Reinsurance News
Mercury General Corporation
Mercury General posts $190.4m net income in Q1’26 after prior-year loss
7th May 2026
Mercury General Corporation, a property and casualty insurance provider, has reported a net income of $190.4 million for the first quarter of 2026, compared to a net loss of $108.3 million in the same period a year earlier. In Q1’26, operating income rose to $194 million, compared to a loss of ... Read the full article
AM Best revises Mercury and its subsidiaries’ outlooks to stable from negative
26th February 2026
AM Best has revised the outlooks to stable from negative and affirmed the credit ratings for the members of Mercury Casualty Group (Mercury), based on Mercury’s net ultimate losses and reinsurance recoveries following the January 2025 California wildfires. The ratings agency affirmed the Financial Strength Rating of A (Excellent) and the ... Read the full article
Mercury General reports 166% rise in net income to $167m in Q2’25
30th July 2025
Mercury General Corporation has reported net income of $166.5 million for the second quarter of 2025, representing a significant 166.1% increase compared to $62.6 million in the same quarter a year prior. Operating income also improved sharply, rising from $60.3 million in Q2’24 to $147.9 million in Q2’25. Mercury’s net premiums earned ... Read the full article
Mercury appoints Bennett to lead new climate science team
11th June 2025
Mercury Insurance, a provider of property and casualty insurance, has appointed Steve Bennett as its Senior Director of Climate and Catastrophe Science, where he will build and lead a team dedicated to helping identify ways Mercury and its policyholders can better prepare for increasingly severe climate-driven weather events. Bennett joins Mercury ... Read the full article
Mercury General falls to Q1’25 net loss amid elevated cat losses
7th May 2025
Mercury General Corporation, a property and casualty insurance provider based in Los Angeles, California, has released its financial results for the first quarter of 2025, revealing a net loss for the period as a result of significant losses from the January wildfires in California. The first quarter's combined ratio surged to ... Read the full article
AM Best revises Mercury’s outlook to negative following LA wildfire losses
20th February 2025
Credit rating agency AM Best has revised the outlooks to negative from stable for Mercury General Corporation and its subsidiaries following significant losses from the recent California wildfires. The fires, which began on January 7, 2025, are estimated to cost Mercury General between $1.6 billion and $2 billion in gross losses. The ... Read the full article
Mercury to ‘aggressively pursue subrogation’ for Eaton wildfire: CFO Stalick
13th February 2025
Executives at California-based insurer Mercury General Corporation said yesterday that the company will "aggressively pursue subrogation", particularly for the Eaton Fire, as there's strong evidence utility equipment caused the event. As part of its 2024 earnings release, Mercury provided an update on the Los Angeles wildfires, announcing a gross ... Read the full article
Mercury puts gross LA wildfire loss at up to $2bn, still undecided on one or two events for reinsurance
12th February 2025
Los Angeles, California-based insurer Mercury General expects gross losses from the January 2025 wildfires to amount to $1.6 billion to $2 billion, and net losses of between $155 million and $325 million, with the insurer yet to decide whether to designate the Palisades and Eaton fires as one or two ... Read the full article
Mercury’s CoR strengthens as premiums rise in 2024
12th February 2025
Mercury General Corporation, a provider of auto and homeowners insurance, reported robust underwriting growth in the fourth quarter of 2024, reflecting continued premium expansion and improved profitability. The company achieved strong growth, with net premiums earned rising to $1.35 billion in Q4 2024, a 18% increase from $1.14 billion in the ... Read the full article
Mercury yet to decide if LA wildfires a single event as claims paid hit $80m
20th January 2025
Mercury General Corporation has paid $80 million to policyholders, mainly for living expenses and housing contents due to the Southern California wildfires. However, it has reportedly not yet decided whether it will treat the fires as two separate events under its reinsurance agreements. Earlier this month, Mercury General provided a ... Read the full article
Moody’s downgrades Mercury’s ratings on California nat cat exposure
20th January 2025
Moody's has downgraded the ratings of California-based Mercury General, citing the firm's concentration in the state and significant exposure to natural catastrophes. Moody's said, "We view this as an environmental risk as part of our environmental, social, and governance considerations. As the frequency and severity of natural catastrophes increase over time, ... Read the full article
Mercury expects LA wildfire losses to exceed reinsurance retention limit
10th January 2025
Mercury General Corporation has provided a preliminary assessment of the recent wildfires in Southern California, expecting losses to exceed its reinsurance retention level of $150 million. Since January 7, 2025, extreme wind-driven wildfires have caused widespread destruction across Southern California. The fires are ongoing, and it will take time before Mercury ... Read the full article
Mercury General sees improved net income of $62.6m in Q2 2024
31st July 2024
Mercury General Corporation has announced its financial results for the second quarter of 2024, reporting a net income of $62.6 million, compared to the -$41.5 million reported in the same period the year prior. Net premiums earned for the quarter sat at $1.23 billion, a 19.5% increase from the $1.03 billion ... Read the full article
Mercury General posts $191m net income in Q4, CR sits at 98.6%
15th February 2024
Mercury General Corporation has posted $191.4 million net income in their results for the fourth quarter of 2023, compared to a -$6.7 million for the prior year period. Net premiums earned for the quarter sat at $1.14 billion, representing a solid increase from the prior year quarter's $1.0 billion. At the same ... Read the full article
Mercury General appoints Victor Joseph as President and COO
15th December 2023
Mercury General Corporation has appointed Victor Joseph as the President and Chief Operating Officer (COO), effective January 1st, 2024, reporting to Gabriel Tirador, Mercury's Chief Executive Officer. Tirador, added, "This announcement exemplifies Mercury's continued progress in building our leadership structure and vision for the future of the Company. "Victor has been a ... Read the full article
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