Mercury General Issues Update On Claims Related To Southern California Wildfires

(RTTNews) - Mercury General issued more information about the recent Southern California Wildfires, known as the Palisades and Eaton fires, and the company's reinsurance program. As of Monday, Mercury has paid $80 million to policyholders primarily for living expenses and housing contents, and has started to pay out dwelling claims at the Coverage A limit for verified total losses. The company said it has sufficient liquidity to meet the increased levels of payments.

Mercury General said it has not yet determined if it will consider the wildfires as two separate events. Under a two-event scenario, the company may elect to use reinsurance limits of up to $1.29 billion for the first event and reinstated limits up to $1.238 billion for the second event.