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Total economic and insured losses are “virtually certain” to reach into the billions. -
AM Best said it expects insured losses from the California wildfires to be “significant”.
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This could see it surpass the 2017 Camp Fire, which cost around $12.2bn.
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Plenum said impact is marginal because wildfire contributes only marginally to the risk of bonds.
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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.
