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Nationwide makes another $8.85m recovery from Caelus Re V cat bond

U.S. primary insurer Nationwide Mutual Insurance Company has taken another loss payment from one of its catastrophe bonds as its reinsurance recoveries under the Caelus Re V Ltd. (Series 2017-1) Class D tranche of notes continue.Nationwide began making reinsurance recoveries under this catastrophe bond back in July, once the impacts read the full article →

Nationwide’s Caelus Re V cat bond recoveries continue, near $25m

Reinsurance recoveries from one of its catastrophe bonds have continued for U.S. primary insurer Nationwide Mutual Insurance Company, which has now recovered almost $25 million in loss payments from its Caelus Re V Ltd. (Series 2017-1) Class D tranche of notes.These recoveries began back in July, as the impacts of read the full article →

Nationwide gets another $10.3m Caelus Re V cat bond loss payment

U.S. primary insurer Nationwide Mutual Insurance Company has made a second reinsurance recovery from its Caelus Re catastrophe bond series, adding a further $10.3 million to its claims from the highest risk Caelus Re V Ltd. (Series 2017-1) Class D tranche of notes.Back in July we revealed that Nationwide had read the full article →

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 →

Mercury General doubles reinsurance limit following wildfires

Multi-line U.S. primary home and auto insurer Mercury General Corporation has significantly increased the size of its reinsurance program, in the wake of Californian wildfire losses that had burned through its tower in the prior year.Mercury General benefited from some reinsurance recoveries in the second quarter, as its retained losses 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 →

Nationwide in first $10.73m Caelus Re V cat bond reinsurance recovery

U.S. primary insurer Nationwide Mutual Insurance Company has made its first reinsurance recovery under the stricken Caelus Re catastrophe bond series, claiming $10.73 million from the highest risk Caelus Re V Ltd. (Series 2017-1) Class D tranche of notes.A number of tranches of Nationwide's $375 million Caelus Re V Ltd. 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 →