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Mercury General ( (MCY) ) has shared an update.
On January 20, 2025, Mercury General Corporation announced additional details regarding the impact of the recent Southern California wildfires, known as the Palisades and Eaton fires, on its operations and reinsurance program. The company has mobilized its catastrophe loss team and has already paid $80 million to policyholders for living expenses and housing contents, with sufficient liquidity to handle the increased claims. Each wildfire has been designated as a separate event by the Property Claims Service, allowing Mercury to potentially use reinsurance limits of up to $1,290 million for the first event and $1,238 million for the second, implying significant financial management to cover the catastrophic losses.
More about Mercury General
Mercury General Corporation is a multiple line insurance organization offering predominantly personal automobile and homeowners insurance through a network of independent producers and direct-to-consumer sales across many states.
YTD Price Performance: -26.71%
Average Trading Volume: 435,519
Technical Sentiment Consensus Rating: Hold
Current Market Cap: $2.67B
For an in-depth examination of MCY stock, go to TipRanks’ Stock Analysis page.
