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Guy Carpenter picked as intermediary for $21B California wildfire fund

Guy Carpenter & Co. LLC has been selected as the sole reinsurance intermediary for the $21 billion California wildfire fund, which is currently being administered by the California Earthquake Authority.

The Marsh & McLennan Cos. Inc. unit will provide reinsurance and advisory services to develop a risk transfer and reinsurance strategy for the fund. Guy Carpenter will help "increase the longevity" of the fund and "enhance its claims-paying capacity."

The fund aims to help California utilities pay wildfire-related claims.