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Mercury General estimates pretax cat losses of $36M in Q4'19

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Mercury General estimates pretax cat losses of $36M in Q4'19

Mercury General Corp. disclosed catastrophe loss estimates of $36 million pretax, or $28 million after tax, for the fourth quarter of 2019.

Losses stemmed primarily from California wildfires and other weather-related catastrophes that occurred during the quarter.

The insurer's estimated pretax catastrophe losses for the year ended Dec. 31, 2019, reached $53 million, or $42 million after tax.

Mercury's total pretax catastrophe losses reported for the quarter and full year include favorable development of about $1 million and $4 million, respectively, on prior periods' catastrophe losses.

There were no reinsurance benefits available under the catastrophe reinsurance treaty as none of the losses from catastrophe events exceeded Mercury's per-occurrence retention limit of $10 million for the 12 months ended June 30, 2019, and $40 million for the 12 months ended June 30, 2020.