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Mercury General Corporation Announces Losses from Hurricane Sandy



      Mercury General Corporation Announces Losses from Hurricane Sandy

PR Newswire

LOS ANGELES, Dec. 19, 2012

LOS ANGELES, Dec. 19, 2012 /PRNewswire/ -- Mercury General Corporation (NYSE:
MCY) announced today estimates of its total losses from Hurricane Sandy which
made landfall in New Jersey on October 29, 2012 and caused significant damage
to large portions of the Northeastern United States.

Mercury estimates total losses from Hurricane Sandy to be approximately $30
million. The after-tax effect on fourth quarter 2012 net income is estimated
to be approximately $20 million ($0.36 per diluted share). In February 2013,
the Company plans to issue full financial results for the fourth quarter and
year ending December 31, 2012, which will include the effect of the losses
from Hurricane Sandy.

Mercury General Corporation and its subsidiaries are a multiple line insurance
organization offering predominantly personal automobile and homeowners
insurance through a network of independent agents in many states. For more
information, visit our website at http://www.mercuryinsurance.com.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for certain forward-looking statements. The statements contained in this press
release are forward-looking statements based on the Company's current
expectations and beliefs concerning future developments and their potential
effects on the Company. There can be no assurance that future developments
affecting the Company will be those anticipated by the Company. Actual results
may differ from those projected in the forward-looking statements. These
forward-looking statements involve significant risks and uncertainties (some
of which are beyond the control of the Company) and are subject to change
based upon various factors, including but not limited to the following risks
and uncertainties: changes in the demand for the Company's insurance products,
inflation and general economic conditions, including the impact of current
economic conditions on the Company's market and investment portfolio; the
accuracy and adequacy of the Company's pricing methodologies; adverse weather
conditions or natural disasters in the markets served by the Company; general
market risks associated with the Company's investment portfolio; uncertainties
related to estimates, assumptions and projections generally; the possibility
that actual loss experience may vary adversely from the actuarial estimates
made to determine the Company's loss reserves in general; the Company's
ability to obtain and the timing of the approval of premium rate changes for
insurance policies issued in states where the Company operates; legislation
adverse to the automobile insurance industry or business generally that may be
enacted in the states where the Company operates; the Company's success in
managing its business in states outside of California; the presence of
competitors with greater financial resources and the impact of competitive
pricing and marketing efforts; changes in driving patterns and loss trends;
acts of war and terrorist activities; court decisions and trends in litigation
and health care and auto repair costs and marketing efforts; and legal,
regulatory and litigation risks. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether as the
result of new information, future events or otherwise. For a more detailed
discussion of some of the foregoing risks and uncertainties, see the Company's
filings with the Securities and Exchange Commission.

SOURCE Mercury General Corporation

Website: http://www.mercuryinsurance.com
Contact: Theodore Stalick, VP/CFO, +1-323-937-1060, www.mercuryinsurance.com
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