Mercury General Corp. - MCY STOCK NEWS

Mercury Insurance has launched its usage-based insurance app, MercuryGO, in Virginia, allowing drivers to save up to 40% on auto insurance. The app serves as a virtual driving coach, providing real-time feedback on driving behavior and offering immediate discounts of 5% for participation and up to 10% for teen drivers. The initiative aims to improve road safety, with potential benefits including a reduction in distracted driving, speeding, and hard braking. MercuryGO is already available in several other states.

Mercury Insurance (NYSE: MCY) has launched a new web-based application enabling policyholders to easily submit insurance claims digitally. The user-friendly portal guides users through filing claims by using maps and emoji-driven questions. This innovation aims to expedite the claims process, allowing completion in under four minutes without lengthy forms. Customers can connect through multiple channels for assistance and have the option to access connected repair services. The initiative is designed to alleviate stress for users during a challenging time, ensuring quicker and accurate claims submissions.

Mercury Insurance announced the introduction of five new coverages and five discounts for homeowners and renters in Illinois. Key coverages include financial support for eco-friendly replacements, matching of undamaged siding and roofing, protection against hidden water damage, and coverage for spoiled refrigerated items. Discounts aim to reward eco-friendly homes, updated properties, prompt payment, and digital engagement. With these moves, Mercury aims to enhance policyholder savings while promoting environmentally responsible practices.

Mercury General Corporation (NYSE: MCY) reported a net loss of $196.9 million or $3.56 per diluted share for Q1 2022, contrasting with a net income of $107.0 million or $1.93 per share in Q1 2021. Net premiums earned rose 5.1% to $962.6 million, while net premiums written increased 6.4% to $1.01 billion. Catastrophe losses also decreased to $22 million from $35 million year-over-year. The Board declared a quarterly dividend of $0.635 per share, payable June 30, 2022. The combined ratio worsened to 109.5% from 93.5%, indicating increased underwriting expenses.

Mercury Insurance has launched its usage-based insurance app, MercuryGO, for drivers in Illinois, aiming to enhance driving skills and safety. Users can receive up to 40% discounts on auto insurance based on their driving behavior, with an immediate 5% participation discount for enrollments and an additional 10% discount for teen drivers. The app helps reduce dangerous driving behaviors, such as speeding and phone distraction, utilizing technology from Cambridge Mobile Telematics. MercuryGO is already available in other states including Texas and Florida.

Mercury General Corporation (NYSE: MCY) will release its first-quarter 2022 earnings results on May 3, 2022, after market close. This announcement will be accompanied by the filing of its Form 10-Q with the Securities and Exchange Commission. The company's focus remains on providing personal automobile and homeowners insurance through independent producers across various states. Investors are encouraged to review the earnings press release alongside the quarterly report for comprehensive insights regarding the company's performance.

Mercury Insurance celebrates 60 years of operation since its founding on April 1, 1962, in Los Angeles. Known for providing affordable insurance and excellent customer service, the company has transformed the industry through a risk-based model rewarding safe driving. With over 9,400 agents across 11 states, Mercury holds 'A' ratings from A.M. Best and Fitch, and has been recognized by Forbes for customer satisfaction. They continue to innovate, merging traditional service and technology to offer comprehensive insurance solutions, including auto, home, and business insurance.