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The announcement spurred a quick spike in stock market valuations. -
Colorado State University is predicting 17 named storms, nine hurricanes and four major hurricanes.
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The carrier has received 12,300 claims as of 28 March.
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The insurer has lined up Piper Sandler and KBW to run the process.
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Cat losses last month were lighter than historical trends, but all eyes are on Q1 figures.
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Commissioner Lara also proposed a $500mn cash infusion from parent State Farm.
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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.
