Wildfire
-
Losses to the Res Re and Caelus ILS series have narrowed from prior investor expectations.
-
The utility expects to emerge from Chapter 11 in July after a bankruptcy court approves its settlement.
-
The deal will add to $125mn of ILS cover that the electricity provider has from an earlier transaction. -
Earlier, the carrier added a pandemic exclusion to the annual aggregate bond.
-
This is the latest indication that reinsurers are standing their ground in the mid-year renewal.
-
The entity has told brokers that its “minimum standards” on all terms and conditions will include exclusions for these perils.
-
Property damage in eastern Australia totals $488mn, according to an initial loss estimate by Perils.
-
The California governor had opposed the package as he was concerned the company was taking on too much debt.
-
The ratings agency also said ILS capacity would ‘hold the line’ on returns following catastrophes.
-
Private ILS strategies largely escaped losses from the Australian wildfires, ILS Advisers said.
-
The fund helps compensate victims for losses from fires started by the utilities’ equipment.
-
The insurer lifted the attachment on an aggregate portion of its group reinsurance treaty, which was otherwise unchanged after its restructure for 2019.
