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CEO Tim Turner said the firm still has an ambitious M&A pipeline and financial flexibility to execute deals. -
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 news comes around three months after GTCR agreed to sell AssuredPartners to AJ Gallagher for nearly $13.5bn.
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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.
