Mercury General

Mercury General Corporation is a multiple-line insurance organization offering personal automobile, homeowners, renters and business insurance. Founded in 1961 and headquartered in Los Angeles, Mercury has assets in excess of $4 billion,[4] employs 4,500 people and has more than 8,000 independent agents in 11 states (Arizona, California, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia).[4]

Mercury General Corporation
TypePublic
NYSE: MCY
S&P 400 Component
IndustryInsurance
Founded1961
Headquarters4484 Wilshire Boulevard
Los Angeles, California
Key people
Gabe Tirador, CEO & President, George Joseph, Founder & Chairman
RevenueUS$3.380 billion (2018) [1][2]
US$30.61 million (2018)[2]
US$5.728 million (2018)[2]
Total assetsUS$5.433 billion (2018)[2]
Total equityUS$1.617 billion (2018)[2]
Number of employees
4,300[3] (2017)
Websitewww.mercuryinsurance.com

Mercury's primary focus is auto and homeowners insurance, however, the company also writes personal liability policies (umbrella), business insurance, mechanical breakdown protection (similar to an extended warranty for your vehicle), renters, service line protection, home systems protection, identity management protection and ride-hailing insurance.[5]

History

Mercury founder George Joseph, who flew 50 World War II missions over Africa and Italy as a navigator before graduating from Harvard on the GI Bill in 1949, decided his Ivy League math degree fit nicely into the actuarial world of insurance. Joseph then spent more than a decade in the industry before founding Mercury Insurance in 1961 as a low-cost alternative to larger insurance companies.[6]

Mercury General Corp., which consisted of six employees sold its first policy April 1, 1962. Now, it's one of California's largest insurance providers in the state.[7]

Mercury's California expansion began in 1964 with the opening of its first Orange County office.[8] Two years later, the company spread into the San Fernando Valley and also began operations in San Diego. Mercury offices opened in Northern California by 1968.[9]

Mercury wrote $1 million in premiums per month by 1970, sold its first homeowners policy in 1972 and in 1973 the company celebrated its 10th consecutive year of revenue growth.[9] Newly created Mercury Insurance Company wrote its first auto policy in 1977.[9]

Mercury expanded outside of California, opening offices in Georgia and Illinois beginning in 1989.

The company insured more than 1 million vehicles in California by 1998.[9] This led to further growth into Florida (1998), New York (2001) and Virginia (2001).[9]

Forbes lists Mercury Insurance on its “100 Most Trustworthy Companies” in 2012[10] “America’s 50 Most Trusted Financial Companies” in 2014,[11] 2015[12] and 2016. It has been rated A “Excellent” by insurance industry rating agencies A.M. Best and Fitch.[13]

In 2017, the company was named a “Top Five Best Auto Insurance Company” by Insure.com, who surveyed more than 3,700 U.S. insurance customers on the criteria of “customer service,” “claims handling,” “pricing,” “plans to renew current policy,” and “would recommend the insurer.”[14] Additionally, Mercury Insurance was named one of “America’s Best Midsize Employers” by Forbes magazine in 2017.[15]

Mercury is currently operating in 11 states: Arizona, California, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia.[6]

Mercury is led by President and CEO Gabriel Tirador, and Joseph is Chairman of the Board.[16]

Products

Personal Auto Insurance – Mercury provides liability, comprehensive, collision, and other coverages for personal automobiles.[17]

Homeowners Insurance – A policy specifically tailored to individual needs for single-family homes that includes the structure, belongings and liability coverage. It may also provide additional living expenses if policyholders are forced to vacate their homes due to a covered loss or peril.[18]

Renters Insurance – Renters insurance provides coverage for personal property and liability protection. It also covers temporary living expenses should your property become uninhabitable due to a covered loss or peril.[19]

Condo Insurance – Specifically designed for condo owners, these policies provide coverage for personal property, liability protection, guest medical protection, and condo unit additions and alterations. It also covers temporary living expenses should your property become uninhabitable due to a covered loss or peril.[20]

Umbrella Insurance – Additional liability protection for personal auto and/or homeowners in the event losses exceed the underlying policy's liability limits.[21]

Dwelling Fire Insurance – A policy specifically designed for landlords to protect rental properties – providing coverage for the structure, contents and general liability. Should the property become uninhabitable due to a covered loss or peril, fair rental value will be provided for lost rents until the property is livable again.

Business Auto Insurance – Provides protection for individuals, sole proprietorships, partnerships and corporations with vehicles that are used for business purposes.[22]

Business Insurance – Three different policies – Business Owners Policies (BOPs), Commercial Property, and Commercial Liability – that protect various aspects of a business. The most common policy coverages include liability, medical, building coverage, business personal property and business income.

Mechanical Protection – Commonly referred to as extended warranty coverage, Mercury's mechanical protection pays for covered vehicle repairs after the vehicle manufacturer's warranty expires. Certain benefits are also available during the vehicle manufacturer's warranty period.[23]

Ride-Hailing Insurance – An endorsement to Mercury's personal auto policy that covers the gaps between auto insurance and the Transportation Network Company's commercial insurance coverage when the driver working for a TNC turns on the ride-hailing app.

