California
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The carrier has been reducing its presence in the state since 2007. -
The carrier has recognised two separate losses for the Palisades and Eaton fires.
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The company says the recent wildfires will be the costliest in its history.
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Programs did not offer adequate risk-adjusted return.
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The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
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A negative January return will be unprecedented for ILS industry.
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The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.
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The bond went on watch after Mercury said it would exceed its $150mn retention.
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The Floridian also expects to report its “best earnings quarter” for Q4 2024.
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Models will need to steepen the curve in the tail to reflect severe event frequency.
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The figure does not include specie or auto losses.
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Secondary pricing on the carrier’s Topanga Re bond partly recovered following the guidance.
