Wildfire
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Over 10,000 structures have been destroyed in California alone, Aon said.
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Several of the insurer's cat bonds have been heavily marked down in the secondary trading. -
The deal would provide the corporation with California earthquake coverage.
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The new issuance is thought to be the municipal utility’s first foray into the cat bond market
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The company relies heavily on underwriting expertise to prepare for cat events.
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Local reports suggest that utility Southern California Edison may be linked to the fire.
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This is the first time the insurer has used the cat bond market since its Mariah Re cat bonds paid out after the record tornado season of 2011.
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Kettle will operate as an MGA and “micro-reinsurer”, and sees itself as part of a new wave of InsurTechs.
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The East Troublesome and Cameron Peak fires are two of the largest blazes in the state, with fears they could merge.
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“Non-Covid” claims in the quarter also came in above average, with the Beirut blast its largest man-made loss.
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The carrier's Hurricane Laura loss has risen close to its occurrence treaty trigger.
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Sources estimate that 70%-85% of subrogation recoveries are already complete.
