Mercury General

{{multiple issues|{{advert|date=March 2024}}{{primary sources|date=September 2018}}}}

{{Infobox company

| name = Mercury General

| foundation = 1960

| type = Public

| traded_as = {{nyse|MCY}}
S&P 600 Component

| location = 4484 Wilshire Boulevard
Los Angeles, California

| key_people = Gabriel Tirador (CEO & President)
George Joseph (Founder & Chairman)

| num_employees = 4,300{{Cite web|url=http://fortune.com/fortune500/mercury-general/|title=Mercury General|website=Fortune|access-date=2019-02-15}}

| num_employees_year = 2017

| industry = Insurance

| revenue = {{down}}US$3.380 billion (2018) {{cite web|url=https://finance.yahoo.com/quote/MCY/financials?p=MCY|title=MCY Income Statement - Balance Sheet - Cash Flow - Mercury General Corporation Com Stock - Yahoo Finance|publisher=|accessdate=23 March 2017}}{{cite web|url=http://secureir.edgar-online.com/mercuryinsurance/efxapi/EFX_dll/EDGARpro.dll?FetchFilingCONVPDF1?SessionID=JYatUZqDgLzdyye&ID=13219711|title=Mercury General Corp - Form 10-k - 2018|access-date=12 March 2019}}

| operating_income = {{down}}US$30.61 million (2018)

| net_income = {{down}}US$5.728 million (2018)

| assets = {{up}}US$5.433 billion (2018)

| equity = {{down}}US$1.617 billion (2018)

| owner = George Joseph and family (35.3%)[https://www.sec.gov/Archives/edgar/data/64996/000006499622000009/mcy-2022definitiveproxy.htm2022 Proxy Statement]

| homepage = [http://www.mercuryinsurance.com www.mercuryinsurance.com]

}}

Mercury General Corporation is a multiple-line insurance organization that offers personal automobiles, homeowners, renters, and business insurance. Mercury's primary focus is automobiles and homeowners' insurance.{{cite web |title=Fitch Affirms Mercury General's Senior Debt & IFS Ratings |url=http://www.insuranceusa.com/general/fitch-affirms-mercury-generals-senior-debt-ifs-ratings/ |url-status=dead |archive-url=https://web.archive.org/web/20131031224155/http://www.insuranceusa.com/general/fitch-affirms-mercury-generals-senior-debt-ifs-ratings/ |archive-date=31 October 2013 |access-date=4 August 2024 |website=InsuranceUSA}}

Founded in 1961 and located in Los Angeles, Mercury has assets of over $4 billion,{{Cite web|url=http://www.mercuryinsurance.com/wps/wcm/connect/portalcorpweb/cws/resources/1df7ce804ad61e47ac5cfc912cb13c1d/MIG-Company-Fact-Sheet_2014-06-26.pdf|title=Mercury Insurance Group Company Fact Sheet|website=Mercury Insurance Corporate Website}} employs 4,500 people and more than 8,000 independent agents in Arizona, California, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas, and Virginia.

History

Mercury was founded by George Joseph, who flew 50 World War II missions as a navigator before graduating from Harvard on the G.I. Bill in 1949. Joseph then spent more than a decade in the insurance industry before founding Mercury Insurance in 1961 as a low-cost alternative to larger insurance companies.

Mercury's California expansion began in 1964 with the opening of its first Orange County office. 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.Mercury Insurance Group. "History of an Insurance: Corporate Timeline". Mercury Insurance Site. 25 May 2016. Mercury wrote $1 million in premiums every month by 1970 and sold its first homeowners policy in 1972. The newly created Mercury Insurance Company wrote its first auto policy in 1977.

In 1989, Mercury began expansion outside of California, opening offices in Georgia and Illinois. The company insured more than 1 million vehicles in California by 1998. This led to further expansion to Florida in 1998, New York in 2001, and Virginia in 2001.

Awards

Forbes listed Mercury Insurance on its "100 Most Trustworthy Companies" in 2012 "America’s 50 Most Trusted Financial Companies" in 2014, 2015 and 2016. It has been rated "Excellent" by insurance industry rating agencies AM Best and Fitch. Mercury Insurance was named one of "America’s Best Midsize Employers" by Forbes in 2017.

Products

Mercury provides personal auto insurance from collision, uninsured or underinsured motorist, and roadside assistance."Mercury Insurance Group". Clearsurance. 16 January 2023.{{cite web|url=https://clearsurance.com/insurance-company/mercury-insurance-group-5835ece073b103329e91abf0 |website=Clearsurance|title=Mercury Insurance: Ratings, Coverage & Discounts 2023 }} The homeowners insurance includes the structure and belongings coverage. It may provide additional living expenses if policyholders are forced to vacate their homes due to a covered loss or peril."Mercury Insurance Review 2023". NerdWallet. 3 January 2023. Its umbrella insurance is additional liability protection for personal auto and/or homeowners in the event losses exceed the underlying policy's liability limits."Our Products: Umbrella Insurance". Mercury Insurance Site. 16 June 2015.

The dwelling fire insurance is a policy for landlords to protect rental properties. Its extended warranty coverage, also known as mechanical protection, is Mercury's mechanical protection, which pays for covered vehicle repairs after the vehicle manufacturer's warranty expires.

Driver safety program

Mercury Insurance created the Drive Safe Challenge“Mercury Insurance Drive Safe Challenge.” Mercury Insurance Drive Safe Challenge Site. 26 May 2016. in 2016, promoting teen driver safety. It began as a collaboration between Mercury Insurance, the Anaheim Ducks and the California Highway Patrol in Anaheim,"Mercury Insurance Launches ‘Drive Safe Challenge’ to Teach Teens the DOs and DON’Ts of Getting Behind the Wheel". Mercury Insurance News Room Site. 26 May 2016. and has since expanded to Florida through a partnership with the Tampa Bay Lightning and Tampa Police Department."Mercury Insurance Challenges Teens and Seniors to be Safer Florida Drivers". Mercury Insurance News Room Site. 16 November 2018. Mercury has also developed a free online extension that includes interactive tools and quizzes.{{Cite web |title=Auto, Home, Business Insurance & More {{!}} Mercury Insurance |url=https://www.mercuryinsurance.com/ |access-date=2024-04-15 |website=www.mercuryinsurance.com |language=en}}