Mercury General (MCY) on Friday issued a preliminary assessment of the Southern California wildfires, anticipating losses to surpass its $150 million reinsurance retention level as evaluations continue.
The company said its reinsurance program, which provides $1.29 billion in per-occurrence coverage after $150 million in retention, also covers California Fair Access to Insurance Requirements, or FAIR Plan assessments, and allows limit reinstatements with a $101 million premium if fully utilized.
Mercury claims adjusters are assisting customers with their claims and offering support during this challenging time, the company said.
Shares of Mercury were down 19% in recent Friday trading.
Price: 51.62, Change: -9.08, Percent Change: -14.96
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