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The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added. -
Rate increases averaged 0.0% in December 2024, from 16.3% in December 2023.
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A state-mandated, one-year moratorium on non-renewals is also in place.
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This will be the most expensive fire in the state’s history, it said.
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A quick roundup of today’s need-to-know news, including LA wildfire losses, legal reforms in Georgia and NFIP reinsurance.
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Also, John Diaz will lead a customer and distribution management function.
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The regulator also emphasized the need for private flood insurance after hurricane Helene.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
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The reinsurance attaches at $7bn, unchanged for the past two years.
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The Willis name, which dates back to 1828, will be used with clients and markets.
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Robin Hamilton has been appointed head of energy and marine liability.
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Sources said that the new paper is replacing PartnerRe capacity that was backing the MGA.
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