Reinsurance Intermediary Appointed to California Wildfire Fund

Guy Carpenter & Company, LLC, was recently appointed as the sole reinsurance intermediary for the newly formed California Wildfire Fund, currently administered by the California Earthquake Authority (CEA).

Guy Carpenter will work with CEA to develop a risk transfer and reinsurance strategy for the California Wildfire Fund to increase the longevity of the California Wildfire Fund and enhance its claims-paying capacity.

Earlier this year, the State of 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 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," said David Priebe, vice chairman of Guy Carpenter.