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There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure. -
The estimate has reduced slightly since the modeler’s last update in October.
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The bond is likely replacing the 2021-1 Class F bond, which matured in December.
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The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.
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This will be the most expensive fire in the state’s history, it said.
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Kusche and Rosenberg will co-lead the firm’s global ILS business.
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This comes after the firm’s distribution partner GAM has had a challenging few years.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
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ILS managers expect the losses to have some impact on future cat bond spreads.
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The reinsurance attaches at $7bn, unchanged for the past two years.
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Sources say the Fair Plan is under-reserved, leading to the possibility of member assessment.
