Guy Carpenter & Company LLC has been named the sole reinsurance intermediary for the newly formed California Wildfire Fund, which is currently being administered by the California Earthquake Authority.
Guy Carpenter will provide strategic reinsurance and advisory services to develop a risk transfer and reinsurance strategy for the California Wildfire Fund.
Earlier this year, California enacted the 2019 Wildfire Safety and Accountability legislation, which included a broad set of forms and programs related to utility-caused wildfires in California. As a part of this legislation, the California Wildfire Fund was established, with CEA being assigned as the interim administrator tasked with operationalizing the fund, under the direction of CEA’s Governing Board.
Guy Carpenter is a global risk and reinsurance specialist and a wholly owned subsidiary of Marsh & McLennan Cos.
Related:
- California Group Seeking Legislative Action on Wildfires
- California Does Not Have a Wildfire Insurance Crisis
Topics California Catastrophe Natural Disasters Wildfire Reinsurance
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