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The market expects a lower proportion of restoration by utilities than after 2018’s Camp Fire.
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SCS insured losses accounted for 48% of all global losses last year.
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The agency cited falling property rates and US casualty challenges.
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It is understood that Salcedo will join Aon as P&C treaty head for Colombia and Ecuador.
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Sources said they expected FM to keep around $2bn of the maximum line net.
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The broker has analyzed the differences in wildfire risk between Northern and Southern California.
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The capacity backs the reinsurance underwriter to cover international risks outside the US.
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The executive will take the position left vacant by Alain Bizet, who moved to lead Chaucer LatAm in Miami last year.
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Nick Durant helped launched Lockton Re North America in 2019.
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The unit will be led by Ed Hochberg, global risk solutions leader at Guy Carpenter.
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Insurers have thrown fuel on the fire of the soft property market and brokers will struggle to eke out organic growth.
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One avenue for capital freed up by a softer-than-expected renewal could be more M&A.
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