California
-
The insurer of last resort’s exposure was $696bn as of last September. -
Newsom has yet to sign a pending bill to create a public cat model.
-
Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.
-
Seller White Mountains will retain a roughly 15% fully diluted equity stake.
-
The business has been ~70% owned by White Mountains since January 2024.
-
The CEA had $19.3bn of claim-paying capacity as of 31 July.
-
The measures also seek to encourage greater wildfire mitigation efforts.
-
The company plans to launch in New York and New Jersey next year.
-
The sidecar took $19mn of cat losses relating to the California wildfires.
-
The model becomes the second in the state to get approval to affect ratemaking applications.
-
Mercury’s recovery from the guaranteed percentage of losses is $47mn.
-
The bond will provide protection on an industry-loss basis, as reported by PCS.
