Arthur strengthened off the coast of North Carolina to become the first hurricane of the Atlantic season, packing maximum winds of 75 miles (120 kilometers) per hour.

News from J.M. Wilson, K&K Insurance Group, Cross Insurance, Hub International and more

Insurers have incurred almost $5 billion in wildfire losses during the past 10 years. Wildfires blamed in part on climate change are consuming timber in the U.S. West at such a furious pace that half the Forest Services budget is now spent fighting them.

Freddie Mac bought insurance to cover as much as $285 million of losses on a pool of U.S. home loans.