Property
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The bond is likely replacing the 2021-1 Class F bond, which matured in December.
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The storm is likely to be one of the costliest weather events in Canadian history.
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The carrier has recognised two separate losses for the Palisades and Eaton fires.
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The carrier previously raised $125mn via an Ocelot Re cat bond in 2023.
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Compared with its initial figure, CatIQ’s latest estimate has increased by 40%.
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Guy Carpenter said personal lines exposure would account for 85% of the aggregate loss.
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The total includes fire and smoke damage plus living expenses for evacuees.
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The fire started Wednesday morning and is currently 0% contained.
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Losses from the larger fire will amount to $20bn-$25bn, the modeller said.
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Severe convective storms accounted for 41% of last year’s insured loss load.
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The estimate has reduced slightly since the modeler’s last update in October.