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LOS ANGELES - Mercury Insurance (NYSE:MCY), a $4 billion market cap insurer currently rated as fairly valued according to InvestingPro analysis, announced Wednesday it will provide coverage for thousands of California Safeco Insurance customers affected by parent company Liberty Mutual’s decision to adjust its personal lines strategy in the state.
Under the arrangement, Liberty Mutual will recommend its appointed independent agents place impacted Safeco renters, condo and select auto policies with Mercury to ensure continuity of coverage for customers.
"Mercury and Safeco have long had a healthy, competitive relationship, sharing a common desire to protect California consumers," said Gabriel Tirador, Chief Executive Officer of Mercury.
Luke Bills, Liberty Mutual President, Independent Agent Distribution, US Retail Markets, stated, "We are committed to the California insurance market, and independent agents are critical to achieving sustained success."
The transition comes as Mercury expands its commitment to California consumers. The company continues to write homeowners policies in many parts of the state where other insurers have reduced their presence.
Mercury noted this partnership follows a similar arrangement last year when it took on Tokio Marine’s personal lines business after that company exited those lines in California.
For Safeco agents not currently appointed with Mercury, the company will begin vetting those interested in obtaining Mercury appointments.
Mercury Insurance has been operating through independent agents for more than 60 years and currently writes insurance in 11 states, maintaining dividend payments for 40 consecutive years and achieving a "GREAT" financial health score according to InvestingPro analysis. Liberty Mutual, a Fortune 100 company with operations in 28 countries, generates more than $50 billion in annual consolidated revenue. For detailed insights and additional ProTips about Mercury Insurance’s performance, investors can access the comprehensive Pro Research Report available on InvestingPro.
This information is based on a press release statement from Mercury Insurance.
In other recent news, Mercury General Corporation reported key outcomes from its 2025 Annual Meeting of Shareholders. The meeting included the election of the board of directors, where all nine nominees were successfully elected with a substantial majority of the votes. Additionally, shareholders voted on executive compensation and the appointment of the company’s independent auditor. The results showed significant shareholder support for the board’s proposals. The detailed voting outcomes included the number of votes in favor, shares withheld, and broker non-votes for each nominee. These developments reflect the confidence shareholders have in the company’s leadership and governance. Mercury General is headquartered in Los Angeles, California.
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