Mercury General
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Insurance Insider US runs you through the earnings results for the day.
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Sources said that TMA ran a profitable book in California that included personal auto and homeowners’ policies.
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The executive will continue reporting directly to Mercury General CEO Gabriel Tirador.
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The Inside P&C news team runs you through the earnings results for the day.
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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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The Inside P&C news team runs you through the earnings results for the day.
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The cat losses outweighed the Q1 $15mn reserve charge that resulted from lower-than-estimated losses and loss adjustment expenses in the homeowners’ business.
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The downgrades have been implemented due to the group’s significant earnings deterioration in 2022 and declining investment performance.
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On Tuesday, the personal auto-focused carrier reported a 10.4-point deterioration in its combined ratio to 115.8%.
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The carrier cited inflation, repair and part costs, supply chain issues and labor shortages as the drivers behind an increase in auto loss severity.
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The carrier cited inflation, supply chain issues and labor shortages as the drivers behind an increase in auto loss severity and its third-quarter loss ratio compared to Q3 2021.
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Pressure on the Californian insurer’s stock mounted this morning after it reported a Q2 11.7-point deterioration in its combined ratio to 106.6% yesterday.
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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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The California-based carrier, which focuses on personal auto, blamed rising costs for parts and labor, along with medical inflation, for the swing to an underwriting loss.
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Mercury Insurance denies allegations that it did not comply with the state’s consumer protection laws.
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The sector was hit by a rough first half of 2022, with more to come in the second half of the year.
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Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.
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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.
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The “empty-street” economy has left auto exposed names in a relatively favorable position, highlighted by a second quarter of strong earnings growth and beats when compared to street estimates.
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The move follows a trend of increased reinsurance buying by Mercury, since the devastating wildfires of 2018.
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The firm expects to pay an additional $22mn in rebates for July premium in August.
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Yesterday morning, Mercury General released its Q1 results, which included an earnings beat and a 1.3pt improvement in its headline combined to 95.9%.
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Mercury General reported improved YoY earnings but a notable increase in frequency.
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No loss was large enough to breach the per-occurrence limits of the carrier’s reinsurance treaties.
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On Monday morning, Mercury General reported disappointing earnings for the quarter, including a 30% decline in its operating EPS to $0.78 per share. The result missed analyst estimates of $1.15 per share. The shares closed down 11%.