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The broker added reinsurers remain cautious on US casualty risk. -
The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.
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Guy Carp CEO Dean Klisura said LA wildfires could slow rate reductions at 1 April.
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Capacity will be available to 11 open-market lines of business.
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Non-proportional business accounted for 34% of its total.
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The figure does not include specie or auto losses.
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The nationwide carrier ranked sixth for multi-peril California homeowners' insurance in 2023.
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Munich Re and Berkshire Hathaway are among the major providers to large California cedants.
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The carrier also has a $500mn excess $2.4bn aggregate protection.
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The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.
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Graeme Bell (pictured) will continue in his role as group legal officer.
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The California fires will test post-2018 treaty revisions – and reinsurers’ nerves.
