GC selected to work on wildfire fund

Guy Carpenter & Company, LLC, has been selected as the sole reinsurance intermediary for the newly formed California Wildfire Fund, which is currently being administered 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. Together, CEA and Guy Carpenter will work to increase the longevity of the California Wildfire Fund and enhance its claims-paying capacity.

“We are delighted to be selected as the exclusive reinsurance and risk transfer advisor for the California Wildfire Fund. 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,” said David Priebe, vice chairman of Guy Carpenter.

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.