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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets. -
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.
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Prominent Name Dhruv Patel is the firm’s founder.
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The carrier is the largest writer of homeowners’ multi-peril in the state.
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CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.
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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.
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Amin Touahri spent five years in a variety of roles at Munich Re.
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The 2024 loss figure exceeded that of the previous record of C$6.2bn in 2016.
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The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.
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The index’s performance in November was stronger than the prior year, although YTD returns are behind 2023.
