MCY - Earnings call transcript Q4 2024 | Mercury General Corporation

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Operator

Good morning, and welcome to the Mercury General Corporation's Fourth Quarter 2024 Conference Call. [Operator Instructions] Please note this event is being recorded. This conference call may contain comments and forward-looking statements based upon current [indiscernible], expectations events and financial and industrial trends, which may affect Mercury General's future operating results and financial position.

Such statements involve risks and uncertainties, which cannot be predicted or quantified and which may cause future activities and results of operations to differ materially from those discussed here today.

to go conference ahead. like Tirador, to now Please CEO. would turn over the Gabriel I

Gabriel Tirador

I'm [indiscernible]. Executive Thank CFO; President to me Chief Mercury's and call. Operating welcome President very is Chris everyone Tirador, you much. Joseph, Investment Stalick, Chief to Graves, fourth I [ Victor Officer; quarter Vice President room Ted In and the Officer. would ] like Gabe Officer. with Chief and conference Vice Senior

to say those individuals. want devastating many is It our toured thoughts recent Before wildfires many all I see we communities to California. Several heartbreaking a that are with executives, recently including Altadena this have of affected catastrophic [indiscernible]. and impacted begin, our impact people so by on had the those by of call, disaster. The on in Southern wildfires the

In times critical. role more our insurance even becomes as professionals like these,

support Our insurers provide primary customer-facing to need have to of [indiscernible] proud am team mission their they helping most, our members our with Californians unwavering protection. when is and entrusted who fellow so commitment I to and our assistance us it

full the Turning quarter XXXX fourth and year for results. to a record our was books. year

XXXX, X.X ratio to quarter XX%. $XX [indiscernible] XXXX were year for combination combined down report full the rate added We XX.X% $XX in year-to-date which drive of The [indiscernible] the points ratio. losses increases Catastrophe after-tax million in helped are million quarter to added and and the inflation our were very in quarter of full to fourth that our year to history. the company's our pleased moderating combined our and operating income ratio the highest and combined the

for catastrophe full losses, year. the XX.X% the was and the in Excluding XX.X% quarter ratio combined

investment and for XXXX. XX% income to the Fueling underwriting was the increase increase $X.X in year Investment income in investment average XXXX, quarter year in Premium to year for premiums increase in average the year, quarter premiums rate was of and respectively. billion XXXX. $XX.X [indiscernible]. over XX% of policy tax higher million XX% was prior from the the XX% grew the increase investment and balances in XX% quarter written net quarter The primarily full due an in [indiscernible] after an growth, the coupled Net and $X.X with full premiums increases. XX.X% strong billion income to per written in

results our strong helped fuel [indiscernible]. growth Our operating

losses, poised towards As is we core results. our look good to business, deliver XXXX, catastrophe excludes which underlying

XX% ] personal [ auto posted of and Our and which business premium favorable year full XXXX. homeowners comprises 'XX company-wide [indiscernible] earned

auto our our and For full XX.X%. personal homeowners underlying ratio underlying combined combined core business ratio year the of of business a core XXXX, a posted XX.X% posted

income investment XXXX expect near XXXX we addition, levels. In be to

payout earnings [indiscernible] wildfires in ratios the to our will to capital generation of is values, estimate January the from our or provide events. the capital gross other on loss from of billion XXXX, wildfires. and in $X.X losses from range underlying plan losses [indiscernible], which total estimate catastrophe wildfire ] [ back help fair share before data based large be previous insured build the We

levels of of for gross are million $XXX assumptions and various be utilization. estimated determined reinsurance losses to million. losses range catastrophe net to was Pretax on $XXX The catastrophe based losses net [indiscernible]

be to first will reinstatement In and estimated $XX the of to XXXX. prorated million is $XXX million between second premium quarter addition, and be

wildfires net million. to the On in impact first of of basis, we statutory estimate quarter the surplus $XXX [indiscernible] million after-tax an to

] losses for impact Insurance from earnings Department Yesterday, approximately [indiscernible]. the in [ request the approved $X plans participation is partially catastrophe to The expect plan of the X%. However, company's mentioned, Fair of the billion the we fair ] as underlying previously wildfires. our the rate core offset a California [

Accordingly, about be assessment is added recoupable this the to from fee reinsurance. $XX via assessment can XX% a Fair of plan. fair to a million losses policyholders. we plan expect temporary supplemental

Ted?

