California
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This came as the market’s underwriting profit dipped 10% for 2024. -
Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
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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 bond will provide fire protection for MGA Bamboo’s California business.
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The reinsurer pegged the market loss at $40bn.
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Dispersion of returns was high, with the range 0.87% to -3.71%.
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The programme structure was expanded, but it is unclear what percentage was placed.
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The cost of reinstatement was included in $170mn wildfire net loss figure.
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Climate change and other loss impacts were not adequately incorporated, sources said.
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State Farm General has asked California regulators for an emergency rate increase.
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The carrier expects the market loss to land at $35bn-40bn.
