Only light losses are expected in the U.S. from Hurricane Earl, which moved up the East Coast over Labor Day weekend.

After largely sparing North Carolina early on Friday, Sept. 3, Earl weakened as it continued to track northeast until making landfall in Nova Scotia, Canada, on Saturday as a tropical storm, according to Guy Carpenter's Instrat unit.

In the Northeast, AIR worldwide said there were periods of heavy rain, tropical storm force winds and high waves, but little in the way of damage.

"AIR does not expect any significant losses from Hurricane Earl," AIR said, adding that the storm had weakened more than expected before moving into the region.

In North Carolina and Virginia, Guy Carpenter noted that, per the National Hurricane Center (NHC), the states were not exposed to hurricane force winds as Earl passed about 85 miles east of Cape Hatteras on Friday, since the strongest winds were located east of the storm's center.

Modeler EQECAT said it expects potential losses in both states to be less than $100 million.

Elsewhere in the Atlantic over the weekend, reports indicate Tropical Storm Fiona weakened as it approached Bermuda on Saturday, and AIR said it does not expect any significant insured losses.