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The news comes around three months after GTCR agreed to sell AssuredPartners to AJ Gallagher for nearly $13.5bn. -
The company stopped writing new business last September and lost capacity from SiriusPoint.
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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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Insureds, however, are often reinvesting savings into purchasing increased limit.
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The traditional R&W product is seeing an increasing number of large losses.
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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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The carrier said 72% of those losses occurred in personal property.
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The insurer is seeking a 22% interim raise, but the request is currently on hold.
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He emphasized that Consilium is a private business and intends to remain one.
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January CPI/PPI heats up but won’t translate to higher loss costs.
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