California’s recent wildfires have left Mercury Insurance facing potential losses between $155 million and $325 million after reinsurance recoveries, as CEO Gabe Tirador emphasized the importance of subrogation in determining if the incidents will be classified as one or two events. With strong evidence linking the Eaton fire to utility equipment, Mercury expects to pursue a recovery rate of 40% to 70%, while similar prospects for the Palisades fire are dimmer. The complexity of these claims, amidst ongoing lawsuits, may significantly affect recovery timelines and financial outcomes. Source and details of the news