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The estimate is net of its per-occurrence reinsurance program and gross of tax. -
The Class B segment of the bond has priced below initial guidance.
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More than 33,000 claims had been filed as of 5 February.
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The carrier is “extremely well capitalised” to achieve its strategic ambitions.
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The bond is likely replacing the 2021-1 Class F bond, which matured in December.
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The storm is likely to be one of the costliest weather events in Canadian history.
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The carrier has recognised two separate losses for the Palisades and Eaton fires.
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The carrier previously raised $125mn via an Ocelot Re cat bond in 2023.
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The company’s reinsurance business also has some exposure, the executive said.
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The carrier has been reducing its exposure to the area where the wildfires occurred by over 50%.
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The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.
