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The LA fires ‘demonstrate the magnitude of tail events not well captured in modelling’. -
Ultimate losses from the Palisades, Eaton and Hurst fires are estimated at $4bn.
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The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.
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The role at PCS included acting as primary touchpoint for ILS.
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The carrier’s reinsurance premiums ceded rose by 32% to $3.4bn in 2024.
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CFP has a $900mn reinsurance attachment point and is still receiving claims daily.
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The storm is likely to be one of the costliest weather events in Canadian history.
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AuM remains generally flat at UCITS funds over the weeks since LA fires started.
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FY24 disclosures show shifting fortunes at reinsurer ILS platforms.
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Over 2024, four hurricanes added 13 points of cat-loss impact to the combined ratio.
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But cat bonds are experiencing negative secondary market price movement.
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The carrier is likely to exceed its Q1 large-loss budget due to the California wildfires.