Theodore Stalick

Gabe. Thanks,

on So next to talking slide, about the moving reinsurance.

company that available treaty $XX limits to reinsurance catastrophe company's program use the approximately per exceeding prior property of limits, [indiscernible]. excess provides offset coverage and [indiscernible] the $X.XX reinsurance has wildfire loss exceed the limits catastrophe after So billion those covered attaches a million basis per million million of losses program. $XX $XX the company's million a on of of $X on retention company also the catastrophe expects to losses property for claims to to occurrence up to

the of grid. parametric as company's million predetermined within million insured the based out placed coverage layer fire reinsurance values excess limit $XXX coverage footprint that was and $XXX grids in the industry of within participation X% pays the on and percentage that of

each occurrence. each separate as event property ], a service [ [indiscernible] as does XXX-mile a considered not will the billion $X.X event Palisades The radius [ company's the of or fire claims that the or reinsurance unit allows Eaton unit If classified not Services be treaty eligible total the of limit office for for for qualify of event events the [indiscernible]. within as individual is by a catastrophic single occur recovery, a million can $X.XX and [ such, combining ]. of Suran PCS, ] catastrophic its be own

In a ] separate the [ fires case of X has [indiscernible] wildfires, Palisades is the separate designated event. events. as the each Eaton PCS and

events. to X any the the more wildfires information company potential, available becomes will subrogation will it company, evaluate whether as As the including separate consider

California fair catastrophe addition, the the to losses [indiscernible]. plan limits up reinsurance provided. by In are covered from

coverage expenses. to ] million limits XXX,XXX primarily for aid dwelling to our up out additional [ have $XXX advances for content paid advances XXX% insured and We on of living

have date. [indiscernible] morning, this to back We reinsurers million have a to as received actually dollars and $XXX our of

of currently We have and billion is on cash over $X X.XX%. cash hand the earning

the are earmark out dollars of of typically X/X the [indiscernible] out. [ cat paid XX% large In paid are ] events, dollars

of part largest the event. for cash past surge demand this in from now the are We

For total includes each [indiscernible] insured ground our we by losses dwelling losses loss and for costs, significant limits, plants the which ultimate from and being estimated total policyholders apply additional payout events percentages reported content, on all such take replacement additional inspections from as value our have loss additional and identified wildfire the ultimate losses. claims removal, debris other on total and expenses. landscaping [indiscernible] values estimate We the living total insured structures, the of to total

the comprised patterns to look the losses total at our wildfires, type partial tail determine [indiscernible] of claim. losses a major Partial differing on previous loss during longer larger partials. and ultimate of ultimate losses. depending have most dollar type We amounts reporting on on claim reporting Typically,

the in so not and [indiscernible] range subrogation purchasing our likely fire. believe wildfire determined by several will evidence in utility the with We recovery There the whether we equipment there the we We will consider it equipment previous is utility sold but to we shows levels is do other company's XX% strong right. make the company XX% the active caused in events fire. [indiscernible]. Eaton be have these subrogation [ rights, interest less to Eaton of that Subrogation we range. at video cause ] estimate

up it With now all open that background, questions. for will we

Operator

James. Gregory [Operator Instructions] the of line Raymond So from comes your Peters question from first

Charles Peters

Good for A of couple questions morning, you. everyone.

about billion I what First, FAIR the they're I look $X think on might have indication but you plan you any going like? talked just plan it's like? speculation, might look but total assess, they total the the to know do any fare on do that loss view you have what loss

Gabriel Tirador

not. Hi, not. we do Greg, do We

Charles Peters

viewing off questions bigger the of one about about there's popped ] you above considering [ work think the underlying losses, Is the how capital. X:X benchmark these us there you capital. some of you results? stress as view perspective if just Just capital I your our through deviation Well, premiums paying recently way room in to strength how has Can Okay. talked is ratio? on you give up your any talk wiggle of your you're

