Insurers
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The total includes fire and smoke damage plus living expenses for evacuees. -
The carrier’s Milton loss came in below expectations, but its fire claims will be “material” in Q1.
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Losses from the larger fire will amount to $20bn-$25bn, the modeller said.
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The estimate has reduced slightly since the modeler’s last update in October.
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The company’s stock price has plummeted in the wake of the LA wildfires.
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The sponsor has expanded its target deal size compared with a year ago.
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The first cat bond deal from the carrier achieved its target size of C$150mn.
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Six wildfires are now burning in SoCal, with the Palisades fire being the largest.
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More than 4,000 acres are burning as thousands evacuate.
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The Class A and C notes increased in size, while the Class B note remained unchanged.
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The Class B notes on the carrier’s debut deal attach at $500mn of losses.
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Athena Re provides coverage against terrorism in France and its overseas territories.
