Mercury General
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This is the first rate filing to use the recently approved Verisk model. -
Roughly half a year since the LA fires, brokers said there’s hope things are turning around.
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Mercury’s recovery from the guaranteed percentage of losses is $47mn.
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The company adjusts its rate options to expand California business under the new cat model.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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The insurer has not decided whether to sell its Eaton subrogation rights.
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The ratings agency has revised Mercury’s outlook from stable to negative.
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The company will ‘aggressively pursue subrogation’ for the Eaton Fire.
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The LA-based carrier said it did not expect the event to result in credit defaults.
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The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.
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Fitch said 1Q wildfire losses could add 6% to 10% to Mercury’s CoR.
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The company’s stock price has plummeted in the wake of the LA wildfires.
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