Gabriel Tirador

really down this premium surplus earnings we I underlying to ratio. We our core result X, going mentioned event, back Xs, a XXXX as going to the Xs, this right? build on booking. with event, that off that I But high earnings, earlier, end our think to what in we're low we maybe that drive depending and be up as consider a we're of think strong surplus

] to grow watching want So business. our -- prudently. our but [ growth, we'll and we our homeowners We auto be business want grow to

that the going surplus the going But earlier, And underlying low we mentioned down. are as going through think our to back ratio the Xs. think to high core premium surplus we're in drive I to ratio, to that I that be earnings to earn Xs it's

Charles Peters

reinsurance about but costs forward? certainly pricing view on reinsurance up. how you're going in renewal the a are that point, how Okay. rate of the still homeowners might to [ think you recover And your efforts your And on about know Because can reinsurance think market the spring talk you the paying I us later you in it seems maybe ]. like going your respond could claims, process to in then give your you

Gabriel Tirador

answer have to I'm that. going Jeff

Jeff Schroeder

that book will Greg, and and to on March of this next reiterate California, our first in want a foremost, recently I we increase be month, towards that homeowners' effective on of XX% end the received year. approval

next we quarter are our would to the as looking be, year looking next take rate of rate the ahead where needs particular that action with evaluating at time. our second the steps with when to to be We this

a far far question, That our the is continuous process. we as conversation reinsurance normal reinsurance of second renewal, as the As of part the with as in your part partners. are

least ] deadline. and will process this go will we more we X/X Obviously, And [ in, as our do expect we towards at that of go expected. be this And to during year. reinsurance this we as up, expect costs is renewal have X/X Our the share period. event the to information moderately factored

Gabriel Tirador

to Greg, expectation as reinsurance out. exposure-adjusted wildfires I will to premium down. was for we to change. the go that as more mentioned, that, to going -- flat prior this we'll our add And know reinsurance be is to Jeff Obviously, our

an rates expecting are to be to So we flat exposure increase. we expecting wildfires, were prior reinsurance kind adjusted our to some of But down? the

Charles Peters

trends Great. the your in you year's this and just and expectations? underwriting it I'll about business, for severity underlying I can is about back you mean to your last how talk core frequency getting can for the sets up question auto have -- guess -- I just results, talk the you

Gabriel Tirador

to as Sure. I'm handle let Jeff that going well.

Jeff Schroeder

that. answer can I Greg,

collision in are and small flat So showing injury. decline to auto property for a our damage and are close frequencies bodily for

for the for side, bodily severity damage collision injury. property mid-single digits and we're low On to and seeing mid-teens

Operator

Springview Guy Your from ]. question the of comes next [ Baron line from

Unknown Analyst

hosting you Thank for this call.

lower consideration quarter, this annualizes $X incorporating you that referred extent to can that So sustainable, level operating earnings. share, quarter big view, to rate close very annualized future And about giving homeowner maybe costs earnings in and of question talk what fourth tax your Greg's a so earlier the of closer so is number, earnings the a quarter, guess, generated -- operating fourth you to which for to reinsurance future of your you've in it's side. and internal power is I $XX the on to out modeling for been to -- that increases while you

Gabriel Tirador

We necessary It's time, our to think question. about to target. a time, see happen closer continue the over But will We're up that's to We closer trends the structure I closer overnight. ratio being make quarter. XX.X% time, up in posted a combined combined our that and as I make go probably do over to going cost and to don't think you'll our to ratio filings monitor XX% to needed. our over in target -- XX%. going good move expect the

Unknown Analyst

believe appropriate you the ] understands the to to rate that need actions the insurers wildfires? [ Do take California following now DOI allow

Gabriel Tirador

a has also I mean in I models. some strategy that cost allowing I the of clear that to kind the mean include with were think reinsurance is do. and made I -- in regulations us promulgated he's do. his going commissioner to view. I insurance sustainable allow

I the recognized do actions. has by believe of that that Insurance So Department the

