Wildfire
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Primary writers of homeowners and commercial property are exposed, while reinsurers could face wildfire losses. -
The modelling agent estimated that the total number of buildings within the fire perimeter is approximately 3,500.
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Tens of thousands of people have been evacuated from the island, and nearly 14,000 Maui residents remain without power.
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The broker said the risk from wildfire is also set to increase substantially.
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Compelling rates are on offer for markets willing to write wildfire risk in the sunshine state.
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The comment comes after major US carriers pulled back from new business in wildfire-prone California.
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The multi-peril bond will cover all 50 US states and the District of Columbia.
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Brian Espie has been appointed as CUO having previously held the position of group head of North American reinsurance at Fidelis.
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The deal includes $65mn of Class B discounted notes which offer an effective coupon of 25%.
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The Class A notes on the latest deal are offering 250 bps more compared with a similar placement last March.
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The deal has secured $100mn of limit for insurer American Family, rather than pushing out to a $125mn top-end target.
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The modelling firm noted a shift towards stronger hurricanes making landfall.
