Artemis has learned that Sutton National Group is now aiming to secure an upsized $100 million in fire reinsurance protection for California via its debut Greengrove Re Ltd. (Series 2025-1) catastrophe bond issuance.Sutton National Group launched its debut appearance in the cat bond market earlier this month, seeking to secure $75 million or more in … Read more
Los Angeles County sued Edison International to recoup its losses from a January wildfire that was one of the most destructive in California history. The suit alleges that equipment owned by the company’s Southern California Edison utility caused the Eaton Fire. The county claims it’s been saddled with hundreds of millions of dollars in costs … Read more
The ILS Advisers Fund Index has reported a -0.38% return for January 2025 on the back of the recent California wildfire losses. With 75% of ILS fund managers having reported returns for the period so far, the Index could fall further as additional data points from private ILS strategies are included.ILS Advisers noted that the … Read more
Fairfax Financial Holdings may face net losses between $500 million and $750 million from the wildfires that impacted the Los Angeles area, based on preliminary estimates, according to a report from AM Best. During a fourth-quarter earnings presentation, president and chief operating officer Peter Clarke stated that the fires would primarily be a reinsurance event … Read more
We’re told by sources that the secondary market price for the $100 million Class A notes of Farmers Insurance Group’s Topanga Re Ltd. (Series 2021-1) catastrophe bond has recovered further, as the cat bond market views the risk of principal losses from the California wildfires as having declined.Immediately after the wildfires, the Topanga Re cat … Read more