-
Secondary market pricing indicated anticipated California wildfire losses. -
The reinsurer has issued updated pricing for the instrument.
-
The industry loss number has increased threefold from an initial $5bn pick.
-
The carrier’s Milton loss came in below expectations, but its fire claims will be “material” in Q1.
-
Losses from the larger fire will amount to $20bn-$25bn, the modeller said.
-
Severe convective storms accounted for 41% of last year’s insured loss load.
-
Two 2021 worldwide aggregate ILW notes are also among the markdowns.
-
The carrier can claim separately for the Palisades and Eaton fires if necessary.
-
The bond is split into five tranches, with two notes offered on a zero-coupon basis.
-
The carrier has received more than 3,600 claims from LA wildfires.
-
The bond is likely replacing the 2021-1 Class F bond, which matured in December.
-
