Mercury General

Mercury General Corp. operates as a broker and agency writer of automobile insurance. The firm engages in writing personal automobile insurance and provides related property and casualty insurance products to its customers. Its insurance products include private passenger automobile and related insurance products such as homeowners, commercial automobile and commercial property. The company was founded by George Joseph in 1961 and is headquartered in Los Angeles, CA.

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Mercury General Corp. operates as a broker and agency writer of automobile insurance. The firm engages in writing personal automobile insurance and provides related property and casualty insurance products to its customers. Its insurance products include private passenger automobiles and related insurance products such as homeowners, commercial automobile, and commercial property. The company was founded by George Joseph in 1961 and is headquartered in Los Angeles, CA.

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Mercury General (MCY) came out with quarterly earnings of $1.09 per share, beating the Zacks Consensus Estimate of $0.80 per share. This compares to loss of $0.47 per share a year ago.

Mercury General (MCY) Q2 Earnings Beat Estimates

LOS ANGELES , July 30, 2024 /PRNewswire/ -- Mercury General Corporation (NYSE: MCY) reported today for the second quarter of 2024: Consolidated Highlights Three Months Ended June 30, Change Six Months Ended June 30, Change 2024 2023 $ % 2024 2023 $ % (000's except per-share amounts and ratios) Net premiums earned  $  1,236,024 $  1,034,469 $  201,555 19.5 $  2,402,703 $  2,039,173 $  363,530 17.8 Net premiums written (1)  $  1,355,460 $  1,115,345 $  240,115 21.5 $  2,640,444 $  2,125,546 $  514,898 24.2 Net realized investment gains (losses), net of tax (2) $       2,290 $     (15,625) $ 17,915 NM $    32,461 $   23,091 $   9,370 40.6 Net income (loss) $      62,568 $     (41,543) $  104,111 NM $  136,030 $  (86,831) $  222,861 NM Net income (loss) per diluted share $         1.13 $        (0.75) $    1.88 NM $       2.46 $     (1.57) $     4.03 NM Operating income (loss) (1) $      60,278 $     (25,918) $ 86,196 NM $  103,569 $ (109,922) $  213,491 NM Operating income (loss) per diluted share (1) $         1.09 $        (0.47) $    1.56 NM $       1.87 $     (1.99) $     3.86 NM Catastrophe losses net of reinsurance (3) $    125,000 $      92,000 $ 33,000 35.9 $  197,000 $  190,000 $   7,000 3.7 Combined ratio (4) 98.9 % 110.1 % —         (11.2) pts 99.9 % 112.9 % —         (13.0) pts NM = Not Meaningful (1) These measures are not based on U.S. generally accepted accounting principles ("GAAP"), are defined in "Information Regarding GAAP and Non-GAAP Measures" and are reconciled to the most directly comparable GAAP measures in "Supplemental Schedules." (2) Net realized investment gains (losses) before tax were $3 million and $(20) million for the three months ended June 30, 2024 and 2023, respectively, and $41 million and $29 million for the six months ended June 30, 2024 and 2023, respectively.

Mercury General Corporation Announces Second Quarter Results and Declares Quarterly Dividend

Mercury's 'Community Rockstars' Campaign to Recognize Outstanding Community Members in San Diego Area LOS ANGELES , July 29, 2024 /PRNewswire/ -- Mercury Insurance (NYSE: MCY) is on the hunt for San Diego's biggest and brightest "Community Rockstars" this summer. The company, in partnership with iHeart Radio , will honor San Diego's most deserving unsung heroes with a VIP prize package truly fit for a rockstar.

Mercury Insurance Partners With iHeart Radio to Honor Community Heroes

Dr. Zhiyun Li will serve as the Mercury Insurance Climate Economist at UCLA Anderson Forecast, providing insight into the economic impact of climate change in California and its implications on the insurance business LOS ANGELES , July 16, 2024 /PRNewswire/ -- Mercury Insurance (NYSE: MCY), a leading provider of property and casualty insurance, has announced a strategic partnership with the UCLA Anderson Forecast to spearhead research into the growing impact and implications of climate change on the California economy. The results of the effort will help create a roadmap for California — and California-based businesses like Mercury — to support Californians living with increased risk from the impacts of extreme climate events.

