Wildfire
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The new issuance is thought to be the municipal utility’s first foray into the cat bond market
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Local reports suggest that utility Southern California Edison may be linked to the fire.
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Kettle will operate as an MGA and “micro-reinsurer”, and sees itself as part of a new wave of InsurTechs.
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The East Troublesome and Cameron Peak fires are two of the largest blazes in the state, with fears they could merge. -
Sources estimate that 70%-85% of subrogation recoveries are already complete.
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The NZ Super Fund is reviewing its portfolio in line with a revised climate strategy.
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The 2020 figure tops the 1.96 million-acre high of 2018, when fires cost the industry around $18bn.
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The fire is threatening 22,310 acres and has destroyed or damaged key wineries in Napa Valley.
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Structures damaged or destroyed include the Meadowood Napa Valley resort and Medieval-style winery Castello di Amorosa.
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The Glass Fire has destroyed the Chateau Boswell winery to the north of St Helena, California, CNN reported.
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All three fires are prompting evacuation orders in Napa and Sonoma counties.
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Total insured losses are well up on 2019, but the severity of individual blazes is not likely to impact reinsurers extensively.
