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Mutual & listed ILS funds decline further on wildfire threat

The main mutual insurance-linked securities (ILS) and listed reinsurance linked investment fund strategies fell again on Friday as the threat of losses from ongoing California wildfires resulted in a decline in their share prices, while a stock-exchange listed strategy also declined through last week.Since November 9th when the current California read the full article →

Modest wildfire impact possible for Pioneer ILS Interval Fund

The Amundi Pioneer managed interval-style mutual insurance-linked securities (ILS) fund, the Pioneer ILS Interval Fund, is expected to face a "modest" impact from the ongoing California wildfire outbreak.Asset management giant Amundi Pioneer Investment Management manages a growing U.S. mutual insurance-linked securities and reinsurance linked investment fund which has broad property read the full article →

Cat bond funds take NAV hit on wildfire cat bond write-down

Catastrophe bond fund managers have been marking down their holdings in Pacific Gas & Electric Co’s (PG&E) $200m Cal Phoenix Re Ltd. (Series 2018-1) cat bond on the expectation that it could face a total loss of the utility is found liable for the Camp wildfire in California.As a result read the full article →

RMS puts Camp & Woolsey wildfire losses at up to $13 billion

Catastrophe risk modelling specialist RMS has estimated that industry insured losses from the Camp and Woolsey wildfires in California could reach as much as $13 billion, which is aligned with the opinions of insurance, reinsurance and ILS market sources.RMS said that it expects the insurance and reinsurance industry will take read the full article →

California wildfire losses rising, destruction nears 15,500 structures

The amount of property, residential and commercial structures lost in the Camp and Woolsey wildfires in California has risen significantly again since last week, with the number of structures destroyed now almost 15,500 and the loss for insurance, reinsurance and ILS market interests seen even higher.As of Friday 16th November read the full article →

PG&E’s wildfire cat bond marked down for loss, traded at distressed price

Pacific Gas & Electric Co's (PG&E) $200m Cal Phoenix Re Ltd. (Series 2018-1) catastrophe bond has had its secondary market price marked down heavily by brokers who suspect that the cat bond will face a significant, if not total, loss due to the ongoing wildfire outbreak.The liability for the Camp read the full article →

California wildfires have now destroyed over 12,400 structures

The toll of destruction from the ongoing outbreak of California wildfires continues to rise, as the number of structures destroyed has risen again to 12,406, suggesting an increasing loss for insurance, reinsurance and ILS market interests and pointing to an industry loss at the high-end, or above, current estimates.Yesterday the read the full article →

USAA cat bond & private ILS also at risk of wildfire losses: Twelve Capital

According to specialist insurance-linked securities (ILS) and reinsurance investments manager Twelve Capital, one of the USAA sponsored catastrophe bond tranches and certain private ILS transactions are at risk of facing losses due to the ongoing California wildfire outbreak.In addition the $200m Cal Phoenix Re cat bond, which benefits electrical utility Pacific read the full article →

PG&E sued over Camp wildfire, putting Cal Phoenix Re cat bond in the frame

We reported yesterday in one of our articles on the ongoing California wildfire outbreak that electrical utility Pacific Gas & Electric Co. (PG&E) has been sued over the cause of the Camp wildfire, a move which could put investors in its $200m Cal Phoenix Re Ltd. (Series 2018-1) at risk read the full article →

Wildfire loss expectations rise, as structures destroyed passes 10,800

The number of residential and commercial structures destroyed by the ongoing outbreak of three California wildfire events has risen again, suggesting an increasing level of loss for the insurance and reinsurance industry.The figures released by the California fire authorities reflect a wildfire situation that continues to cause property damage, as read the full article →