$MCY (Mercury General Corporation)

$MCY {{ '2016-05-02T17:43:14+0000' | timeago}} • Webcast

$MCY's net premiums grew 7.7% in 1Q16 mainly due to higher average premiums per policy and an increase in new business policy sales. Company-wide private passenger auto new business application submitted to $MCY rose 7% and homeowners new business submissions were down 3% for 1Q16.

$MCY {{ '2017-05-01T13:32:25+0000' | timeago}} • Announcement

$MCY's Board of Directors declared a quarterly dividend of $0.6225 per share, as the insurer announced its 1Q17 results. The dividend will be paid on June 29, 2017 to shareholders of record on June 15, 2017.

$MCY {{ '2017-05-01T13:31:13+0000' | timeago}} • Announcement

$MCY's revenue inched 2.9% up to $847.50MM in 1Q17, as the Los Angeles-based insurer's net income jumped 15.7% to $26.98MM from last year's $23.32MM. Earnings rose to $0.49 per diluted share from last year's $0.42 a share, as net premiums earned grew 3% to $789.77MM.

$MCY {{ '2017-02-06T13:54:25+0000' | timeago}} • Announcement

$MCY's BoD declared a quarterly dividend of $0.6225 per share. The dividend is payable on March 30, 2017 to shareholders of record on March 16, 2017.

$MCY {{ '2017-02-06T13:53:15+0000' | timeago}} • Announcement

$MCY slipped to a 4Q16 loss from a profit last year, due to wider net realized investment losses as well as higher expenses. Net loss was $26.08MM or $0.47 per share, compared to a profit of $23.41MM or $0.42 per share last year. Revenue fell to $737.6MM from $786.2MM. Operating EPS increased 11.5% to $0.58.

$MCY {{ '2016-10-31T17:48:20+0000' | timeago}} • Webcast

$MCY's net premiums earned were $790.9MM in 3Q16, up 6.1% from a year ago. Net premiums written increased 3.8% to $808.38MM. Operating income raised 14.3% to $36.98MM.

$MCY {{ '2016-10-31T15:27:17+0000' | timeago}} • Announcement

$MCY said its BoD declared a quarterly dividend of $0.6225 per share. The dividend will be paid on Dec. 29, 2016 to shareholders of record on Dec. 15, 2016.

$MCY {{ '2016-10-31T15:22:37+0000' | timeago}} • Announcement

$MCY's catastrophe losses for 3Q16 increased to $4MM from $1MM in the previous year quarter. The catastrophe losses for 3Q16 were primarily the result of severe storms in Texas and in northern California and that from 2Q15 were primarily the result of tornadoes in Oklahoma and severe storms in the Midwest and Texas.

$MCY {{ '2016-10-31T15:20:28+0000' | timeago}} • Announcement

Auto insurance company $MCY reported a jump in 3Q16 earnings driven by higher revenues. Net income rose to $26.93MM or $0.49 per share from $15.27MM or $0.28 per share last year. Total revenues grew to $808.16MM from $752.41MM. Operating EPS increased 13.6% to $0.67.

$MCY {{ '2016-08-17T05:22:30+0000' | timeago}} • Announcement

$MCY reported that The Superior Court has remanded the matter to the California Department of Insurance with directions to vacate the Commissioner's Order and enter a new order consistent with the Superior Court's findings. The financial statement recognition of the reversal of the $27.6MM penalty and related interest is yet to be determined.

$MCY {{ '2016-08-17T05:21:43+0000' | timeago}} • Announcement

Insurance company $MCY said, on Aug. 12 the Superior Court of California, in the matter of $MCY vs. Dave Jones, ruled in favor of the company, vacating the Commissioner's 2015 Order that had imposed a penalty of $27.6MM against the company.

$MCY {{ '2016-08-01T17:51:07+0000' | timeago}} • Webcast

Greg Peters of Raymond James asks about lowering the combined ratio over the next 24 months. $MCY said the company's number one focus is improving the combined ratio which it will achieve. The target is a 95% combined ratio and over the next 12 to 24 months, there will be a big improvement.

$MCY {{ '2016-08-01T17:41:29+0000' | timeago}} • Webcast

Greg Peters of Raymond James asks about rates in Mercury Insurance Company. $MCY said it has not made a decision on Mercury Insurance Company but believes rates are in line even after 2Q16. The company will be following the trends closely and there is a possibility that $MCY will file for a small rate increase in Mercury Insurance Company.

$MCY {{ '2016-08-01T17:33:29+0000' | timeago}} • Webcast

$MCY said the expense ratio in 2Q16 declined to 25.4% from 2Q15. Net advertising expense was $8.6MM. Premiums written grew 6.6% in 2Q16 primarily due to higher average premiums per policy. In California, premiums written grew 7.8% while outside California, premiums written grew 1.3% during the quarter.

$MCY {{ '2016-08-01T17:28:19+0000' | timeago}} • Webcast

$MCY said in California, it recorded an increase in personal auto severity in the high single digit range during 2Q16 versus 2Q15. California private passenger auto frequency was up slightly. Excluding impacts of catastrophe losses, the combined ratio outside of California was about 100.3% in 2Q16 compared to 99.8% in 2Q15.

$MCY {{ '2016-08-01T17:19:11+0000' | timeago}} • Webcast

California-based company $MCY said the deterioration in 2Q16 operating earnings was primarily due to an increase in the combined ratio from 98.5% in 2Q15 to 101.7% in 2Q16. The 2Q16 results were negatively impacted by $22MM of unfavorable reserve development, $11MM of catastrophe losses and $2MM in severance payments.

$MCY {{ '2016-08-01T12:57:10+0000' | timeago}} • Announcement

$MCY said its BoD declared a quarterly dividend of $0.62 per share. The dividend will be paid on Sept. 29, 2016 to shareholders of record on Sept. 15, 2016.

$MCY {{ '2016-08-01T12:56:33+0000' | timeago}} • Announcement

$MCY said the California Department of Insurance in April 2016 approved a 6.9% rate increase on California Automobile Insurance's private passenger automobile line of insurance business, which represented about 15% of its total net premiums earned in 1H16. This rate increase became effective in June 2016.

$MCY {{ '2016-08-01T12:55:00+0000' | timeago}} • Announcement

$MCY's catastrophe losses for 2Q16 increased to $11MM from $7MM in the previous year quarter. The catastrophe losses for 2Q16 were primarily the result of severe storms in Texas and in northern California and that from 2Q15 were primarily the result of tornadoes in Oklahoma and severe storms in the Midwest and Texas.

$MCY {{ '2016-08-01T12:50:52+0000' | timeago}} • Announcement

Auto insurance company $MCY reported a jump in 2Q16 earnings driven by higher revenues as well as net realized investment gains. Net income rose to $48.87MM or $0.88 per share from $9.64MM or $0.17 per share last year. Total revenues grew to $858.0MM from $726.17MM. Operating EPS dropped 45.3% to $0.35.

$MCY {{ '2016-05-02T18:13:13+0000' | timeago}} • Webcast

Compass Point analyst Bill Billingsley questions on the expense ratio, excluding acquisitions costs, continuing to be down YoverY. CEO Gabriel Tirador said that $MCY is actively managing its expenses and trying to keep it in line. As earned premiums are going up, the company has been holding the line on the OpEx so that the ratios improve.

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