California
-
The governor has yet to sign a pending bill to create a public cat model. -
Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.
-
Despite a rocky H1, 2025 insured losses from nat cat events may not surpass 2024 levels.
-
Alliant is in the process of moving the ~$1bn of business it places with Howden to other wholesalers.
-
Seller White Mountains will retain a roughly 15% fully diluted equity stake.
-
The business has been ~70% owned by White Mountains since January 2024.
-
The measures also seek to encourage greater wildfire mitigation efforts.
-
The carrier notified California regulators that it would stop renewing plans starting last month.
-
What’s next for the reinsurance market as Monte Carlo approaches?
-
This is the first rate filing to use the recently approved Verisk model.
-
The model becomes the second in the state to get approval to affect ratemaking applications.
-
Mercury’s recovery from the guaranteed percentage of losses is $47mn.
-
The insurer denies it is responsible for the actor’s legal fees.
-
The impact on the (re)insurance market has been muted due to its strong capital position.
-
Up to nine million acres of US land are considered likely to burn.
-
Ark's combined ratio included 25 points of catastrophe losses in Q1.
-
The insurer has not decided whether to sell its Eaton subrogation rights.
-
The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
-
The carrier has received 12,300 claims as of 28 March.
-
Plus, the latest people moves and all the top news of the week.
-
Sources warned some property XoL books are already running 50% loss ratios.
-
Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
-
“We do not have the luxury of time,” he said during the Bermuda Risk Summit.
-
These events can also no longer be considered secondary perils, executives said.
-
Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
-
Is the MGA start-up boom here to stay?
-
The London D&F market will shoulder most of the losses.
-
The reinsurer pegged the market loss at $40bn.
-
The programme structure was expanded, but it is unclear what percentage was placed.
-
Plus, the latest people moves and all the top news of the week.
-
Changes in business mix towards specialty and improved reserve development offset higher Q4 cat losses.
-
The estimate is based on industry losses in the range of $35bn-$45bn.
-
The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
-
The carrier expects the market loss to land at $35bn-$40bn.
-
Plus, the latest people moves and all the top news of the week.
-
The ratings agency has revised Mercury’s outlook from stable to negative.
-
The estimate is net of its per-occurrence reinsurance program and gross of tax.
-
A higher loss quantum will put a greater burden on retro programmes.
-
Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.
-
The loss aggregator has classified the fires as two separate events for reinsurance purposes.
-
The insurance commissioner said the carrier has not shown the need for price increases.
-
More than 33,000 claims had been filed as of 5 February.
-
The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
-
Ultimate losses from the Palisades, Eaton and Hurst fires are estimated at $4bn.
-
The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.
-
Its post-tax estimate of $1.3bn is net of reinsurance recoveries.
-
Underinsurance, total loss claims, and high property values have impacted loss estimates.
-
CFP has a $900mn reinsurance attachment point and is still receiving claims daily.
-
But cat bonds are experiencing negative secondary market price movement.
-
The carrier disclosed it will book $1.1bn in net losses from the California fires.
-
The carrier has been reducing its presence in the state since 2007.
-
The carrier’s Eaton Fire loss would be a retained net loss hit.
-
The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
-
Plus, the latest people moves and all the top news of the week.
-
The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.
-
The Floridian also expects to report its “best earnings quarter” for Q4 2024.
-
The figure does not include specie or auto losses.
-
The nationwide carrier ranked sixth for multi-peril California homeowners' insurance in 2023.
-
Munich Re and Berkshire Hathaway are among the major providers to large California cedants.
-
The carrier also has a $500mn excess $2.4bn aggregate protection.
-
The company received over 10,100 home and auto claims as of January 27.
-
The California fires will test post-2018 treaty revisions – and reinsurers’ nerves.
-
Guy Carpenter said personal-lines exposure would account for 85% of the aggregate loss.
-
Fitch said 1Q wildfire losses could add 6% to 10% to Mercury’s CoR.
-
The total includes fire and smoke damage plus living expenses for evacuees.
-
The fire started Wednesday morning and is currently 0% contained.
-
Disclosures show the insurer has roughly 4,300 homeowners’ policies in effect in fire-impacted zip codes.
-
Most carriers paid more in homeowners’ claims than they collected in premiums.
-
The pool services a number of public authorities in California.
-
The carrier can claim separately for the Palisades and Eaton fires if necessary.
-
The carrier has received more than 3,600 claims from LA wildfires.
-
There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.
-
The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.
-
This will be the most expensive fire in the state’s history, it said.
-
A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
-
Sources say the Fair Plan is under-reserved, leading to the possibility of member assessment.
-
The members’ agent said 2024 will still be a profitable year for Lloyd’s.
-
The carrier is the largest writer of homeowners’ multi-peril in the state.
-
The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.
-
Investigators are homing in on the likely causes of the incidents.
-
The number of structures damaged may put the event on par with the fires of 2017 and 2018.
-
Sources say 2025 could be as costly for wildfires as the $20bn-loss years of 2017-18.
-
Total economic and insured losses are “virtually certain” to reach into the billions.
-
AM Best said it expects insured losses from the California wildfires to be “significant”.
-
This could see it surpass the 2017 Camp Fire, which cost around $12.2bn.
-
Moody’s also expects losses in the billions of dollars.
-
Six wildfires are now burning in SoCal, with the Palisades fire being the largest.
-
Six fires now cover more than 27,000 acres across Southern California.
-
The fast-moving blazes have prompted evacuations across the city.
-
More than 4,000 acres are burning as thousands evacuate.
