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On Friday, Hurricane Harvey developed into a Category 4 and made landfall near Rockport, Texas. In addition to direct losses, the storm is causing heavy rainfall and storm surge-related losses along coastal Texas. 

While the exact cost of insured damages will take some time to quantify, primary insurers will face the largest effect from Harvey, with regionally focused carriers most vulnerable given their geographic concentrations, Moody’s Investors Service said in a statement Monday morning. “The Southeast is a peak catastrophe zone in the U.S. for reinsurers, and those with exposure to Texas are at risk of incurring meaningful losses, although we expect those losses to be manageable relative to earnings,” Moody’s added.

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