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  "documentTitle": "Mercury General Corporation (MCY)",
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  "notes": "Includes two tables detailing HO-3 and Landlord policy losses, followed by a narrative justification for a $2B+ total loss estimate.",
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      "text": "Cumulatively, we expect CAIC, MCY’s subsidiary, to incur over $2 billion in losses between their landlord and homeowner (HO-3) policy exposure to the fires.",
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      "text": "Estimated Gross Losses: $2 billion",
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      "text": "In our view, MCY’s losses from the fires should exceed $2 billion for several reasons. Our estimate excludes costs for homes that require smoke damage remediation, fire retardant cleanup, and accompanying temporary relocation costs.",
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      "text": "As shown in the table, we estimate that MCY will incur ~$1.9 billion in homeowner (HO-3) losses from the fires. In addition to homeowner exposure, MCY also has exposure to landlord policies.",
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      "text": "Source: Wolfpack Analysis",
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