Mercury General Corp. - MCY STOCK NEWS

Mercury General Corporation (NYSE: MCY) announced it will release its third-quarter 2020 financial results on November 3, 2020. The company will not hold an investor conference call or webcast for this quarter. Mercury General primarily offers personal automobile and homeowners insurance through independent producers across various states. The announcement underscores that forward-looking statements might be subject to significant risks and uncertainties that could affect actual results, which may differ from the company's expectations.

Mercury Insurance (MCY) is actively assisting homeowners and renters affected by the Glass Fire in Northern California. The company is ready to aid policyholders facing evacuation or fire damage by providing support for claims. Mercury representatives are available to facilitate temporary housing and living expenses, ensuring policyholders can recoup costs associated with the evacuation. The company emphasizes the importance of reporting losses promptly to expedite the rebuilding process and encourages policyholders to keep receipts for additional expenses.

Mercury Insurance (MCY) announced an extension of its Giveback Program for California auto insurance policyholders through July 31, 2020. This decision comes amid a rise in auto-related losses due to increased driving during July post-COVID-19 lockdowns. Policyholders will receive a credit or check for 10% of their July premium in August, bringing the total amount returned to over $128 million since the pandemic began. CEO Gabriel Tirador emphasized the company's commitment to supporting customers during these challenging times.

Mercury General Corporation (NYSE: MCY) reported its Q2 2020 results, showing a decline in net premiums earned of 8.6% to $811.9 million and a net income surge to $228.2 million, up 174.1% year-over-year. The combined ratio improved to 88.2%, down 10.1 points, indicating better underwriting performance. The company also announced a quarterly dividend of $0.63 per share, payable on September 29, 2020. Notably, the pandemic led to $106 million in premium refunds due to reduced driving activities, impacting future earnings. Investment gains were strong, recovering from earlier losses.

Mercury Insurance has launched its MercuryGO app for Texas drivers, aiming to enhance driving safety through usage-based insurance. The app acts as a virtual driving coach, offering real-time feedback and skill scores based on driving behavior. Participants receive a 5% discount upon enrollment, with potential discounts up to 40% at policy renewal based on their driving score. With alarming traffic fatalities reported in Texas, MercuryGO also addresses key causes of accidents such as distracted driving and speeding. The app is available exclusively for Texas drivers.

Mercury General Corporation (NYSE: MCY) announced its second-quarter results will be released on August 3, 2020. The earnings call is scheduled for 10:00 A.M. Pacific Time to discuss operational results ending June 30, 2020. Investors can call (877) 807-1888 (USA) or (706) 679-3827 (International) to participate or join via webcast at mercuryinsurance.com. A replay will be available from 1:30 P.M. Pacific Time until August 10, 2020.

Mercury Insurance (NYSE:MCY) has announced an extension for filing Mechanical Protection claims due to the COVID-19 pandemic. Customers with contracts expiring between March 19 and July 31 can now file claims until September 1. The company’s general manager, Jim Donaldson, noted that the shift to remote work has reduced vehicle usage, leading to potential delayed mechanical failures. Mercury is among the first to extend this claim period, emphasizing customer support during these challenging times. Their Mechanical Protection plans also offer benefits like 24-hour roadside assistance.

Mercury Insurance (MCY) has announced the extension of its Giveback Program for California auto insurance policyholders through June 30, 2020. This decision comes as driving activity increases due to the gradual reopening of California, despite claims remaining below historical averages. Customers will receive a 10% credit on their June premiums in August. The total funds returned to customers through this program have exceeded $105 million since the pandemic began. The company is considering further extensions based on future pandemic developments.