Reinsurance News

Mercury General Corporation

Mercury General reports earned and written premiums increase

5th May 2022

Mercury General Corporation is reporting increases in its net premiums earned and written of 5.1% and 6.4% between the ends of Q1 2021 and Q1 2022. The firm said in its latest results that its net premiums earned at the end of Q2 2022 stood at $962.5m, up from $915.9m at ... Read the full article

Mercury General income plummets on investment losses

3rd November 2021

Mercury General has reported Q3 net income of just $1.3 million, compared with $118.9 million for the same period last year, after booking huge realized investment losses for the quarter. Looking at the first nine months of the year, Mercury General’s net income actually improved modestly from $207.9 million to $217.5 ... Read the full article

Mercury General reports $107mn net income for Q1

5th May 2021

Mercury General Corporation has reported a net income of $107 million for the first quarter of 2021, after having fallen to a $139 million loss in the prior year quarter. This turn around was largely driven by the company's investment performance, having registered a $231 million improvement after having announced $198 ... Read the full article

Mercury General falls to $139mn loss in Q1

5th May 2020

Mercury General Corporation, a Los Angeles-based multi-line insurer, has posted a net loss of $139.2 million during the first quarter of 2020, driven by COVID-19 induced volatility in the financial markets. The result compares with a net income of $135.9 million for the same period in the previous year. Performance was weighed ... Read the full article

California fires push Mercury General’s 2019 cat losses to $53mn

17th January 2020

Mercury General Corporation, a Los Angeles-based multi-line insurer, has disclosed that it incurred $53 million ($52 million net of tax) of catastrophe losses in 2019. More than two thirds of these losses were incurred in the fourth quarter of the year alone, and primarily resulted from the wildfires in California and ... Read the full article

Reduced cat losses lift Mercury General results in Q3

28th October 2019

Mercury General has recorded an 18.3% increase in net income during the third quarter of 2019, helped by significantly lower catastrophe losses. The company recorded net income of $69.3 million this quarter, compared with $58.6 million for the same period last year. Catastrophe losses came to just $3.0 million, down from $13.0 ... Read the full article

Reinsurers benefit from Mercury General’s sale of subrogation rights

30th April 2019

Mercury General Corporation, a Los Angeles-based multi-line insurer, has said that its reinsurers are likely to benefit from the sale of certain wildfire subrogation rights, which it completed during the first quarter of 2019. As part of its Q1 results, Mercury General disclosed the sale of its subrogation rights related to ... Read the full article

Mercury General’s reinsurance to shoulder $216m of its wildfire losses

28th November 2018

Mercury General Corporation, a Los Angeles-based multi-line insurer, has announced that $216 million of losses inflicted by the Camp and Woolsey fires are expected to be shouldered by its reinsurance partners. The company states that pre-tax total gross losses, before reinsurance benefits, from the Camp fire in Northern California and the ... Read the full article