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Guy Carpenter wins California Wildfire Fund reinsurance program

Reinsurance broker and advisor Guy Carpenter has been selected as the sole reinsurance and risk transfer intermediary for the recently established California Wildfire Fund, which is administered by the California Earthquake Authority (CEA).As we previously reported, the California Earthquake Authority (CEA) has gained an expanded remit by taking on administrative read the full article →

California wildfire reinsurance may rise 30%-70% as market smarts from losses: S&P

Rates for renewals of California wildfire exposed reinsurance programs or coverage could see increases of as high as 30% to 70%, as both traditional and alternative markets smart after two heavy loss years, according to S&P Global Ratings.Insured losses across the 2017 and 2018 California wildfire seasons reached around $33 read the full article →

CEA’s Wildfire Fund role includes reinsurance & risk transfer set-up

The California Earthquake Authority (CEA) will look to set up a reinsurance and risk transfer program for California’s recently approved $21 billion wildfire insurance fund, we can now confirm.As we reported earlier this month, the California Earthquake Authority (CEA) is gaining an expanded remit, as it is set to take read the full article →

CEA takes on Wildfire Fund admin. Remit could see re/insurance bought

The California Earthquake Authority (CEA) is gaining an expanded remit, as it is set to take on administrative responsibility for California's recently approved $21 billion wildfire insurance fund.The $21 billion wildfire insurance fund is being set up to provide a source of capital that will cover some of the costs read the full article →

PG&E’s equipment said cause of Camp Fire by investigators

The California Department of Forestry and Fire Protection (Cal Fire) has deemed the cause of the devastating Camp wildfire to be electrical transmission lines owned and operated by Pacific Gas and Electricity (PG&E).The Camp wildfire killed 85 people and burned a huge swathe of land. The property damage from the read the full article →

Berkshire Hathaway rumoured buying PG&E, Buffett quickly denies the news

It's been reported that Warren Buffett's conglomerate, insurance and reinsurance giant Berkshire Hathaway is looking at a possible acquisition of distressed California electrical utility PG&E Corporation, but Warren Buffett was quick to deny the news.Buffett already holds ownership stakes in a number of utilities within its investments made by Berkshire read the full article →

Utility equipment said responsible for 2017’s Thomas wildfire in California

While reinsurance interests and holders of the Cal Phoenix catastrophe bond await the determination of whether PG&E's equipment was the cause of the significant Camp wildfire of 2018, another utility's power lines have now been deemed the cause of one of the largest 2017 blazes.Southern California Edison is the electrical read the full article →

“Probable” PG&E’s equipment an ignition point of Camp wildfire, utility says

California focused electrical utility PG&E Corporation (the Pacific Gas and Electric Company) has said that it is "probable" that its equipment will be determined to be an ignition point of the 2018 Camp wildfire.The Camp wildfire is currently estimated to have caused an insurance and reinsurance market loss of as read the full article →

PG&E’s wildfire cat bond cost it almost $27m per-year in premium

Bankruptcy threatened California focused electrical utility PG&E Corporation (the Pacific Gas and Electric Company) spent almost $27 million in annual premium for the $200 million of coverage it received from the at-risk Cal Phoenix Re Ltd. (Series 2018-1) catastrophe bond.This catastrophe bond was considered ground-breaking in a number of ways.It read the full article →

PG&E and utilities not liable for starting Tubbs wildfire

The Tubb's wildfire which burned California in October 2017 was not ignited by equipment from Pacific Gas & Electric Co’s (PG&E) or any other utility provider, hence this particular fire cannot trigger liability claims from the insurance and reinsurance backing the firms.The Tubb's wildfire burned the Sonoma and Napa county read the full article →