L.A. Wild Fires Are Burning The Bond Markets: An Alternate Take On Why Global Yields Are Surging

Japan's Big 3 General Insurance Co's have direct exposure to pay huge and growing fire claims in California, and are liquidating their portfolio assets to do so: USTs, UK Gilts, equities and more.

Basic Premise: The big three Japanese general (non-life) insurance holding groups- MS&AD Insurance Group, Tokio Marine Holdings, and Sompo Holdings, each of which have massive global footprints via networks of subsidiaries and find themselves with direct exposure to LA burning, (and whoever else on the smaller scale) are fire-selling (no pun intended) t…