Property
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Sources say 2025 could be as costly for wildfires as the $20bn-loss years of 2017-18. -
Total economic and insured losses are “virtually certain” to reach into the billions.
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This could see it surpass the 2017 Camp Fire, which cost around $12.2bn.
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The vehicle is smaller by 8% as White Mountains’ participation grew.
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Moody’s also expects losses in the billions of dollars.
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Six wildfires are now burning in SoCal, with the Palisades fire being the largest.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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More than 4,000 acres are burning as thousands evacuate.
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The deal comes around three years after Markel sold a controlling interest in Velocity for $181.3mn.
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The carrier said reinsurance was a key component of its “low-volatility strategy”.
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In June 2023, Hale Partnership got its license from the Cayman Islands Monetary Authority for HP Re.
