion in net losses from Los Angeles wildfires
LONDON (Reuters) - Lloyd's of London said on Monday it expected $2.3 billion in net losses caused by the recent Los Angeles wildfires, as the insurance marketplace reported a dip in underwriting profit for last year. The estimated loss from the wildfires in January, which killed more than two dozen people and destroyed or damaged more than 16,000 structures, follows an announcement by Germany's Munich Re that it faced about 1.2 billion euros ($1.3 billion) in claims from the fires. Hannover Re, another German reinsurer, forecast claims of 700 million euros while French insurer AXA estimated a pre-tax impact of about 100 million euros. "We would like to extend our deepest sympathies to those affected by the California fires earlier this year. Although we are still assessing the full impact, we do not expect this to be a capital event," Burkhard Keese, Lloyd's chief financial officer, said in a statement. Lloyd's said the estimated losses were not included in its results for 2024, which it released on Monday in a set of preliminary numbers before its final full-year results are published on March 20. Keese described 2024 as an "excellent underwriting year" for Lloyd's as gross written premiums rose 6.5% on a year-on-year basis to 55.5 billion pounds, thanks primarily to growth in its property and reinsurance divisions. However, underwriting profit dropped to 5.3 billion pounds, 10% lower than the 5.9 billion pounds it reported for 2023. Lloyd's said its combined ratio rose to 86.9%, up from 84% in the previous year. The combined ratio is an industry measure, with a reading below 100% meaning earnings from premiums are higher than the amount paid out in claims. Lloyd's is a commercial insurance and reinsurance market, with more than 50 member companies. ($1 = 0.9234 euros) Sign in to access your portfolio
Reuters
10-03-2025
- Business
- Reuters
Lloyd's of London expects $2.3 billion in net losses from Los Angeles wildfires
LONDON, March 10 (Reuters) - Lloyd's of London said on Monday it expected $2.3 billion in net losses caused by the recent Los Angeles wildfires, as the insurance marketplace reported a dip in underwriting profit for last year. The estimated loss from the wildfires in January, which killed more than two dozen people and destroyed or damaged more than 16,000 structures, follows an announcement by Germany's Munich Re ( opens new tab that it faced about 1.2 billion euros ($1.3 billion) in claims from the fires. Hannover Re, another German reinsurer, forecast claims of 700 million euros while French insurer AXA ( opens new tab estimated a pre-tax impact of about 100 million euros. "We would like to extend our deepest sympathies to those affected by the California fires earlier this year. Although we are still assessing the full impact, we do not expect this to be a capital event," Burkhard Keese, Lloyd's chief financial officer, said in a statement. Lloyd's said the estimated losses were not included in its results for 2024, which it released on Monday in a set of preliminary numbers before its final full-year results are published on March 20. Keese described 2024 as an "excellent underwriting year" for Lloyd's as gross written premiums rose 6.5% on a year-on-year basis to 55.5 billion pounds, thanks primarily to growth in its property and reinsurance divisions. However, underwriting profit dropped to 5.3 billion pounds, 10% lower than the 5.9 billion pounds it reported for 2023. Lloyd's said its combined ratio rose to 86.9%, up from 84% in the previous year. The combined ratio is an industry measure, with a reading below 100% meaning earnings from premiums are higher than the amount paid out in claims. Lloyd's is a commercial insurance and reinsurance market, with more than 50 member companies. ($1 = 0.9234 euros)
The Guardian
10-03-2025
- Business
- The Guardian
Lloyd's of London expects $2.3bn losses from California wildfires
Lloyd's of London expects losses of $2.3bn (£1.78bn) from the California wildfires that ravaged Los Angeles this year, but fine art losses were limited because rich residents took their prize possessions with them. The Eaton and Palisades blazes in Los Angeles in early January killed 29 people and were only fully contained after 24 days, having burned more than 14,973 hectares (37,000 acres) and destroyed more than 16,000 buildings. The world's oldest insurance market reported a 10% drop in annual pre-tax profits, to £9.6bn, as part of a trading update, before the full results on 20 March. While it will not be included in the 2024 results, Lloyd's currently estimates the net loss to the market from the California wildfires to be about $2.3bn. Burkhard Keese, the chief financial officer, said: 'We would like to extend our deepest sympathies to those affected by the California fires earlier this year. Although we are still assessing the full impact, we do not expect this to be a capital event.' A capital event is a large loss, for example, from a major hurricane or earthquake, that causes widespread damage and triggers large insurance claims across many syndicates, which make up the Lloyd's market. The affluent Pacific Palisades area and surrounding neighbourhoods were the location of some beautiful 20th-century architecture; for example, houses by the émigré Austrian modernist Richard Neutra have been reduced to ashes. While some experts had expected big losses in fine art, Lloyd's said most of its exposure was reinsurance payouts on home insurance policies. Keese told the Financial Times that rich residents took their fine art with them 'because even if you get the money, you can't replace your Rembrandt'. However, insurers around the world are facing billions of losses from the wildfires, with total losses across the industry estimated at up to $40bn at present, according to the data firm Milliman. Keese said human-made and natural catastrophe losses were likely to keep the cost of commercial cover higher for longer, despite expectations that some prices would fall this year, after losses from US hurricanes dipped because of less severe storm seasons. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion According to the National Ocean and Atmospheric Administration, the frequency of weather and climate disaster events affecting the US, with losses exceeding $1bn, has steadily increased each decade from three a year in the 1980s, to 27 in 2024. The annual cost has also increased, from $22bn a year on average in the 1980s to $182.7bn last year. Lloyd's combined ratio, which measures claims and expenses as a proportion of insurance premiums, rose to 86.9% in 2024 from 84% the year before, as insurers faced large claims from the US hurricanes Helene and Milton in the autumn and the collapse of a bridge in Baltimore a year ago. Gross written premiums increased by 6.5% to £55.5bn, boosted by property and reinsurance.
Yahoo
24-02-2025
- General
- Yahoo
CSFD remembers Bobby Keese with street name, plaque
(COLORADO SPRINGS) — The Colorado Springs Fire Department (CSFD) held a ceremony over the weekend of Feb. 22 to unveil a plaque and street sign honoring fallen firefighter Bobby Keese, who died on Oct. 20, 2023. According to CSFD, Keese's name was added to the department memorial and the street sign for 'Keese Drive,' which now intersects with 'Hekkers Street' on CSFD training grounds, reminding crew of 'two of the most devoted and kind members of our department,' said CSFD. RELATED STORY: 'One of the nicest guys in the job,' honoring fallen firefighter Bobby Keese Bobby Keese died unexpectedly off duty due to risks related to firefighting. He joined the department in 1993 and spent 30 years serving, mostly as a driver and engineer. His father had also served as a driver and engineer starting in 1969. CSFD stated that Keese was 'all things great about being a mentor and guiding the next generation of firefighters in ways that would impact them for their entire careers.' According to CSFD, every new firefighter going through the training academy and training at their tower or practicing skills on the training grounds will do so on 'Keese Dr.,' being reminded of what it takes to be a dedicated firefighter and an even better friend and mentor. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
