Mercury General Corp. - MCY STOCK NEWS

Mercury Insurance (NYSE: MCY) announces a new sponsorship at the North Island Credit Union Amphitheatre (NICUA) in San Diego, enhancing the concert experience for attendees. This partnership includes a 75-foot mural by artist Nigel Sussman and exclusive amenities for Mercury customers such as the Mercury Fast Lane and free lawn chair rentals. The company aims to create memorable experiences through these initiatives. Mercury has been supporting live music since 2013, with sponsorships at various Southern California venues. This new initiative follows the closure of the FivePoint Amphitheatre in Irvine last year.

Mercury Insurance has been honored as one of America's Greatest Workplaces for Mental Wellbeing 2024 by Newsweek and Plant-A Insights. This new award recognizes companies committed to their employees' mental health. Only 15 non-health-related insurance carriers were selected among 750 businesses. Vice President Heidi Lopez emphasized Mercury's dedication to employee mental health through various programs, including Lyra, MyHealth, and ACI Work Life Services. These offerings provide counseling, stress management, and well-being tools. The selection was based on public data, feedback from HR executives, and large-scale surveys involving over 250,000 employees. This recognition highlights Mercury's focus on mental wellness as a core value.

Mercury Insurance highlights the significant impact of insurance fraud on overall premium costs. Steve Wang, Manager of Divisional Claims and Head of the Special Investigations Unit, states that non-health insurance fraud costs over $40 billion annually, which translates to $400-$700 per year for the average U.S. family. Common frauds include staged auto accidents, inflated claims, and fake medical records. Wang advises vigilance and thorough documentation to combat these frauds.

Consumers are encouraged to buy from authorized insurers, accurately complete applications, read policy documents, maintain detailed records, and report suspicious activities. Wang emphasizes that fraud increases premiums for everyone and encourages reporting through the SIU or law enforcement.

Mercury Insurance is prepared to assist policyholders in Texas and Oklahoma affected by recent severe storms. Customers can report claims 24/7 via the hotline at (800) 503-3724 or through the online claims portal. The company offers a web-based app for easy claims initiation, and dedicated claims adjusters are ready to assess damages. Policyholders should take steps to protect property from further damage, provide detailed information and photos, and maintain records of additional living expenses. Mercury also advises annual policy reviews with local agents to ensure adequate coverage.

Mercury Insurance has introduced a new personal umbrella insurance policy in Oklahoma, designed to offer enhanced protection for homeowners against rising bodily injury claims. The policy provides coverage beyond traditional auto and home insurance, with liability claims increasing by 35% since the pandemic. It includes multi-policy discounts, a 5% discount for three years of accident-free driving, and uninsured motorist coverage up to $1 million. Oklahoma marks the third state, after California and Texas, where this product is launched. It's available at a cost of less than $1.00 a day, aiming to protect personal wealth from unexpected accidents and lawsuits.

Mercury Insurance and Tokio Marine America have collaborated on a plan to assist thousands of California consumers facing non-renewals. Tokio Marine America is transitioning out of the California personal lines market, and Mercury Insurance is stepping in to support agents and customers during this period. A diverse group of entities, including California independent insurance agents and the California Department of Insurance, have worked together on this project to provide coverage for affected consumers. The plan involves transitioning customers of Tokio Marine America and its subsidiary, Trans Pacific Insurance Company, to Mercury Insurance.

Mercury Insurance, listed as NYSE: MCY, offers homeowners tips for preparing for the 2024 hurricane season. The company collaborates with IBHS to provide key tasks for preparedness. Homeowners are advised on creating a family and home plan, staying informed with weather alerts, reviewing insurance, conducting home inspections, trimming trees, and servicing generators. The company emphasizes the importance of preparation to ensure a safer environment for families and cost savings in case of weather-related damage. Mercury Insurance also provides assistance to policyholders in case of damage due to hurricanes.

Mercury General reported its first quarter 2024 results, showing growth in net premiums earned and written, net income, and operating income. The company also declared a quarterly dividend of $0.3175 per share. The majority of 2024 catastrophe losses were due to winter storms and rainstorms in California and convective storms in Texas and Oklahoma. The favorable development on prior accident years' loss reserves was primarily in the private passenger automobile line of insurance business.