Wildfire cat bond news

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).

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.

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.

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.

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.

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 and wine region of […]

Pacific Gas & Electric Co’s (PG&E) liability insurance tower is still expected to face a total loss in the face of significant claims for wildfire damages, despite the utilities impending bankruptcy status.

The $200m Cal Phoenix Re Ltd. (Series 2018-1) catastrophe bond, which was sponsored by now under-pressure California electrical utility PG&E, has become the subject of a significant amount of interest from a range of investors and law firms that see a potential opportunity to speculate on its fate or divert the collateral funds.

Asset management giant Amundi Pioneer Investment Management has again raised its expectations for the level of losses its interval-style mutual insurance-linked securities (ILS) fund will face from the recent California wildfires.

Questions related to the hours clause are being raised with respect to the recent California wildfires, as some cedants look to the possibility of claiming more than once on their reinsurance or retrocession protection, Artemis has learned.