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Secondary pricing on the carrier’s Topanga Re bond partly recovered following the guidance. -
The carrier also has a $500mn excess $2.4bn aggregate protection.
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The company received over 10,100 home and auto claims as of January 27.
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Compared with its initial figure, CatIQ’s latest estimate has increased by 40%.
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Secondary market pricing indicated anticipated California wildfire losses.
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Guy Carpenter said personal lines exposure would account for 85% of the aggregate loss.
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Fitch said 1Q wildfire losses could add 6% to 10% to Mercury’s CoR.
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The industry loss number has increased threefold from an initial $5bn pick.
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The total includes fire and smoke damage plus living expenses for evacuees.
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The fire started Wednesday morning and is currently 0% contained.
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Total economic losses were $368bn, 14% above the 21st century average.
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The carrier’s Milton loss came in below expectations, but its fire claims will be “material” in Q1.