Unknown Analyst

it. Got

have the on When ended recovery or up think ] was one to you quick proceeds rights, you a Can initial relative subrogation ultimately sold lastly, your tell being? us I the just [ you what received. subrogation would your actually subrogation XXXX the million $XX estimate [ ]. were And it what Okay. what of been that like it

Theodore Stalick

on. give the [ ]. that, wildfires been by you something take Mercury that, I'll including little more XX been [ context. something take utility-caused ]. there's recoveries Guy bit like companies, insurance just Guy like to I'll where since Yes, There's And been XXXX, -- there's XX a

them XXXX, ], through ], Walsey Thomas Easy Fairview Concat, XXXX, the go real Zog camp was coastal Getty I'll [ XXXX ], XXXX Maria the Dixie Bay North quick. [ [ Actually, in XXXX in Bob and [ and in ]. Pine there Silverado XXXX, ] [ Creek [ ], Pavan Tone

The range from XX% recoveries XX%. on those around events to

pursue of Eaton utilities the So We They're subrogation wildfires. starting event. this if there's record [ track selling ] a the tower. arcing video interest in company at fire transmission time. is paying very very going the have that we bottom was and be, especially caused amount sell utility active rights. point lines equipment. do would well something what the evidence by the out the them, aggressively Eaton the evaluating a we're in Obviously, There's and And substantial of strong recovery for of ultimate that on at of to the previous fire established subrogation recoveries less our than Mercury are you

Operator

comes next Capital of Kalim question line Kornit [ Your the from from Abumane ].

Unknown Analyst

what ] actually was on really kind us ]. expand $XXX paid give mentioned coverage on would on some expanding numbers [ -- and the through more have paid can but claims are How it's those losses? I percent has has claims you much of many and -- that be color what more on of you you the million many you coverage whether bit ACD And percent total background [indiscernible]. claims little Can earlier, paid helpful. themselves. [ been them total the claims numbers How the of a about been received? of How AC&D know

Unknown Executive

take I'll question. Victor. is that This

totals those So to we that's And [ about about about have we ] -- that reported date, landlord condos claims, been [ policies property. totaled. XXX claims we and renters, have between out those are Of have XXX ] spread have Mercury humoners both of X,XXX claims another to events. for commercial policies, that's that

them, this of to What share the we've XX% of And paid makes than ]. A obviously done a at up more them large [ of on most coverage is ultimates. point that very

that, we the Beyond coverage. advanced content portion a of

We worked [ that make customers to we've is ALE they advanced with housing have insurers, also as our sure temporary ] have [ needed. ]

Unknown Analyst

reported. distributing that. been guys has other FAIR the on damages you It's Understood. to the to relative plan of like the pretty peers compared impressive that some much how distributed when ] [ have total Good and for

out of thinking -- I'm on other those have A,C also methodology potentially got you kind associated the just you around policies. like evidence that And explain to you to the -- then in on claims Is the million something about as of My $XXX know additional? or those that losses is $X on and or have ambiguous and or [ billion [ the ] I cutting like information second $X.X you was what $X.XX a release and reinsurance. ] come gross D -- [ you with -- the question Can is think you kind provided a that estimate is bottoms-up to $XX what to -- you that there then on like little the you billion and XX-K estimate. press the -- in how is total ] of mentioned bit you've billion methodology Demaxes included and get to based today could number of what used million line that what reinstatement figures. Can the earlier,

Theodore Stalick

I'll call that -- question. this take Yes, is Ted. so that

we're when estimates of our So ultimate. doing

if total losses. the know mentioned, out. we we strips our cutting Victor [ apologize of ] some number prepared And As of

inspections on all that reported being totals. by the so claims policyholders through aerial imagery. ground We've the we've identified and done And

a on we the handle good all pretty So have totals.

total is We insured know for the of what losses. the each value one total

So plants replacement you debris the them. most structures, living of have costs, limits, name additional the content dwelling additional landscaping, expenses limits, additional to the and removal,

