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PG & E bankruptcy is expected to beat special insurance companies: Best



Pacific Gas & Electric Co.'s bankruptcy is likely to result in significant losses and receivables on special insurance companies operating in the user sector, credit rating agency A.M. Best said Friday in a report.

Losses from direct fire damages and directors and officials responsible for the San Francisco-based PG & E bankruptcy will be recognized by a number of special insurance companies, Best Reported.

But "special insurance companies with exposure to PG & E have a limited risk appetite and have sublimits in place that can help limit the risk of volatility arising from these exposures," Best said. "

" Because these companies are well capitalized may they absorb several losses, "Best of all in the report, to add it does not expect any impact on these insurers' credit ratings.

No fewer than 1

21 liability and property insurance policies, including 23 excess liability insurance and reinsurance policies in place at the time of November 2018 California Wildfires, listed in a regular court order to maintain insurance provided by PG & E as part of the bankruptcy protection Tuesday.

PG&E D & O Liability Insurance Company, by the Courts, includes ACE American Insurance Co., Allianz global risks; Argonaut Insurance Co.; Industry insurance company Associated Electric & Gas Insurance Services Ltd based in East Rutherford, New Jersey and Tampa, Florida-based Energy Insurance Mutual Ltd., of which PG & E is a member; Berkeley Insurance Co.; Endurance Risk Solutions Assurance Co.; Houston Casualty Co.; North American Special Insurance Co.; Starr Damage & Liability Co.; Twin City Fire Insurance Co., as well as Lloyd's Barbican, Hiscox (Alpha) and Munich Re at Lloyd's syndicate.

As previously reported in addition to the PG & E Guarantee for $ 1.4 billion $ 200 million disaster band and has a detention via Energy Insurance Services Inc., a unit of Energy Insurance Mutual Ltd., court records.

PG & E faces trials from property owners and some insurers claiming that poor maintenance of their transmission lines caused fires.

The insurance companies have brought $ 17 billion of claims against the tool in connection with property losses from fires, according to PG & E filing. PG & E estimates its debts to insurance companies and victims of fires may exceed $ 30 billion, not including penalties.

                    


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