California

Commissioner Lara also proposed a $500mn cash infusion from parent State Farm.

The Democratic senator said increased federal oversight of insurance is not the answer.

Kathleen Reardon, CEO of Hiscox Re & ILS, also talked about the impact of the California wildfires and why it’s important for cedants to work with a reinsurer with strong underwriting and modelling skills when disaster strikes.

The MGA recently secured capacity to write HNW homes in California.

While significant, the fires are expected to be an earnings rather than a capital event for the industry, John Huff, CEO of the Association of Bermuda Insurers & Reinsurers, said.

Shift to growth includes all geographies in which the company does business.

“We do not have the luxury of time,” he said during the Bermuda Risk Summit.

Admitted insurer withdrawals and rising demand are pushing more entrants into E&S.

Four cat modelers have also submitted their tech for regulatory review.

These events can also no longer be considered secondary perils, executives said.

Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.

Wows will offer coverage tailored to high-value properties, written on non-admitted paper.