California
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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.
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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.
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The sidecar took $19mn of cat losses relating to the California wildfires.
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The model becomes the second in the state to get approval to affect ratemaking applications.
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Mercury’s recovery from the guaranteed percentage of losses is $47mn.
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The bond will provide protection on an industry-loss basis, as reported by PCS.
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Insurers must write policies in high-risk areas in order to incorporate the model.
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The firm reported a net pre-tax cat loss of $414mn from January’s LA wildfires.
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This comes in at the lower end of the initial spread guidance of 725-775 bps.
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PCS's loss estimate for the March Missouri SCS pushed the bond beyond its exhaustion point.
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The California Earthquake Authority upsized its Ursa Re deal by 60% to $400mn.
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The Californian insurer had a private deal, Randolph Re, that provided pure wildfire protection.
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Up to nine million acres of US land are considered likely to burn.
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The deals covered Euro wind and Italy quake, Florida hurricane and a retro bond.
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The ILS market has won market share at the top of programmes as buying expands.
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The bond is offering a spread range of 850-925bps.
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Ark's combined ratio included 25 points of catastrophe losses in Q1.
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The insurer has not decided whether to sell its Eaton subrogation rights.
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Richard Pennay also addressed the dip in cyber ILS activity.
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An allocation to insurance could “feel like a nice, calm port in the storm” amid wider market volatility.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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Portfolio rebalancing was not triggered last week, but investors are now distracted and nervous.
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KCC is part of the CDI’s review into creating a public wildfire cat model for insurers.
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The carrier has received 12,300 claims as of 28 March.
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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.
