Wildfire
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The firm has hired former head of specialty at Ariel Re, Amit Shah. -
The third wildfire cat bond for the California utility will be its largest to date
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The manager has faced a challenge to its buyout offer based on concerns over value.
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Some of the insurer’s bonds were among those modestly marked down after Ida.
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The offering is the latest in a developing wildfire reinsurance marketplace.
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While the cat bond market has avoided losses this year, any move to sell up cat bonds could act as a counterweight on spreads in the run-up to January renewals.
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California wildfire loss notifications relating to 2017 and 2018 fell.
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Hot and dry weather conditions increase the challenges as Dixie and Caldor near full containment.
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The fund’s post-Irma shareholders made a small loss in the same period.
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The fire is now 67% contained and has so far burned 219,267 acres, but no further structural damage has been reported.
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The fire is now 65% contained but has so far burned 219,267 acres and destroyed 1,003 buildings.
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Economic losses from Hurricane Ida are likely to reach double-digit billions as costs rise globally from widespread cat events, Aon said.
