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A quick roundup of our best journalism for the week. -
January cat losses continue to run higher than prior years, with no help from latest wildfires.
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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 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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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 estimate is net of its per-occurrence reinsurance program and gross of tax.
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The carrier expects to book $100mn-$140mn from the California wildfires.
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Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.
