Mercury General Corporation · Los Angeles, CA United States ·(NYSE: MCY)
Company Description
Phone: 323-937-1060
Fax: 323-857-7116
Rankings
- S&P 400
View Mercury General Corporation Locations On A US Map
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This link will open in a new window Named after the Roman god of commerce and travel, Mercury General hopes to combine the two. The company is the parent of a group of insurers, including Mercury Casualty Company, that write automobile insurance for all risk classifications in about a dozen states. Plain old private auto insurance accounts for more than 80% of premiums written. However, Mercury General also sells commercial vehicle insurance and a bit of homeowners, mechanical breakdown, and fire insurance. The company sells its policies through more than 4,700 independent agents -- with about 1,000 each in California and Florida. Chairman George Joseph founded Mercury Casualty in 1961; he and his wife own more than 50% of the company. To read the full description, subscribe now.
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Key Mercury General Corporation Financials
| Company Type | Public - NYSE: MCY Headquarters |
| Fiscal Year-End | December |
| 2008 Sales (mil.) | $2,414.2 |
| 2008 Employees | 5,000 |
Mercury General Corporation Executives
22 executives listed for Mercury General Corporation's Los Angeles, CA location.
| Title | Name & Bio | Contact |
| Chairman | George Joseph | Network |
| President, CEO, and Director | Gabriel Tirador | Network |
| VP and CFO | Theodore Stalick | Network |
Competition
Competitive Landscape for Mercury General Corporation
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top Mercury General Corporation Competitors
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