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News Breaks
February 4, 2013
08:34 EDTMCYMercury General reports Q4 EPS (32c), consensus 25c
Reports Q4 revenue $681.21M, consensus $695.59M
News For MCY From The Last 14 Days
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January 13, 2015
05:08 EDTMCYMercury General announces negative decision by CA Department of Insurance
On January 10, Mercury General received notice that the California Department of Insurance adopted a decision made by a California Administrative Law Judge related to a Notice of Non-Compliance originally issued in February 2004. The decision states that from the period July 1, 1996 through 2006, Mercury's de facto insurance agents charged and collected unapproved "broker fees" that constituted premium in excess of the rates approved for Mercury and assesses a civil penalty in the amount of $27.59M against Mercury. The company is highly disappointed and strongly disagrees with the Insurance Commissioner's determination that Mercury violated California's rate laws and with his decision to impose a penalty. It is the company's strong belief that this decision is contrary to California's rate laws, due process, and basic notions of fairness. The company intends to vigorously litigate this matter of law and it expects to ultimately prevail on the merits in a court of law. Nevertheless, the company has evaluated the matter in accordance with Generally Accepted Accounting Principles and concluded that they require the company to set up a liability for the assessment, which is not deductible for tax purposes, as of December 31, 2014.

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