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The ILS manager analysed 16 UCITS fund portfolios to compare risk levels.
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The vehicle is smaller by 8% as White Mountains’ participation grew.
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Moody’s also expects losses in the billions of dollars.
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The reinsurer is seeking annual aggregate cover against earthquakes and second-event named storms.
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The sponsor has expanded its target deal size compared with a year ago.
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The first cat bond deal from the carrier achieved its target size of C$150mn.
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Six wildfires are now burning in SoCal, with the Palisades fire being the largest.
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Six fires now cover more than 27,000 acres across Southern California.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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Andrade is taking up a CEO role at another “prominent financial services firm”, Everest said.
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The fast-moving blazes have prompted evacuations across the city.
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The move means Lloyd’s will have a new chairman and a new CEO in the same year.