And insured value. so up makes that your total

paid on had the know ] that, ] imagine. where totals it's can [indiscernible]. And about [ what the We Campfire, Fire such number, tight a then as And events Bay actually it's you those pretty high range, major and TIV have we a XXX ultimately ] of percentage out [ wildfire relatively we the events. [ previous we as on

just And we very today, apply we those know that total. previous what percentages the So pretty events a that the from reasonable on gives totals can take from of will totals. large the on TIV loss ultimate wildfire us the be estimate

partial over evacuation, come detached fences in pattern On there's the or there's those. on smoke like damage, garages, longer those little partials, There's a bit structures, reporting time.

based events. tail those information. reported the of severities been what's information date. idea based pattern are on have what the historical We on know other large an we to average and other know we on reporting So current very the And typically on

the all be. And at look will that so to kind partial determine of we what losses

that Just to largest the for loss of are losses the total ultimate by out the company. point far dollars component the the from

X.X we gross with So other range -- [indiscernible]. we the next forgot to do X.X -- I the the that's can come up our was how question? ] [ on how What

Unknown Analyst

not included. instant The premium is it's in numbers. not [indiscernible] included those

Theodore Stalick

That's correct.

So $XX the be and it's 'XX. quarter million to even of million that. to going you'd first to and add have over $XXX second charged [ ]

Unknown Analyst

sense. then if you don't question, one And mind. more Understood. Makes

provided event about the policies, and your with of know pushed classifying reinsurers had What But with And a expand not? they reinsurance whether for the question. sort you events board X second you not they're X versus with you've would discussions whether be? on potential about the are that back? the for have around the On as have or need event reinsurers have events dialogue one needing if I potential some can public, to how of X those had you and kind color guys think

Gabriel Tirador

reinsurance clear. our I and had had our say broker we're think this, We our a contract subrogation not will And decision really the on I this Yes. discussions think us option. with discussions as believe they've X likely. reinsurers. make Well, pretty it's that potential, we've that any probably that And classifying receiving I [indiscernible]. with I with think is is events likelihood But relatively the an less of soon. we'll pushback.

Operator

of comes question Advisors Nainani the from Plomado line from next ]. Your Prem [

Unknown Analyst

event a hours to to reinsurance does as defer specifically your as being defined is and start language or single Or with, multiple guess this ], it as purely make by in distance? [ to PCS I far treaty able claim?

Gabriel Tirador

PCS. does. It Yes, it defines

Unknown Analyst

] defers [ It PCs. to

Gabriel Tirador

PCS, defers to It it does.

Unknown Analyst

around Okay. go and to this recover And help understand those subrogation. you're of into going sort that And are better. in door or -- being cash claims process a right? then the piece, that you through to like correct? subrogation me subrogation Do that little you'll made the that is out that Is some agreements, recover litigation bit then now, eventually through

Unknown Executive

That's Yes. correct.

Unknown Analyst

question last Okay. be, Can a give then lot the bit tight insight claim guess you at peers press. as guys my And damages. moment? don't a to question. view have And would been had pretty more estimate us had a or seems losses. the pretty That's their little There's in have view stuff it a saying why I of strong a last of type like you fair your my that not of around

Gabriel Tirador

to our one establishing the a gross on pointed is on think various subrogation is somewhere think look is from we that a -- mean, that probably it's the assumptions, be losses, it's we assumptions taking is wanted high And end. $X.X that. based previous I as gross communities, that things the the based investment billion for recoveries. look, for at We to wildfires out, the based between and standpoint, of And various assumption on we're loss low it's on the Well, in going range. on to billion various And number Ted a do end. $X

we provided because of a So range that.

