California
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The carrier has received 12,300 claims as of 28 March. -
Sources warned some property XoL books are already running 50% loss ratios.
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Commissioner Lara also proposed a $500mn cash infusion from parent State Farm.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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“We do not have the luxury of time,” he said during the Bermuda Risk Summit.
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This came as the market’s underwriting profit dipped 10% for 2024.
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Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
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As of 14 February, the company received 405 claims.
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The London D&F market will shoulder most of the losses.
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The bond will provide fire protection for MGA Bamboo’s California business.
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The reinsurer pegged the market loss at $40bn.
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Dispersion of returns was high, with the range 0.87% to -3.71%.
