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The estimate is based on industry losses in the range of $35bn-$45bn. -
State Farm General has asked California regulators for an emergency rate increase.
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Big tort reform packages are on the table, but California steals the show, for now.
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A quick roundup of our best journalism for the week.
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Sources said that the MGA has been working with investment bank Waller Helms to find a potential investor.
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Sources said California regulators need to show they’re receptive to private insurer needs.
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The ratings agency has revised Mercury’s outlook from stable to negative.
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The carrier estimated January cat losses of $1.08bn, or $849mn after-tax, including the fires.
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The insurer is seeking a 22% interim raise, but the request is currently on hold.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.
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Commissioner Lara calls the 10 bills a ‘comprehensive legislative package.’
