Mercury General - MCY STOCK NEWS

Mercury General (NYSE: MCY) has announced an investor conference call and webcast scheduled for February 12, 2025, at 9:00 A.M. Pacific Time. The company will discuss its fourth quarter and full-year 2024 operational results, along with providing information about the recent Southern California Wildfires and its reinsurance program.

Investors can access the conference call at 1-646-357-8785 or via webcast at https://mcy.co/investor. A replay will be available until February 19, 2025, with the replay number 1-646-517-4150 and conference code 98570#.

Mercury General operates as a multiple line insurance organization, primarily offering personal automobile and homeowners insurance through independent producers and direct-to-consumer channels across multiple states.

Mercury Insurance (NYSE: MCY) has released essential winter car maintenance guidelines to help drivers prepare for challenging weather conditions. The company emphasizes several key preparation areas including: battery maintenance in cold temperatures, tire inspection and proper inflation, fluid level checks with winter-grade solutions, brake system verification, wiper blade replacement, and lighting system tests.

According to Bonnie Lee, Vice President of Property Claims, these preventive measures are important for vehicle performance and driver safety during harsh winter conditions. The company recommends creating a winter emergency kit containing essential items like flashlights, jumper cables, blankets, and basic supplies. Mercury Insurance also advises drivers to review their auto insurance policies to ensure adequate coverage for winter conditions.

Mercury General (NYSE: MCY) has announced it will host an investor conference call and webcast on February 12, 2025, at 9:00 A.M. Pacific Time to discuss its fourth quarter and full-year 2024 results. The presentation will also cover information about the recent Southern California Wildfires and the company's reinsurance program.

The company will provide access details for the conference call and webcast presentation in a separate upcoming press release. A replay option will be available after the event. Mercury General operates as a multiple line insurance organization, primarily offering personal automobile and homeowners insurance through independent producers and direct-to-consumer channels across multiple states.

Mercury General (NYSE: MCY) has announced it will release its fourth quarter 2024 earnings report after market close on Tuesday, February 11, 2025. The company will simultaneously file its annual report on Form 10-K with the Securities and Exchange Commission.

Mercury General operates as a multiple line insurance organization, primarily offering personal automobile and homeowners insurance through independent producers and direct-to-consumer channels across multiple states.

Mercury General (MCY) has provided an update on the Southern California Wildfires (Palisades and Eaton fires) and its reinsurance coverage. The company has already disbursed $80 million to policyholders for living expenses and housing contents, with dwelling claims being paid at Coverage A limit for verified total losses.

The company's catastrophe reinsurance treaty allows combining events within a 150-mile radius as a single occurrence. However, the Property Claims Service has designated Palisades and Eaton as separate events. Under a two-event scenario, Mercury could access reinsurance limits of up to $1,290 million for the first event and $1,238 million for the second event, with retentions of $150 million each plus up to $101 million in reinstatement premium.

Mercury Insurance (MCY) has launched comprehensive support initiatives for customers affected by the Los Angeles area wildfires. The company is actively disbursing additional living expenses and claims payment advances to impacted policyholders. Key support measures include:

- 24/7 claims filing access through online portal and hotline (800-503-3724)
- Personalized agent support
- Detailed claims guide and documentation checklist
- Mobile Claims Assistance Center at The Shops at Santa Anita, Arcadia

The company is participating in California Department of Insurance Workshops in Santa Monica (January 18-19, 2025) and Pasadena (January 25-26, 2025). Additionally, Disaster Recovery Centers have been established at UCLA Research Park West and Pasadena City College Community Education Center, operating from 9am to 8pm, where affected individuals can receive FEMA and LA County assistance.

Mercury General has issued a preliminary assessment of the impact from recent Southern California wildfires that began on January 7, 2025. While the total losses are still being evaluated as fires continue to burn, the company expects losses to exceed their reinsurance retention level of $150 million.

The company's reinsurance program provides $1,290 million in coverage limits per occurrence after the initial $150 million retention. The program includes coverage for California FAIR plan assessments and allows for limit reinstatements for future events. If the full limits are utilized, the total reinstatement premium would be $101 million.

Mercury's claims adjusters are currently assisting customers with their claims through this challenging period.

Mercury Insurance (MCY) has announced its readiness to assist policyholders affected by recent wildfires across Southern California, which have triggered mandatory evacuations for thousands of residents. The affected areas include the Palisades Fire, Eaton Fire, Hurst Fire, and Woodley Fire.

The company is prepared to help homeowner, renter, and auto policyholders with claims processing, temporary housing arrangements, and living expenses reimbursement for those under mandatory evacuation orders. Mercury has implemented multiple claim filing options, including a web-based app and telephone service.

The company's claims adjusters are available to evaluate fire-related damages and assist with auto-related claims, including rental cars. Mercury has established a dedicated claims hotline (800-503-3724) and an online portal for policyholders to file claims and receive guidance throughout the process.

Mercury Insurance (NYSE: MCY) has announced it will begin writing new homeowners insurance policies in Paradise, California, becoming the first major insurer to return to the area since the devastating Camp Fire of November 2018. This decision follows Paradise's comprehensive rebuilding efforts and implementation of strict wildfire mitigation strategies.

The move was enabled by California Insurance Commissioner Ricardo Lara's Sustainable Insurance Strategy and Paradise's commitment to reducing wildfire risk. The city has updated its building ordinance to require all new homes meet the Insurance Institute for Business & Home Safety's Wildfire Prepared Home standard, including Class A roofs and ember-resistant features.

Paradise has become California's fastest-growing city, according to the California Department of Finance. Mercury's return is expected to provide more affordable insurance options compared to the FAIR plan and potentially encourage other insurers to follow suit. The company has also partnered with UCLA Anderson Forecast to study climate change impacts on insurance in California.