A new wildfire was reported today at 6:23 p.m. in Los Angeles County. The wildfire has been burning on private land. At this time, there is no information on the containment of the fire and the cause of it has yet to be determined.

Reinsurance company Swiss Re said on Thursday that claims from wildfires in Los Angeles would be less than $700 million and would impact its first quarter results, the latest European reinsurer to disclose a hit from the January blaze.

Swiss Re said its LA wildfire losses would come in under $700 million and it had no plans to “pull back” from California.

Swiss Re AG said it expects claims from the Los Angeles wildfires to be under $700 million, as the reinsurer saw net income rise to $3.2 billion in 2024.