Property treaty

The California Earthquake Authority has around 2,000 policyholders in the area hit by the 6.4-magnitude quake.

FedNat has increased its level of aggregate protection in advance of its acquisition of 1347 PIH.

Reinsurance rates are rising, especially in Florida and retro, but primary market changes are still outstripping the significance of these improvements.

Capital is returning to the ILS industry after the past two years of losses, Paul Schultz, CEO of Aon Securities, said at the firm’s 2019 ILS event last week.

The Californian utility has agreed the settlement with 18 public entities following a series of wildfires from 2015 to 2018.

The reinsurer has secured $60mn of protection against named storms and earthquakes in the US from the capital markets.

Insurance association GDV says car claims accounted for more than half of the total.

Despite early hopes of sizeable rate rises, reinsurers are frustrated that many accounts will renew with as-before terms.

New deals have brought total year-to-date ILS volumes to $2.9bn, pointing to a shrinking of the market.

Congresswoman Maxine Waters has proposed the new law to end lapses in National Flood Insurance Program coverage.

I spent the early part of last week in Bermuda and, in between running for cover whenever it rained, my days saw me visiting contacts and hearing their thoughts on the current major market talking points.

Meredith Head will join the reinsurer in September after more than 10 years at TMR.