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This was the second issuance completed by Farmers via its Bermuda reinsurance vehicle Topanga Re. -
The SPV will underwrite a “broad and highly diversified” portion of Amwins’ ~$6bn delegated authority premiums.
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The Carlyle and Hellman & Friedman vehicle will sell for 1.5x book value.
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Los Angeles wildfires and SCS pushed US losses to $89bn.
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Several Lloyd’s syndicates are also now providing cover for the federal insurer.
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Fears relating to an economic downturn continue to dominate concerns.
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The peril has been historically difficult to model compared to others.
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Insurers with SCS exposure reaped fewer benefits but still improved over Q3 2024.
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Japanese firm MS&AD acquired 80% of ILS manager Leadenhall Capital Partners in 2019 from another affiliate.
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The storm devastated Jamaica and Cuba, but insurance penetration on the islands is low.
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Widespread underinsurance and low exposures will limit losses.
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Many commercial risks will have London coverage, but insured values are relatively low.
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