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Travelers reveals $400m PG&E subrogation recovery, plus $854m Q2 cat losses

U.S. primary insurance carrier Travelers is the first major player to reveal its expectations of making a relatively significant PG&E subrogation recovery, while at the same time revealing $854 million pre-tax catastrophe losses from the second-quarter. As we've been documenting over recent months, Pacific Gas and Electricity (PG&E), the wildfire stricken read the full article →

First pure wildfire cat bond in two years upsized & priced within guidance

The first California wildfire catastrophe bond transaction to be issued since the severe California season of 2018 has successfully been upsized, with utility Sempra Energy's SD Re Ltd. (Series 2020-1) deal now set for $90 million. Not only has the first pure wildfire cat bond in almost two years increased in read the full article →

PG&E pays $11bn subrogation settlement, joins Wildfire Fund

Pacific Gas and Electricity (PG&E), the wildfire stricken California focused electrical utility operator, has finally made its payments to insurance, reinsurance and other entities holding subrogation claims rights, amounting to an $11 billion settlement. Having now successfully emerged from Chapter 11 bankruptcy and secured financing for its future operations, PG&E has read the full article →

Sempra Energy’s SD Re 2020-1 wildfire cat bond may upsize to $90m

Electrical utility Sempra Energy is seeking to upsize its second catastrophe bond, with the SD Re Ltd. (Series 2020-1) transaction now targeting a $90 million source of California wildfire insurance protection from the capital markets for the company. Sempra Energy returned to the catastrophe bond market in June, with an SD read the full article →

PG&E bankruptcy confirmed, Wildfire Fund & subrogation to follow

Pacific Gas and Electricity (PG&E), the wildfire stricken California focused electrical utility operator, has achieved another important milestone in its history, as its bankruptcy plan has now been confirmed putting it on track to join the California Wildfire Fund and also to make its subrogation settlement payments. With the United States read the full article →

Sempra Energy seeks $75m SD Re 2020-1 cat bond to top up wildfire insurance

Electrical utility Sempra Energy has returned to the catastrophe bond market with a $75 million SD Re Ltd. (Series 2020-1) transaction, as it seeks to extend the California wildfire insurance protection it receives from capital markets investors. This is the second wildfire catastrophe bond to be issued for Sempra Energy, following read the full article →

PG&E says “reasonably possible” it faces $600m+ loss from Kincade wildfire

Pacific Gas and Electricity (PG&E), the wildfire stricken California focused electrical utility operator, has said that it could face more than $600 million of losses from the 2019 Kincade wildfire if its equipment is found liable for the fire's ignition. At the moment it's unknown whether PG&E could face these additional read the full article →

PG&E gains $23bn financing approval to fund bankruptcy settlement

Pacific Gas and Electricity (PG&E), the wildfire stricken California focused electrical utility operator, has been approved to secure $23 billion of financing to assist in paying its bankruptcy related settlements, which may further accelerate the awaited subrogation payments it owes rights holders. Yesterday the bankruptcy court approved PG&E to secure and read the full article →

ILS funds face challenge to accurately value PG&E settlement: KPMG

Insurance-linked securities (ILS) fund managers, as well as other managers of third-party capitalised reinsurance and retrocesion vehicles, face a particularly significant challenge when it comes to accurately valuing the PG&E wildfire related subrogation settlement in their funds, the actuarial team at KPMG highlighted. As we've covered previously, Californian electrical utility PG&E read the full article →

PG&E says on track for wildfire fund and for subrogation payments

Pacific Gas and Electricity (PG&E), the wildfire stricken California focused electrical utility operator, said today that its Chapter 11 bankruptcy plans remain on track and as a result it hopes to join the state's newly formed wildfire fund and also make progress towards the subrogation payments it owes. Reporting its quarterly read the full article →