Wildfire
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Secondary pricing on the carrier’s Topanga Re bond partly recovered following the guidance. -
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 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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The carrier’s Milton loss came in below expectations, but its fire claims will be “material” in Q1.
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Losses from the larger fire will amount to $20bn-$25bn, the modeller said.
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Two 2021 worldwide aggregate ILW notes are also among the markdowns.
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The carrier has received more than 3,600 claims from LA wildfires.
