California
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CA Fairplan’s Golden Bear Re deal upsized 200% to $750mn. -
The note is paying a spread of 975bps, 11.3% below the midpoint of the initial guidance range.
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The shift in multiples is indicative of price softening in the cat bond the past two years.
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The sponsor has $200mn of cat bond protection maturing in December this year.
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The insurer of last resort’s exposure was $696bn as of last September.
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Newsom has yet to sign a pending bill to create a public cat model.
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Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.
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Seller White Mountains will retain a roughly 15% fully diluted equity stake.
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The business has been ~70% owned by White Mountains since January 2024.
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The CEA had $19.3bn of claim-paying capacity as of 31 July.
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The measures also seek to encourage greater wildfire mitigation efforts.
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The company plans to launch in New York and New Jersey next year.
