California
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The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.
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The Floridian also expects to report its “best earnings quarter” for Q4 2024.
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The figure does not include specie or auto losses.
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The nationwide carrier ranked sixth for multi-peril California homeowners' insurance in 2023.
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Munich Re and Berkshire Hathaway are among the major providers to large California cedants.
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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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The California fires will test post-2018 treaty revisions – and reinsurers’ nerves.
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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 total includes fire and smoke damage plus living expenses for evacuees.
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