Mercury Insurance and UCLA Anderson Forecast Partner to Lead Research on the Impact of Climate Change and the Economy

Two Hyundai products top this year's list LOS ANGELES , July 12, 2024 /PRNewswire/ -- Specific sedan models are once again some of the most affordable vehicles to purchase and own, according to Mercury Insurance (NYSE: MCY), a leading auto insurer in California. Announced today, Mercury has compiled a list of the most affordable new sedans to insure.

Mercury Insurance Names the Most Affordable New Sedans to Insure

LOS ANGELES , July 9, 2024 /PRNewswire/ -- Mercury General Corporation (NYSE: MCY) reported today that after the markets close on Tuesday, July 30, 2024, the Company will issue an earnings press release reporting its results for the second quarter of 2024, and will also file its quarterly report on Form 10-Q with the Securities and Exchange Commission.  The earnings press release should be read in conjunction with the Company's quarterly report on Form 10-Q.

MERCURY GENERAL CORPORATION TO REPORT SECOND QUARTER RESULTS ON JULY 30, 2024

Policyholders can report claims anytime at (800) 503-3724 or via Mercury's automated digital experience LOS ANGELES , July 8, 2024 /PRNewswire/ -- Mercury Insurance is ready to assist policyholders who have been impacted by Hurricane Beryl in Houston, Texas. Customers can report damages and losses anytime through Mercury's claims hotline at (800) 503-3724 or digitally by visiting https://www.mercuryinsurance.com/claims/residence-claim.html.

Mercury Insurance is Ready to Assist Texas Policyholders Impacted by Hurricane Beryl

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Chevrolet takes top two truck spots with Ford taking five spots in the top 10; Fiat is the most budget-friendly SUV to insure with Honda taking four in the top 10  LOS ANGELES , June 25, 2024 /PRNewswire/ -- Consumers continue to gravitate toward larger vehicles as the truck and SUV segments dominate sales in the U.S., a trend that shows no signs of slowing down. Mercury Insurance  (NYSE: MCY), a leading personal and commercial auto insurer in California — the car capital of the U.S. — and provider of auto insurance in 10 other states, has generated a list of the most affordable new SUVs and trucks to help car buyers find a vehicle that will save them money on insurance.

Mercury Insurance Names the Most Affordable New Trucks and SUVs to Insure

Company Continues Long-Standing Support of Live Music with New Venue Sponsorship LOS ANGELES , June 20, 2024 /PRNewswire/ -- Mercury Insurance  (NYSE: MCY), a longtime supporter of live music, will be amping up the summer concertgoing experience at the North Island Credit Union Amphitheatre (NICUA) in San Diego. Music lovers will have more than just music to enjoy during NICUA concerts, with fan experiences designed to excite the eyes as well as the ears.

Mercury Insurance Turns Up the Volume for Music Fans at North Island Credit Union Amphitheatre

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Award Recognizes Mercury's Commitment to its Employees' Mental Health LOS ANGELES , June 12, 2024 /PRNewswire/ -- Mercury Insurance  has been named by Newsweek, in conjunction with market data research firm Plant-A Insights, as one of America's Greatest Workplaces for Mental Wellbeing 2024. This is the first year Newsweek is offering the award, and only 15 non-health-related insurance carriers were selected out of 750 businesses recognized.

Newsweek Names Mercury Insurance One of America's Greatest Workplaces for Mental Wellbeing 2024

Mercury General (MCY) has been upgraded to a Zacks Rank #1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.

Mercury General (MCY) Upgraded to Strong Buy: What Does It Mean for the Stock?

Vigilance and Detailed Documentation are Key Prevention Measures LOS ANGELES , June 6, 2024 /PRNewswire/ -- While inflation continues to drive up home and auto insurance costs, fraud is a hidden culprit contributing to the hikes. Whether you're an actual victim of insurance fraud or simply an active policyholder, the reality is that insurance fraud impacts everyone.

