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Secondary market pricing indicated anticipated California wildfire losses. -
Graeme Bell (pictured) will continue in his role as group legal officer.
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Guy Carpenter said personal lines exposure would account for 85% of the aggregate loss.
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Theo Norris joins from Gallagher Re, which brokered one of the first 144A cyber cat bonds.
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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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He was appointed acting CEO earlier this month, after Andrade’s departure.
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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.