Unknown Analyst

partial And could higher claims that as in? go range come

Gabriel Tirador

above end. to range, that low anything what billion range feel end the the we most I I providing possible. billion? it what it high of the we guess could purpose we Is purpose think was being idea range us with the end in but But gave $X being mean of high you provide the an be of give the and with $X and out of the it is and possible, possible we've was between. end $X.X the the done is I thought a of low likely the billion that range for that something range you range is

Unknown Analyst

of that got out the how right? But ex as they've in Like but in I here. Right. numbers are things there to think out do mean, are really [indiscernible]. important. assessments that's put guys $XX that billion And sort of range I FAIR, the yesterday, billion that $XX how communicate is so about FAIR billion of $X know there they've up to that's you of because wildcard

Gabriel Tirador

for mean personal plan, mind a above Anything of recoup $X.XX $X lines billion for recoup XXX%...... $X I on billion, up Yes. FAIR we in keep the that to the dollar. can we can can first we recoup assessments,

Unknown Analyst

But that's Right. cash. not

Gabriel Tirador

calendar year. the In

Unknown Analyst

but that the to you're capital. charge able Right. to you're right? and it's -- we're whoever, about period. over that to talking to more your -- door or the for fare to clients cash goes need going immediate So but have out

Gabriel Tirador

This not issue. a have Yes. any is don't liquidity liquidity And we issues.

Theodore Stalick

that just add for treaties of treaties inclusion reinsurance the allow would Yes. plan I our losses. FAIR

we actually the But take scenario attach even So these can probably to that FAIR wildfires. plan in reinsurance. scenarios, fare plans, the has massive some worst we our -- of which FAIR don't consideration losses -- seen done extent treaty, we've plan in their into previous own have worst-case which, by our way, case to its I've the reinsurance the that

-- our assessments. surcharge And policies policyholders those recoup that, these we're able assessments, on of to top to with

plan bifurcated reinsurance not something we ability significant that's think the of because separate, as assessments. be fair is from to losses that under Mercury's the we the losses it So why to of plan it's our and the because recoup and reasons that, FAIR to the going part company recoup is

Unknown Analyst

portion Palisades you [indiscernible]? versus airplane And is loss what of -- then think then do so

Theodore Stalick

We don't know...

Gabriel Tirador

don't know We that.

Theodore Stalick

likely, we their is more plan is Palisades likely, know. But don't but

Unknown Executive

do add something Just plans FAIR you to that. $XX is some a billion. exposures the is although I to of because to around add $XX range And all numbers information this earlier public. Victor. to out Yes, not want billion on threw

$X I they came yesterday their think that billion. about out is saying exposure

to up. do clear kind want of that I So

you saying, read everything their they're clearing it's If statements.

Gabriel Tirador

I exposure necessarily would And say that's not Yes. losses, correct?

potential before So reinsurance.

Operator

line question comes the [ Holland Private next Your ], Ian from of Investor.

Unknown Attendee

loss, wanted so say there numbers to ] ask, I and are total that all XXX correct you structures in have and XXX the condo, you are correct? XXX [ HFI and landlord

Gabriel Tirador

Correct.....

Unknown Executive

well, He The that ]. significantly renters as [ is XXX lower. figure loved renters includes which obviously

Gabriel Tirador

you Yes. Did hear that?

Unknown Attendee

Yes. Yes, heard that. I

You were little cutting out a earlier. bit

So that know your losses that, if of segment total the book. insured you for what's

Gabriel Tirador

losses? by mean you total Do you mean mean value. insured exposed? you that's do the What value total total insured Do

Unknown Attendee

Yes. Yes.

Unknown Executive

that we the the entirety almost we're would reporting the of that percentage. the total are figure. is mentioned percentages for earlier, our estimated The TIV. losses as say TIV Yes, not ultimate I based on and

our where from. estimates come that's So

Unknown Attendee

know out you are people of the structures likely damaged correct? going high the value, at if pay so most But you're these to end that damaged the

Unknown Executive

true. That's

Unknown Attendee

on press So that why you number release. don't report your

Gabriel Tirador

come process we and is partials as that's and gross others, kind value Ted in of We're pretty $X losses, we're of have there total went process other for wildfires loss. billion $X with taking billion. billion insured autos well, a a of historic this we how we a We're look applying range total pretax at $X.X mentioned, through taking simple. of and shared we're to historic. range quite up then as adding did. No, what and loss, and for based billion, some of estimating that percentages we We on a loss And to estimating the $X.X

