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Commissioner Lara also proposed a $500mn cash infusion from parent State Farm. -
As of 14 February, the company received 405 claims.
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The bond will provide fire protection for MGA Bamboo’s California business.
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State Farm General has asked California regulators for an emergency rate increase.
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The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
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The conglomerate reported after-tax cat losses of $1.2bn related to Hurricanes Helene and Milton in 2024.
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The carrier said 72% of those losses occurred in personal property.
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A higher loss quantum will put a greater burden on retro programmes.
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Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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Citizens approved an average 8.6% rate hike and decreases for one-fifth of policyholders.
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CFP has a $900mn reinsurance attachment point and is still receiving claims daily.
