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Most carriers paid more in homeowners’ claims than they collected in premiums. -
Severe convective storms accounted for 41% of last year’s insured loss load.
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Two 2021 worldwide aggregate ILW notes are also among the markdowns.
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The carrier can claim separately for the Palisades and Eaton fires if necessary.
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The bond is split into five tranches, with two notes offered on a zero-coupon basis.
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The carrier has received more than 3,600 claims from LA wildfires.
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There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.
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The estimate has reduced slightly since the modeler’s last update in October.
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The bond is likely replacing the 2021-1 Class F bond, which matured in December.
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The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.
