California
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The measures also seek to encourage greater wildfire mitigation efforts. -
The company plans to launch in New York and New Jersey next year.
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The sidecar took $19mn of cat losses relating to the California wildfires.
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The model becomes the second in the state to get approval to affect ratemaking applications.
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Mercury’s recovery from the guaranteed percentage of losses is $47mn.
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The bond will provide protection on an industry-loss basis, as reported by PCS.
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Insurers must write policies in high-risk areas in order to incorporate the model.
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The firm reported a net pre-tax cat loss of $414mn from January’s LA wildfires.
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This comes in at the lower end of the initial spread guidance of 725-775 bps.
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PCS's loss estimate for the March Missouri SCS pushed the bond beyond its exhaustion point.
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The California Earthquake Authority upsized its Ursa Re deal by 60% to $400mn.
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The Californian insurer had a private deal, Randolph Re, that provided pure wildfire protection.
