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Mercury General Corp. (NYSE: MCY) is a leading insurance holding company specializing in personal automobile insurance and related property and casualty insurance products. Since its inception in 1962, Mercury has grown to become one of the fastest-growing auto insurers in the nation and the leading insurer in California. The company's core business involves offering comprehensive coverage options that include collision, property damage, bodily injury ("BI"), comprehensive, personal injury protection ("PIP"), and more.
Mercury General Corp. is dedicated to providing value to its customers by combining low rates with excellent coverage. The company achieves this through a network of independent agents who work closely with dedicated managers and enthusiastic employees. This collaborative approach ensures that Mercury continues to offer innovative insurance solutions without compromising on customer service.
Mercury operates predominantly through a network of independent agents in 11 states, including Arizona, California, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas, and Virginia, and auto insurance in Florida. Apart from personal auto insurance, Mercury also provides homeowners insurance, commercial insurance, business owners' insurance, landlord insurance, home-sharing insurance, ride-hailing insurance, and mechanical protection insurance.
The company's recent achievements include offering discounts on electric vehicles (EVs) in most of the states it operates in, recognizing the growing trend of EV ownership. Additionally, Mercury has made significant strides in digital transformation by appointing Cameron Nordholm as the Head of Technical Product, reinforcing its commitment to innovation and technological advancement.
Financially, Mercury General Corp. continues to show resilience and adaptability. The company reported improved underwriting results for the third quarter of 2023, supported by rate and non-rate actions and favorable reserve development. The Board of Directors has consistently declared quarterly dividends, reflecting the company's stable financial condition.
Mercury has also been proactive in addressing potential risks associated with environmental changes. For instance, the company has provided valuable insights and tips for homeowners to protect against damages during El Niño seasons, demonstrating its commitment to customer safety and awareness.
In addition to its insurance services, Mercury is deeply embedded in the community, as evidenced by its partnership with the LA Kings to create a unique augmented reality (AR) experience for fans. This initiative highlights Mercury's dedication to enhancing customer engagement and community involvement.
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.
Mercury Insurance (NYSE: MCY) and the Anaheim Ducks have launched 'Pro Tip Trivia', a new interactive game starting December 18, 2024, at the Honda Center. The game offers fans chances to win Ducks jerseys by correctly answering multiple-choice questions about life pro tips. The initiative will be available both in-arena and remotely (starting mid-January) to ensure widespread fan participation.
The program aligns with Mercury's core value of 'do the right thing' and aims to enhance fan engagement during home games throughout the season. Mercury Insurance operates through nearly 4,100 employees and over 6,500 independent agents across 11 states, providing auto, homeowners, and business insurance.
Mercury Insurance (NYSE: MCY) has launched a new personal umbrella insurance policy in Arizona, marking its fifth state expansion after California, Texas, Oklahoma and Illinois. The policy addresses rising bodily injury payouts, which have increased by 35% since the pandemic, offering enhanced protection beyond traditional auto or home policies for less than $1.00 per day.
The new policy features include multi-policy discounts, a 5% discount for 3-year accident-free drivers, uninsured motorist coverage up to $1 million, and liability coverage options from $1 million to $2 million. This expansion comes as a response to increasing liability injury claims that exceed traditional policy limits, aiming to protect Arizonans' personal wealth against expensive accidents and legal liabilities.
Mercury Insurance and the Los Angeles Kings have launched the Hockeywood Wall of Fame, an initiative honoring community heroes at the Toyota Sports Performance Center. The program features a video art wall, interactive displays, and a dedicated website for nominations. Each month, two community heroes will be recognized with Kings game tickets, jerseys, and personalized mementos. The wall was unveiled on November 17, 2024, with LA Kings stars and executives inducting inaugural member Kendal Troutman, founder of Thru Guidance Ministries and 24 Degrees of Color.
Mercury Insurance (NYSE: MCY) has released essential home maintenance tips for fall preparation. The company emphasizes the importance of preventive measures to protect properties during cooler months. Key recommendations include: inspecting and cleaning gutters, checking heating systems, sealing windows and doors, trimming trees, preparing outdoor areas, testing safety detectors, and inspecting roofs.
Bonnie Lee, Vice President of Property Claims, highlights that these preventive measures can help homeowners avoid costly repairs and ensure proper protection throughout the season. The company also recommends reviewing insurance policies to reflect any recent property changes.
Mercury Insurance announces readiness to assist policyholders affected by the Mountain Fire in Camarillo, California, where over 10,000 residents face mandatory evacuations due to Santa Ana wind-driven wildfires. The company offers support for homeowner, renter, and auto insurance claims, including temporary housing arrangements and living expenses reimbursement for evacuees. Policyholders can file claims through Mercury's web-based app or by phone at 800-503-3724, with dedicated adjusters available to evaluate damages and provide assistance.
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