Mercury Insurance Expert Offers Tips to Avoid Becoming a Victim of Insurance Fraud

Mercury policyholders can report claims anytime at (800) 503-3724 LOS ANGELES , May 29, 2024 /PRNewswire/ -- Mercury Insurance policyholders who have been impacted by recent heavy storms in Texas and Oklahoma can report damages and losses through Mercury's claims hotline at (800) 503-3724 or digitally by visiting https://www.mercuryinsurance.com/claims/residence-claim.html "We recognize that the recovery process after a storm can be a difficult and emotional time. However, the Mercury claims team is here for our Texas and Oklahoma customers impacted by the severe weather," says Bonnie Lee, Vice President, Property Claims at Mercury Insurance.

Mercury Insurance is Ready to Assist Texas/Oklahoma Policyholders Impacted by Heavy Storms

Mercury's new umbrella insurance better protects Oklahomans' personal wealth against bodily injury claims LOS ANGELES , May 28, 2024 /PRNewswire/ -- Multi-vehicle crashes, dog bites or a delivery person being injured on your property are some of the unexpected events that are putting Oklahomans' personal financial health at risk. In fact, bodily injury payouts continue to climb year over year since the pandemic started, with the average amount for a liability claim increasing by 35%, according to Mercury Insurance  (NYSE: MCY).

Bodily Injury Costs Increase in Oklahoma, According to Mercury Insurance

Mercury to Support Agents and Customers as Tokio Marine America Transitions Out of the California Personal Lines Market LOS ANGELES , May 9, 2024 /PRNewswire/ -- Mercury Insurance  (NYSE: MCY) is spearheading a plan to maintain insurance availability and provide coverage for thousands of California consumers. Tokio Marine America (TMA) and Mercury have closely cooperated to develop a plan to transition customers of TMA and its subsidiary, Trans Pacific Insurance Company (TPIC), to Mercury with assistance from a group of California independent insurance agents, and leadership from the California Department of Insurance.

Mercury Insurance and Tokio Marine America Partner to Help Thousands of Californians Facing Non-renewals

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LOS ANGELES, April 30, 2024 /PRNewswire/ -- Mercury General Corporation (NYSE: MCY) reported today for the first quarter of 2024: Consolidated Highlights Three Months Ended March 31, Change 2024 2023 $ % (000's except per-share amounts and ratios) Net premiums earned  $     1,166,679 $     1,004,704 $     161,975 16.1 Net premiums written (1)  $     1,284,984 $     1,010,202 $     274,782 27.2 Net realized investment gains, net of tax (2) $          30,172 $          38,716 $        (8,544) (22.1) Net income (loss) $          73,462 $         (45,288) $     118,750 NM Net income (loss) per diluted share $              1.33 $             (0.82) $           2.15 NM Operating income (loss) (1) $          43,290 $         (84,004) $     127,294 NM Operating income (loss) per diluted share (1) $              0.78 $             (1.52) $             2.3 NM Catastrophe losses net of reinsurance (3) $          72,000 $          98,000 $      (26,000) (26.5) Combined ratio (4) 100.9 % 115.8 % — (14.9) pts NM = Not Meaningful (1) These measures are not based on U.S. generally accepted accounting principles ("GAAP"), are defined in "Information Regarding GAAP and Non-GAAP Measures" and are reconciled to the most directly comparable GAAP measures in "Supplemental Schedules." (2) Net realized investment gains before tax were $38 million and $49 million for the three months ended March 31, 2024 and 2023, respectively.

Mercury General Corporation Announces First Quarter Results and Declares Quarterly Dividend

Mercury General (MCY) closed the most recent trading day at $54.30, moving -1.67% from the previous trading session.

Mercury General (MCY) Falls More Steeply Than Broader Market: What Investors Need to Know

Mercury General (MCY) closed at $52.67 in the latest trading session, marking a +1.23% move from the prior day.

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