Guy Carpenter & Company has been selected as the sole reinsurance intermediary for the newly formed California Wildfire Fund, which is currently being managed by the California Earthquake Authority (CEA).
Guy Carpenter will provide strategic reinsurance and advisory services to develop a risk transfer and reinsurance strategy for the California Wildfire Fund.
The CEA and Guy Carpenter will work together to increase the longevity of the California Wildfire Fund and enhance its claims-paying capacity.
Earlier this year, the State of California executed the 2019 Wildfire Safety and Accountability
legislation, which included a broad set of forms and programmes related to utility-caused wildfires in California.
The California Wildfire Fund was established, as a part of the legislation, with CEA being assigned as the interim administrator tasked with operationalising the fund, under the direction of CEA’s governing board.
David Priebe, vice chairman at Guy Carpenter, said: “We are delighted to be selected as the exclusive reinsurance and risk transfer advisor for the California Wildfire Fund.”
He continued: “We are looking forward to bringing our public sector and wildfire expertise to deliver results for this very important initiative for the residents of California.”
Priebe added: “Guy Carpenter is focused on helping the public sector at the national, state and municipal levels. By leveraging private capital for public risks and innovative tools, we are able to help public entities mitigate risk and improve their communities.”
