Weather
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It estimated that damage from the Woolsey and Camp Fires in California will be worth between $15bn and $19bn. -
The retro manager also warned 2018 wildfire losses could exceed those of last year.
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The insurer is expected to make significant recoveries from its aggregate cat bonds for the second year running.
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MS&AD will recover more than half its gross 2018 typhoon losses from reinsurers.
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The California Department of Forestry and Fire Protection said the blaze was so far spread across 150,000 acres and was 65 percent contained.
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The bond will provide the insurer with US multi-peril protection on an indemnity per occurrence basis.
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Insured loss estimates for the storm have now pushed into the $10bn-$15bn range, from $5bn-$10bn estimates last week.
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Morgan Stanley suggested the energy company’s liabilities could surpass $3bn, well above the trigger on the Cal Phoenix Re cat bond.
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The initial estimate suggests an ultimate outcome broadly in line with market expectations.
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The Camp Fire and Woolsey Fire have now destroyed 10,000 and 504 buildings respectively.
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Oxbridge Re licensed its Oxbridge Re NS sidecar in the Cayman Islands in June.
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The Italian insurer also plans to renew its Azzurro Re I cat bond next year.