Unknown Attendee

using number of were destroyed. talking the the early site been people that about in But on why you the I satellite you If values? have are that you call, and data. know properties insured, you historic mean,

historical numbers? why So

Gabriel Tirador

Historic what total paying insured values percentages you of value. are of up end

XX% value example, it of out. range ultimately your anywhere XX% an pay So you that can as total from from to insured

and we range pay up of a what ultimately So total we're percentage low a a out growth high of to using value, with at end. end insured the come

Unknown Attendee

don't So that I'm is insured have total been hearing of -- structures structures the the destroyed. know the actually destroyed that what you value

Gabriel Tirador

you're complicated. No, not. this Look, is not

We total values, insured have right.

total know number have We is. that what values. insured We

of we're We value have think going insured pay that range wildfires. we simple. estimate based on to what total a we That's previous of

Let's move on.

Unknown Attendee

Why are basing wildfires? it previous you on

Unknown Executive

we Campfire XX% Look, out or total ultimate that we on the total the know to on fire, Bay insured look, that paid XX% loss. the North was for of example, value our each loss,

if million a $X we that ultimate XX% let's the loss, So had on say, insured value, of average. total

So ultimate example. $XXX,XXX that was loss in our

the we value to we on XX% the get that number. and insured apply how So the fire total and on that's current event Eaton the Palisades

Gabriel Tirador

question. We're going to move on to the

Unknown Attendee

I Yes. mean just.....

Operator

David question from Your comes Research the from of Dan Wolf last line back ].

Unknown Analyst

concerned on been obviously I've company. your about what's been going with these and wildfires

an if than you me you many your reporting are perplexes less XX% disclosed. average far cases, than at it.... it look really and that really of peers, is less is been How things the of why Some what's in

Gabriel Tirador

what? of Average

Unknown Analyst

force, I they have have And X,XXX mean in you the ] how Well, PIF in ]. [ versus and Farmers' [ in Palisades........ you're X,XXX averaging right? policies force XXX, policies ] right? [ X/X many

Unknown Executive

Look.... know. don't I

Unknown Analyst

know. should You

You're industry. in your

Unknown Executive

our know. shorted I because have [indiscernible] do stock.... I know you you

Unknown Analyst

I mean, doing not am what? I'm fine. I'm I upset. doing fine....

Unknown Executive

Alright.

Unknown Analyst

just I you're collecting later, to not want drip here out X months you guys months, premiums. X higher it as

travelers mean, an not best Did mean fires I doing just numbers, the Really, ] or So you're How an Let's mean I just historical you the [ -- farmers? burn the Allstate there? class on honest your ground. have you're honest right? here. boots properties? just in I around conversation let's are not conversation. have and

Gabriel Tirador

know Pretty hiding -- total Are that have number saying? that as know that far exactly. total losses, saying we you're the -- you what I Is about. number the total you're of I what talking as losses? close.. don't we're

Unknown Analyst

that certainly, are you've already? for that the just whole the going subrogation, [ you now to minusing subrogation you're mean, pay I ] underestimating. Are and out minusing you're reinsurance, I in the that mean, out right got with court think with win right? because you're I to time, you like saying

Unknown Executive

We've like. gone that obligation the this about what through potential.... talked looks We've what

Unknown Analyst

it through go [indiscernible] again.

Unknown Executive

it I've Okay. done already.

Unknown Analyst

Eaton not you're number, the billion in if look, your whole total thing fire No, $X right? is bullsh***, the including then

Unknown Executive

$X talking What not it's included are about billion... the in you

Unknown Analyst

You're saying you're you're saying -- minusing subrogation. out

Unknown Executive

let's end this call.

Unknown Analyst

You're thing subrogation.... mining out

Operator

This back concludes Sir, the for any Tirador, to turn to Gabriel go question-and-answer like ahead. would please I session. now remarks. closing conference

Gabriel Tirador

Well, us joining and thank Thank soon. was That you Anyway, thank much you very us interesting. you. joining talk today. for we'll for today,

Operator

conference attending today's you call. presentation. today's concludes This Thank for

disconnect. may You now

Mercury General (MCY) 12 Feb 252024 Q4 Earnings call transcript