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At Zurich, Hirs served as group head of M&A and CFO for North America. -
The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.
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Most insurers outperformed the S&P 500 last year, but the trend is unlikely to continue.
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Utilities have faced major liabilities for their involvement in starting wildfires.
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The number of structures damaged may put the event on par with the fires of 2017 and 2018.
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The executive has been with the firm for 27 years.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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Many are confident the regulatory changes will still stabilize the market in the near-term.
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The company’s stock price has plummeted in the wake of the LA wildfires.
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Sources are saying 2025 could be as expensive for wildfires as the $20bn loss years of 2017 and 2018.
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Total economic and insured losses are “virtually certain” to reach into the billions.
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AM Best said it expects insured losses from the California wildfires to be “significant”.
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