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The company stopped writing new business last September and lost capacity from SiriusPoint. -
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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Insureds, however, are often reinvesting savings into purchasing increased limit.
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The MGA’s US clients will now have access to London market capacity.
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The traditional R&W product is seeing an increasing number of large losses.
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Q2 renewals will likely signal changes in the reinsurance market, the broker said.
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Cyber premiums dropped 1.8%, while commercial auto was up 8.9%.
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In tandem, it pegged its net cat loss estimate from California wildfires at $160mn-$190mn.
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A quick roundup of today’s need-to-know news, including Markel, Farmers, Conduit Re and more.
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The carrier said 72% of those losses occurred in personal property.
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The investment firm’s holdings were down to $59mn at the end of Q4.
