Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

July 30 (Bloomberg) -- Mercury General Corp., the California-based automobile insurer, fell the most in almost a year after profit missed analysts’ estimates as the company incurred an expense tied to policies sold in prior periods.

The insurer slid 5.8 percent to $38.44 at the close in New York, the biggest drop since Aug. 8. The company has declined 16 percent this year, compared with a 10 percent gain in the Russell 1000 Index.

Mercury reported a net loss of $5.3 million for the quarter, compared with a profit of $57.3 million a year earlier, the Los Angeles-based insurer said today in a statement. Operating income, which excludes some investment results, dropped to 19 cents a share, compared with 76 cents a year earlier, missing the 66-cent average estimate of five analysts surveyed by Bloomberg.

The company added $23 million to reserves in the quarter, “largely the result of re-estimates of California bodily-injury losses which have experienced higher average severities and more late-reported claims,” according to the statement.

Catastrophes cost the insurer $8 million in the quarter, compared with $3 million a year earlier, led by wind and hail in the Midwest region, the firm said. Net investment income was $31.7 million, down 12 percent from the same period in 2011.


To contact the reporter on this story: Steven Norton in New York at

To contact the editor responsible for this story: Dan Kraut at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.