Mercury General: SoCal wildfires (Jan 7) expected losses > $150M retention; reinsurance provides $1.29B limits

MERCURY GENERAL CORP

Wildfires beginning Jan 7, 2025 in Southern California caused widespread damage; losses expected to exceed $150M retention.
Reinsurance program provides $1.29B per-occurrence limits after retention is exceeded.
If full $1.29B limits used, reinstatement premium estimated at $101M.
Reinsurance also covers assessments from California FAIR plan.
Claims adjusters assisting customers; claims portal available.

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