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The utility has confirmed it will file for Chapter 11 bankruptcy protection amid mounting liability for wildfire losses.
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The carrier has signed a deal with a unit of Groupama and the local government.
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Wildfire-exposed programmes experienced tighter capacity and increased pricing, the reinsurance broker found. -
The reinsurer pegs the large man-made loss estimate at $300mn.
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The deal is AmWins’ second MGA acquisition this month.
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The Insider 50 closed at 1,023.07 points on Friday, rising 1.4 percent in the first full trading week of 2019.
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The (re)insurance world is rarely described as dramatically appealing.
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Arch updated its Q4 cat estimate to $110mn to $130mn, inclusive of its prior $40mn to $60mn Michael loss.
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The fund steps in once industry losses breached a threshold of about $7.3bn.
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Sometimes corporate announcements look so futuristic that one suspects the planned move is never going to happen.
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Like UK bakery chain Greggs’ feted vegan sausage roll, Swiss Re’s European parametric water-level cover helps plug a gaping market chasm.
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The programme has been sustained by a dozen short-term lifelines amid political impasse in the US Congress.