Service Line Protection – An endorsement to a homeowners policy that covers damage to exterior underground service lines, which includes water piping, sewer lines, power lines and more.[24]

Home Systems Protection – An endorsement to a homeowners policy that covers HVAC systems, appliances, electronics and more.[25]

Identity Management Protection – An endorsement to a homeowners, condo or renters policy that help protect a person's identity from fraudsters.[26]

Mercury Insurance Blog

Mercury Insurance helps educate consumers about insurance by publishing insurance articles on its blog. These articles discuss a variety of topics, including: how insurance protects homeowners, renters and their property, how to save money and reduce debt through proper budgeting; insurance considerations surrounding weather events; how to prepare for and handle natural disasters; insurance claim tips; advice on finding the best insurance deals and coverage options; tips on how to protect personal property while away on extended trips; and articles promoting financial literacy. The blog also features lifestyle pieces, covering subjects such as travel, technology, parenting and teen driving.[27]

Driver Safety Program

Mercury Insurance created the Drive Safe Challenge[28] in 2016 to help promote teen driver safety. What began as a collaboration between Mercury Insurance, the Anaheim Ducks and the California Highway Patrol in Anaheim,[29] has since expanded to Florida through a partnership with the Tampa Bay Lightning and Tampa Police Department.[30] The program has also been broadened to include mature drivers 55 and older to help sharpen their driving skills.

The Drive Safe Challenge includes an interactive classroom session and behind-the-wheel training to teach drivers of all ages the necessary skills to help them stay safe on the road. Participants learn collision avoidance tactics, car-handling, maneuvering on slippery surfaces, emergency braking maneuvers and more.

Mercury has also developed a free online extension that includes a variety of interactive tools, quizzes, driving safety information and discussion topics to help parents prepare their teens for life behind the wheel. Visit https://drivesafe.mercuryinsurance.com/ to learn more.

See also

References
  1. "MCY Income Statement - Balance Sheet - Cash Flow - Mercury General Corporation Com Stock - Yahoo Finance". Retrieved 23 March 2017.
  2. "Mercury General Corp - Form 10-k - 2018". Retrieved 12 March 2019.
  3. "Mercury General". Fortune. Retrieved 2019-02-15.
  4. "Mercury Insurance Group Company Fact Sheet" (PDF). Mercury Insurance Corporate Website.
  5. "Fitch Affirms Mercury General's Senior Debt & IFS Ratings".
  6. Mercury Insurance Group. “Mercury General Corporation History.” Funding Universe Site, n.d. Web. 16 Jun. 2015.
  7. Mercury Insurance Group. “Corporate Information: Company Profile.” Mercury Insurance Site, n.d. Web. 24, May 2016.
  8. Mercury Insurance Group. “History of an Insurance Company Infographic.” Mercury Insurance Site, 2016. Web. 25 May 2016.
  9. Mercury Insurance Group. “History of an Insurance: Corporate Timeline.” Mercury Insurance Site, 2016. Web. 25 May 2016.
  10. Smith, Jacquelyn. “America’s Most Trustworthy Companies.” Forbes Site, 2012. Web. 18 Jun. 2015.
  11. Dill, Kathryn. “America’s 50 Most Trustworthy Companies.” Forbes Site, 01, Apr. 2014. Web. 16 Jun. 2015.
  12. Dill, Kathryn. “America’s 50 Most Trustworthy Companies.” Forbes Site, 01, Aug. 2015. Web. 16 Jun. 2015.
  13. Mercury Insurance Group. “Company Fact Sheet.” Mercury Insurance Site, 2014. Web. 17 Nov. 2017
  14. Mercury Insurance Group. "Mercury Insurance Ranks High with Auto Insurance Customers." Mercury Insurance Site, 2017. Web. 22 Aug. 2017.
  15. Mercury Insurance Group. "Mercury Insurance is one of the best companies to work for in America...just ask Forbes!" Mercury Insurance Site, 2017. Web. 22 Aug. 2017.
  16. Mercury Insurance Group. “George Joseph: Portrait of the American Dream” Mercury Insurance Site, n.d. Web. 24 May 2016.
  17. “Our Products: Personal Auto.” Mercury Insurance Site, n.d. Web. 16 Jun. 2015.
  18. “Our Products: Home Insurance.” Mercury Insurance Site, n.d. Web. 16 Jun. 2015.
  19. “Our Products: Renters Insurance.” Mercury Insurance Site, n.d. Web. 16 Jun. 2015.
  20. “Our Products: Condo Insurance.” Mercury Insurance Site, n.d. Web. 16 Jun. 2015.
  21. “Our Products: Umbrella Insurance.” Mercury Insurance Site, n.d. Web. 16 Jun. 2015.
  22. “Our Products: Business Auto Insurance.” Mercury Insurance Site, n.d. Web. 16 Jun. 2015.
  23. “Our Products: Mechanical Breakdown Coverage.” Mercury Insurance Site, n.d. Web. 16 Jun. 2015.
  24. “Mercury Insurance Service Line Protection.” Mercury Insurance Site, n.d. Web 12 July 2017.
  25. “Mercury Insurance Home Systems Protection.” Mercury Insurance Site, n.d. Web 12 July 2017.
  26. “Mercury Insurance Identity Management Protection.” Mercury Insurance Site, n.d. Web 12 July 2017.
  27. "Mercury Insurance". Mercury Insurance Blog. Mercury Insurance. Retrieved 23 April 2019.
  28. “Mercury Insurance Drive Safe Challenge.” Mercury Insurance Drive Safe Challenge Site, 2016. Web. 26 May 2016.
  29. “Mercury Insurance Launches ‘Drive Safe Challenge’ to Teach Teens the DOs and DON’Ts of Getting Behind the Wheel.” Mercury Insurance News Room Site, 2016. Web. 26 May 2016.
  30. “Mercury Insurance Challenges Teens and Seniors to be Safer Florida Drivers.” Mercury Insurance News Room Site, 2018. Web. 16 Nov. 2018.
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