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The estimate has reduced slightly since the modeler’s last update in October. -
Sources said that the new paper is replacing PartnerRe capacity that was backing the MGA.
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CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.
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Daniel Moruzzi joins from Ascot and Matthew Cope joins from Aon.
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The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.
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Investigators are homing in on the likely causes of the incidents.
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It has been a “good” bad renewal for cat reinsurers, with attachments likely to endure in the medium term.
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Moody’s also expects losses in the billions of dollars.
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Six wildfires are now burning in SoCal, with the Palisades fire being the largest.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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It is understood that supporters include Munich Re and Brit.
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More than 4,000 acres are burning as thousands evacuate.
