Mercury General Corp. - MCY STOCK NEWS

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.

Mercury Insurance has launched its usage-based insurance app, MercuryGO, in Georgia. The app serves as a virtual driving coach, offering real-time feedback on driving behavior and skill scores. Policyholders can receive up to a 10% discount upon enrollment, potential 40% discount at renewal based on driving performance. This initiative aims to enhance driving safety amid rising traffic fatalities, which reached 1,615 in 2020 in Georgia. MercuryGO is also available in Florida, Oklahoma, and Texas.

Mercury General Corporation (NYSE: MCY) plans to release its second-quarter earnings results on August 3, 2021, after market close. The earnings press release will accompany the quarterly report filed with the Securities and Exchange Commission on Form 10-Q. Mercury General is a multifaceted insurance organization focusing on personal automobile and homeowners insurance across various states. Shareholders are advised to consider both the earnings release and the 10-Q report for complete insights into the company's performance.

Mercury Insurance has launched its MercuryGO app for drivers in Florida, aimed at enhancing driving skills and safety. Users receive up to a 10% discount upon enrollment and may earn up to 20% off their renewal premiums based on their driving scores. The app functions as a virtual driving coach, monitoring behaviors linked to crashes. Notably, in 2019, Florida recorded 3,135 traffic fatalities. This initiative follows research indicating that distracted driving affects 37% of U.S. car trips. MercuryGO is currently available in Florida, Oklahoma, and Texas.

Mercury Insurance (MCY) announced a 5% average rate decrease for both auto and homeowners insurance policyholders in Georgia. The reduction takes effect for new customers on June 25 and for renewals starting August 14. This change could save customers approximately $149 annually on auto and $67 on homeowners insurance. Mercury aims to make insurance more affordable and emphasizes support for coastal homeowners to recover from damages. The company also highlights additional savings through bundling policies and encourages customers to seek advice from local agents.

Mercury Insurance has announced a reduction in homeowners insurance rates for New Jersey residents, averaging a decrease of 5.2%. For customers bundling auto and homeowners policies, the rate reduction is approximately 8.2%. These changes apply to new customers starting June 25 and to policy renewals from August 14. The company aims to provide affordable insurance while enhancing coverage options for coastal homeowners. Mercury operates through 485 independent agents in New Jersey, offering various insurance products including personal auto and homeowners insurance.

Mercury Insurance has launched its usage-based insurance app, MercuryGO, in Oklahoma. This app serves as a virtual driving coach, providing real-time feedback on driving behavior. Policyholders can receive a 5% participation discount upon enrollment, with teen drivers eligible for up to a 10% discount. Renewal discounts can be as high as 40% depending on driving scores. The initiative aims to improve driving safety, reduce distractions, and lower traffic incidents, supported by data from Cambridge Mobile Telematics.

Mercury General Corporation (NYSE: MCY) reported a net income of $106.995 million for Q1 2021, a significant recovery from a loss of $139.204 million in Q1 2020. The company's net premiums earned decreased to $915.922 million, a 0.7% decline compared to the previous year. Catastrophe losses rose sharply to $35 million, primarily due to severe weather events. The Board declared a quarterly dividend of $0.6325 per share, payable on June 30, 2021. Operating income increased by 24.8%, reflecting management's operational improvements amid challenging conditions.