There is a large degree of variety in the optical variability of quasars and
it is unclear whether this is all attributable to a single (set of) physical
mechanism(s). We present the results of a systematic search for major flares in
AGN in the Catalina Real-time Transient Survey as part of a broader study into
extreme quasar variability. Such flares are defined in a quantitative manner as
being atop of the normal, stochastic variability of quasars. We have identified
51 events from over 900,000 known quasars and high probability quasar
candidates, typically lasting 900 days and with a median peak amplitude of
Δm=1.25 mag. Characterizing the flare profile with a Weibull
distribution, we find that nine of the sources are well described by a
single-point single-lens model. This supports the proposal by Lawrence et al.
(2016) that microlensing is a plausible physical mechanism for extreme
variability. However, we attribute the majority of our events to explosive
stellar-related activity in the accretion disk: superluminous supernovae, tidal
disruption events, and mergers of stellar mass black holes.Comment: 25 pages, 18 figures, accepted for publication by MNRA
