Mercury General (MCY) said Monday it has already paid out $80 million to policyholders affected by the Palisades and Eaton wildfires in southern California, mostly to cover living expenses and housing content losses.
The company said it has also begun to recompense policyholders for dwelling damage and that it has "sufficient liquidity to meet the increased levels of payments."
The company said it has not yet determined if it will consider the wildfires as two separate events, which could determine whether it will need to seek additional reinsurance.
Shares of the company were up more than 2% in Tuesday's premarket activity.
Price: 49.30, Change: +1.11, Percent Change: +2.30
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