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The reinsurance attaches at $7bn, unchanged for the past two years. -
Prominent Name Dhruv Patel is the firm’s founder.
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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.
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Investigators are homing in on the likely causes of the incidents.
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This could see it surpass the 2017 Camp Fire, which cost around $12.2bn.
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Moody’s also expects losses in the billions of dollars.
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Six fires now cover more than 27,000 acres across Southern California.
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Over-subscriptions have been evident on well-priced US cat treaties.
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The storms struck Victoria, New South Wales and Queensland.
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Recoletos Re DAC SPI takes its name from the Paseo de Recoletos boulevard in Madrid.
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Overall, reinsurers accepted that rate cuts were still leaving them with strong margins.
