Stocks
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Secondary pricing on the carrier’s Topanga Re bond partly recovered following the guidance. -
The carrier also has a $500mn excess $2.4bn aggregate protection.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
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ILS managers expect the losses to have some impact on future cat bond spreads.
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The carrier is the largest writer of homeowners’ multi-peril in the state.
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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.
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Compressed cat bond spreads could drive some rebalancing, as M&A remains a prospect.
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The number of structures damaged may put the event on par with the fires of 2017 and 2018.
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The company’s stock price has plummeted in the wake of the LA wildfires.
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Total economic and insured losses are “virtually certain” to reach into the billions.
