Mercury General
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Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends. -
Auto-focused Mercury General swings to an operating loss as costs for auto parts, repairs mount, with the company also citing social inflation.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Cat contribution on the combined ratio remained around 2% as the company was hit with $18mn cat losses during the last quarter of the year.
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The Inside P&C research team looks forward to the big issues of the new year.
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Mercury General reports a 47.5% drop in Q3 operating profit despite higher premiums.
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Joseph, who's father founded Mercury General in 1961, has held positions within the company since 2009.
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Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.
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Net written premiums at the carrier were down 0.4% in the quarter to $950mn.
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Operating profits surged sixfold to $76mn during Q4.
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Inside P&C’s research team examines some of the areas that will be closely watched during the results season.
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The company reported diluted earnings per share of $1.23, comfortably beating an analyst consensus of $1.06 per share.
