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The bond will provide the insurer with US multi-peril protection on an indemnity per occurrence basis.
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The US earthquake bond is offering investors a spread of 190-220 basis points.
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Morgan Stanley suggested the energy company’s liabilities could surpass $3bn, well above the trigger on the Cal Phoenix Re cat bond.
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The Camp Fire and Woolsey Fire have now destroyed 10,000 and 504 buildings respectively. -
The Italian insurer also plans to renew its Azzurro Re I cat bond next year.
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The uptick is the result of more cat bond holders looking to sell, sources said.
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The three fires have already destroyed 7,539 buildings, and threaten a further 15,000.
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USAA is among the top 10 carriers with exposure to the loss and has already eroded aggregate deductibles for the current year of cover after this year’s hurricane season.
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There would be a 30 percent loss if there were between 250 and 750 confirmed deaths.
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The power utility has cover for any wildfires caused by its infrastructure.
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Third quarter cat bond issuances increase.
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The Insurance Authority said that it welcomed the initiative put forward by Hong Kong’s chief executive officer Carrie Lam.
