SCE Resolves All Insurance Subrogation Claims for the Thomas, Koenigstein Fires and Montecito Mudslides - Seite 2

Nachrichtenquelle: Business Wire (engl.)
23.09.2020, 22:19  |  151   |   |   

SCE intends to seek reimbursement for a large portion of the settlement announced today from the approximately $843 million of its remaining wildfire insurance for the Thomas and Koenigstein fires and Montecito Mudslides. Timing differences between payments to the subrogation plaintiffs and reimbursement by insurance will be financed with SCE short-term debt supported by SCE’s $4.5 billion of existing credit facilities.

The following table presents changes in expected insurance recoveries associated with the estimated losses for the 2017/2018 Wildfire/Mudslide Events since June 30, 2020:

($ in millions)

TKM

Woolsey

Total

Total insurance for 2017/2018 Wildfire/Mudslide Events

1,000

 

1,000

 

2,000

 

Recovered from insurance carriers through June 30, 2020

(157

)

(206

)

(363

)

Balance at June 30, 2020

843

 

794

 

1,637

 

Expected insurance recoveries for the TKM settlement

(843

)

n/a

 

(843

)

Expected remaining balance after reimbursement

 

794

 

794

 

To enable SCE to debt finance these incremental claims payments and maintain investment grade credit ratings, Edison International anticipates issuing approximately $1 billion of equity to invest in SCE. The timing of this financing will be dependent upon future settlements and claims payments that exceed insurance, and Edison International will provide an update on the fourth quarter 2020 earnings call.

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SCE Resolves All Insurance Subrogation Claims for the Thomas, Koenigstein Fires and Montecito Mudslides - Seite 2 Southern California Edison has reached a settlement agreement with all the holders of insurance subrogation claims in the pending litigation arising from the 2017 Thomas and Koenigstein fires and the 2018 Montecito Mudslides (TKM). No admission of …

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