Wildfire
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The insurance industry has experienced mounting losses from severe convective storms. -
Premiums ceded to the ILS vehicle increased by 76% to $433mn.
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Commissioner Lara also proposed a $500mn cash infusion from parent State Farm.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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The bond was trading at around 12.3c on the dollar in the secondary market last month.
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“We do not have the luxury of time,” he said during the Bermuda Risk Summit.
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This came as the market’s underwriting profit dipped 10% for 2024.
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There is the potential for cat bond H1 issuance to be a record breaking six months.
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As of 14 February, the company received 405 claims.
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The London D&F market will shoulder most of the losses.
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The reinsurer pegged the market loss at $40bn.
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The carrier pegged its LA wildfire losses at EUR140mn.
