From Bloomberg: Insurers are turning to catastrophe bonds to pass on historic levels of wildfire risk to the capital markets.

"Issuance of cat bonds that include exposure to wildfires has already soared to more than $5 billion so far this year, according to data published on Monday by industry specialist Artemis. That’s approaching the record amount sold during all of 2025, which was roughly double the level issued the previous year.

Though the market remains dominated by California, insurers and investors interviewed by Bloomberg say Europe will inevitably need to explore ways to transfer wildfire risks to private investors. That’s as the fastest-warming continent struggles with increasingly frequent and devastating blazes. Catastrophe bonds are designed to help insurers offload unmanageable risks to the capital markets. Investors can be on the hook if a predefined catastrophe hits, but stand to make money if it doesn’t."

I do not know if any of the BRK insurance subs issue these bonds, but they don't appear on any of the lists I have seen.

bloomberg.com - Wildfires fan record sales of catastrophe bonds to backstop risk

abromber