Ben Margulies

Law would allow state bank to issue catastrophe bonds if Fair Plan runs low on cash amid fears Los Angeles fires could strain last resort insurer

Lloyd’s Market Association will press US officials on regulatory matters and work to increase market’s profile in 2025

Insured losses will be tens of billions and could breach reinsurance attachment points, analysts say

Syndicates’ catastrophe budgets can manage California losses as market has reduced its exposure in recent years

Association wants less onerous regulation and trade deal with Europe

But insurers and Republicans object to Federal Insurance Office study, saying evidence is flawed

Law creates fire management plans, but opponents say it weakens safeguards

A $35bn insured loss from the wildfires in Los Angeles would eat up nearly one-third of the annual budgets of Munich Re, Swiss Re, Hannover Re and Scor, analysts warn

The UK government is consulting on the creation of a new captives regime. London has many advantages when it comes to captive formation, but some argue Brexit could make the UK a less attractive jurisdiction

RenaissanceRe expects $750m hit based on a pessimistic industry loss forecast