Wildfire
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The law creating the $21bn fund to be administered by the California Earthquake Authority was passed in July. -
Since the 2017 and 2018 California wildfires reinsurers have become increasingly cautious of the risk, the rating agency said.
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The fund now has £159.4mn allocated to ILS through Leadenhall Capital Partners.
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The department said that the state’s special fund was not likely to have the resources to support spending on insurance.
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Its parent career restarted writing business in Q2, assuming $1.1mn of premiums.
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As interim administrator of the fund, the CEA will approve measures to sign up risk transfer services.
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The California-based carrier raised its retention to $40mn, citing high rates.
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The NAV per share has dropped by 2.6 percent since the turn of the year.
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On sweltering weeks like this, you can see why climate change has become a talking point that every ILS manager has to cover in their pitch for new investor mandates.
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The rate increases were less differentiated than the 1 June Florida rises.
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The personal line carrier’s Camp Fire loss estimate is believed to have fallen from $1.8bn to $1.75bn.
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The assembly’s governmental organisation committee voted unanimously to pass the bill, which would cover wildfire but not earthquake perils.
