Wildfire
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July catastrophe losses have been dominated by Californian wildfires.
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Pricing for the Cal Phoenix Re cat bond has settled 20 percent above the initial guidance at 750 basis points.
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The ratings agency says insurers may need to pursue loss-reduction strategies, with 2018 possibly on track to produce more claims than 2017. -
The Mendocino wildfire, which is currently tearing across North California, nearly doubled in size over the weekend to become the fourth largest in state history.
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As of yesterday evening, the fire in Northern California was only 37 percent contained.
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The Carr fire is 30 percent contained but it continues to rage across 112,888 acres.
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The blaze in Northern California covering 103,772 acres has destroyed 818 residential and three commercial structures so far.
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The target spread on the first wildfire cat bond has risen from an initial guidance of 600-650 basis points (bps) to 750 bps.
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The California Department of Forestry and Fire Protection said as of yesterday the blaze was only 17 percent contained.
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The energy provider is hoping to raise $200mn for the Cal Phoenix Re 2018-1 cat bond which will solely cover wildfire losses.
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Insured losses are set to top $100mn after flash floods in Iowa, Pennsylvania and Texas.
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QBE Re has appointed Stephen Postlewhite, the former CEO of Aspen’s primary insurance business, as its deputy global chief underwriting officer.
