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The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires. -
The MGA will have a broad casualty-focused appetite with Lloyd’s capacity backing.
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The carrier said 72% of those losses occurred in personal property.
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A higher loss quantum will put a greater burden on retro programmes.
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Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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CFP has a $900mn reinsurance attachment point and is still receiving claims daily.
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The state has seen 11 new entrants into the insurance market, reflecting renewed confidence.
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The carrier has been reducing its presence in the state since 2007.
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The council has begun gathering data to assess the insurance impact.
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The company’s reinsurance business also has some exposure, the executive said.
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Keese is also investing in the company alongside its existing partners.
