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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 Corporation (NYSE: MCY) reported a net income of $1,288 for Q3 2021, down 98.9% from $118,857 in Q3 2020. Net premiums earned rose by 4.6% to $940,941, while net premiums written increased by 7.6% to $1,014,967. However, net realized investment losses were $34,399, a drop from gains of $50,904 the previous year. Catastrophe losses were significantly higher year-to-date, totaling $91 million. The Board declared a quarterly dividend of $0.6350 per share, payable on December 30, 2021.
Mercury Insurance (NYSE: MCY) launches a promotional campaign for Anaheim Ducks fans, offering two free tickets for a home game when they complete an online auto or homeowners insurance quote. This promotion runs from October 18 to December 3, 2021. Mercury aims to attract new customers by showcasing potential savings in auto and home insurance. Additionally, the company will feature the 'My First Car' video series, engaging fans with players' personal stories. Mercury has been providing competitive insurance solutions in multiple states since 1962.
Mercury Insurance (NYSE: MCY) announces a promotional campaign called 'Get a Quote, Get Two Tickets' for LA Kings fans, running from October 18 to December 3. Fans completing an online auto or homeowners insurance quote will receive two free tickets to a Kings home game at STAPLES Center. Mercury aims to attract customers by highlighting their competitive insurance rates and providing incentives for quotes. Current policyholders are also eligible. The company emphasizes its history of saving Californians money on insurance since 1962.
Mercury Insurance has reported a 40% increase in comprehensive auto insurance claims due to rising vehicle vandalism and theft in California. The increase stems from the pandemic, with claims particularly rising for parts like catalytic converters. Northern California shows nearly double the claim frequency compared to the south. The top vehicles for claims include the Toyota Prius and Chevy Silverado. The National Insurance Crime Bureau indicates a 24% rise in auto theft since 2019, with almost 22% of claims occurring at night.
Mercury Insurance (NYSE: MCY) has been recognized by Forbes as one of America's Best Insurance Companies for 2022. The ranking is based on a survey of over 16,000 consumers from 4,200 U.S. insurers, evaluating factors like customer satisfaction and loyalty. Only 90 companies made the list. CEO Gabe Tirador expressed pride in this recognition, affirming their commitment to innovative products and superior customer service. Mercury offers various insurance products across multiple states and has consistently received high ratings from A.M. Best and Fitch.
Mercury General Corporation (NYSE: MCY) announced it will release its third-quarter earnings results on November 2, 2021, after market close. The findings will be detailed in an earnings press release and filed with the Securities and Exchange Commission as a Form 10-Q. Mercury primarily offers personal automobile and homeowners insurance through independent producers across several states. For more information, visit Mercury's website. The company cautioned that actual results may differ from forward-looking statements due to various risks and uncertainties.
Mercury Insurance has introduced the MercuryGO app in Arizona, aimed at enhancing driving skills and traffic safety. This usage-based insurance app allows policyholders to receive up to 10% off for participation, with potential discounts of up to 40% at renewal based on driving behavior scores. The initiative responds to rising traffic fatalities in Arizona, which reached 1,057 in 2020. Developed with Cambridge Mobile Telematics, MercuryGO targets issues like distracted driving, promising significant safety improvements.
Mercury General Corporation (NYSE: MCY) has appointed Victor Joseph as the new Executive Vice President & Chief Operating Officer effective January 1, 2022. Victor, currently serving as Chief Underwriting Officer, will take on additional responsibilities across multiple departments including Advertising, Claims, and Marketing. He is credited with enhancing risk assessment protocols in the homeowners insurance sector, particularly in fire-prone areas. This leadership change aims to strengthen Mercury's future trajectory.
Mercury Insurance (MCY) has mobilized its resources to assist policyholders affected by the recent mandatory evacuation orders due to California's wildfires. The company offers support for filing claims and arranging temporary housing for those displaced. Policyholders are advised to report their losses quickly and keep detailed records of additional living expenses. With a focus on safety, representatives are ready to help customers navigate the claims process while adhering to social distancing protocols.
Mercury General Corporation (NYSE: MCY) reported a net income of $109.2 million for Q2 2021, a 52.2% decline from $228.2 million in Q2 2020. Net premiums earned increased by 14.2% to $926.8 million year-over-year. Catastrophe losses surged to $25 million, compared to $12 million in the same quarter of 2020. The Board declared a quarterly dividend of $0.6325, payable on September 30, 2021. The combined ratio increased to 94.9% from 88.2%. Year-to-date, net income rose to $216.2 million, up 142.9% from $89 million, attributed to lower catastrophe losses in prior periods.
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