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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Insurance Insider US runs you through the earnings results for the day.
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Sources said that TMA ran a profitable book in California that included personal auto and homeowners’ policies.
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The executive will continue reporting directly to Mercury General CEO Gabriel Tirador.
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The Inside P&C news team runs you through the earnings results for the day.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Inside P&C news team runs you through the earnings results for the day.
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The cat losses outweighed the Q1 $15mn reserve charge that resulted from lower-than-estimated losses and loss adjustment expenses in the homeowners’ business.
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The downgrades have been implemented due to the group’s significant earnings deterioration in 2022 and declining investment performance.
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On Tuesday, the personal auto-focused carrier reported a 10.4-point deterioration in its combined ratio to 115.8%.
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The carrier cited inflation, repair and part costs, supply chain issues and labor shortages as the drivers behind an increase in auto loss severity.
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The carrier cited inflation, supply chain issues and labor shortages as the drivers behind an increase in auto loss severity and its third-quarter loss ratio compared to Q3 2021.
