Reinsurance News
Mercury General Corporation
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
Mercury General reports 9.4% increase in net premiums earned in Q3
1st November 2023
Mercury General Corporation has posted a 9.4% increase in net premiums earned for the third quarter of 2023, sitting at $1,090,311, compared to $996,939 from the same period last year. Net premiums written also saw an increase from $1,034,476 in Q322 to $1,206,503 in Q323. At the same time, Mercury General did ... Read the full article
Mercury General posts $41.5m net loss in Q2
2nd August 2023
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, ... Read the full article
Inflationary pressures push Mercury General to large Q2 loss
3rd August 2022
Mercury General has posted a loss of $210.7 million for the second quarter of 2022, compared with a positive result of $109.2 million for the same period last year. The loss comes as a result of inflationary pressures and $241.9 million of net realised investment losses that weighed on revenues, versus ... Read the full article
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