-
The carrier disclosed it will book $1.1bn in net losses from the California fires. -
The group ceded 55% more premium to Nephila over the year at $1.3bn.
-
The carrier has been reducing its presence in the state since 2007.
-
The carrier has recognised two separate losses for the Palisades and Eaton fires.
-
The company says the recent wildfires will be the costliest in its history.
-
Programs did not offer adequate risk-adjusted return.
-
Capital inflows, notably into UCITS funds, and accumulated returns supported issuance of $17.2bn in 2024.
-
The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
-
A negative January return will be unprecedented for ILS industry.
-
The company’s reinsurance business also has some exposure, the executive said.
-
The index delivered a total return of 1.29% for the month of December.
-
The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.
