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The carrier can claim separately for the Palisades and Eaton fires if necessary. -
The bond is split into five tranches, with two notes offered on a zero-coupon basis.
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The carrier has received more than 3,600 claims from LA wildfires.
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There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.
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The estimate has reduced slightly since the modeler’s last update in October.
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The bond is likely replacing the 2021-1 Class F bond, which matured in December.
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The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.
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This will be the most expensive fire in the state’s history, it said.
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Kusche and Rosenberg will co-lead the firm’s global ILS business.
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This comes after the firm’s distribution partner GAM has had a challenging few years.
