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The loss aggregator has classified the fires as two separate events for reinsurance purposes. -
New limit of $474mn entered the market across two deals.
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The Class B segment of the bond has priced below initial guidance.
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Wildfire is rarely singled out as an exposure that can shift portfolio outcomes.
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The bond provides coverage for storms, earthquakes and severe weather events.
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The fall marks this the first time in 20 years the index has been negative in January.
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More than 33,000 claims had been filed as of 5 February.
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The carrier is “extremely well capitalised” to achieve its strategic ambitions.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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Liquid alternative strategies accounted for around $1.4bn of the total.
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The LA fires ‘demonstrate the magnitude of tail events not well captured in modelling’.
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Ultimate losses from the Palisades, Eaton and Hurst fires are estimated at $4bn.
