Mercury General has posted a net loss of $41.5 million in the second quarter of 2023, compared to a loss of $210.7 million from the same period last year.
For H123, the company’s net loss currently sits at $86.8 million, in comparison to $407.6 million from H122.
At the same time, net premiums earned for Q2 were $1,034,469, a $46,957 or 4.8% increase from last year’s $987,512.
Net premiums earned for H123 stand at $2,039,173, an increase from H122’s $1,950,06.
Meanwhile Mercury posted $1,115,345 net premiums written (NPW) for Q2, a substantial rise compared to $1,016,994 from Q222.
Mercury also recorded $2,125,546 NPW for H123, compared to $2,027,791 from the same period last year.
Mercury’s combined ratio for Q2 was 110.1%, compared to last year’s 106.6%.
Mercury also noted that no reinsurance benefits were available for the cat losses incurred during the six months ended June 30, 2023 and 2022, as none of the cat events during these periods individually resulted in losses in excess of Mercury’s retention limit.
The cat losses incurred during the six months ended June 30, 2023 resulted primarily from winter storms and rainstorms in California, Texas and Oklahoma.
