Commercial Lines

The transaction covered a portfolio of $250mn in casualty risk premiums.

The agency put insured property values in the burn footprint at $2.5bn to $4bn, which marks an uptick compared to Moody’s estimate from last week, when the agency pegged insured losses at around $1bn.

The ILS business ‘continues to be an important differentiator’, says Aspen CEO Mark Cloutier

Total reinsurance capital will climb to $560bn, ahead of last year but behind the 2021 peak of $570bn.

Severe convective storms caused strong winds, large hail and flash flooding in parts of the US and Canada between August 10 and August 15.

The development in reconstruction costs and contingent BI claims may put the ultimate sum beyond current estimates.

The loss is composed of personal lines property losses, representing 54% of the loss, and commercial lines property losses, which represent 46% of the total industry loss.

Campbell Brown leaves Amundi after nearly five years.

Greg McBride joins the firm after nearly 18 months at Mt Logan Re.

Sources added that the company will continue to monitor portfolio performance to reopen business on a state-by-state basis.

The latest estimates peg the fires as the second largest loss event in the state’s history, second only to Hurricane Iniki in 1992.

Primary writers of homeowners and commercial property are exposed, while reinsurers could face wildfire losses.