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Mercury General Corporation 2018 Annual Report

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Mercury General Corporation 2018 Annual Report 2018 Mercury General Corporation 2018 Annual Report Annual Report B Company Highlights JAN MERCURY INSURANCE TEAMS UP WITH TAMPA BAY LIGHTNING TO CHALLENGE LOCAL TEENS TO DRIVE SAFELY LOS ANGELES, Calif. (January 15, 2018) – Today, the Tampa Bay Lightning and Mercury Insurance joined forces at AMALIE Arena for the “Mercury Insurance Drive Safe Challenge,” a one-day driving school immersion course designed to equip young drivers with the knowledge and skills they need to be safe on the road. The program was developed by Mercury Insurance to help reduce the leading cause of teen fatalities – car collisions – and make roads safer for everyone. FEB MERCURY INSURANCE ADDS SERVICE LINE PROTECTION TO ITS HOMEOWNERS PRODUCT LINE LOS ANGELES, Calif. (Feb. 22, 2018) – Aging water pipe infrastructure throughout the country and frigid winter temperatures in the Midwest and Northeast are a few of the issues impacting America’s service lines and causing water mains to break. Each year, the country experiences 240,000 water main breaks costing nearly $3 billion, according to the Environmental Protection Agency, and most homeowners aren’t aware that they’re responsible for the repair and replacement costs if a break occurs on their property. The new coverage is available exclusively to Mercury’s homeowners policyholders and offers protection for underground sewer, water and electrical lines. OCT CAL STATE FULLERTON MIHAYLO COLLEGE OF BUSINESS AND ECONOMICS WOMEN’S LEADERSHIP PROGRAM RECEIVES A $50,000 GRANT FROM MERCURY INSURANCE FULLERTON, Calif. (March 8, 2018) – Today, California State University, Fullerton’s Mihaylo College of Business and Economics received a grant of $50,000 from Mercury Insurance for the Women’s Leadership Program, which provides curriculum and training specifically focused on preparing female students for advancement into top leadership positions after graduation. Launched in 2015, the program was created to help provide women with the skills and tools they need to advance into top leadership positions. MAR MERCURY INSURANCE IS READY TO HELP POLICYHOLDERS IMPACTED BY THE SEVERE STORMS LOS ANGELES, Calif. (March 23, 2018) — Mercury Insurance homeowners or renters policyholders who have had to leave their homes or whose property has suffered damage from the recent rain and wind storms can call specially-trained staff to file a claim. Mercury representatives are available to help with claims, arrange for temporary housing and provide assistance with living expenses if policyholders suffered a covered loss or were forced to evacuate. Mercury General Corporation Company Highlights JUNE FORBES NAMES MERCURY INSURANCE ONE OF ‘AMERICA’S BEST EMPLOYERS’ FOR THE SECOND YEAR IN A ROW LOS ANGELES, Calif. (June 7, 2018) — Mercury Insurance has been named one of “America’s Best Midsize Employers” by Forbes magazine for the second consecutive year (2017 and 2018). As testimony to this award, Mercury employees “would overwhelmingly recommend the company to a friend or family member.” SEP MERCURY INSURANCE SPECIAL INVESTIGATIONS UNIT CELEBRATES 40 YEARS OF CRIME FIGHTING LOS ANGELES, Calif. (Sept. 13, 2018) — Mercury Insurance’s Special Investigations Unit (SIU), founded in 1978, is the company’s secret weapon against fraudulent insurance claims, which cost the average U.S. family $700 per year in increased premiums. The sole mission of Mercury Insurance’s team of investigators is to prevent insurance scams, and they’ve prevented hundreds of millions of dollars in phony payouts for staged car crashes, arson and water losses. OCT MERCURY INSURANCE IS READY TO ASSIST POLICYHOLDERS IN GEORGIA IMPACTED BY HURRICANE MICHAEL LOS ANGELES, Calif. (Oct. 11, 2018) — Mercury Insurance policyholders who have been impacted by Hurricane Michael can report damages and losses through Mercury’s claims hotline at (800) 503-3724. Georgians can help spread this message by following @MercuryIns on Twitter and ReTweeting: “Mercury policyholders impacted by #HurricaneMichael call (800) 503-3724 to file a claim ASAP.” NOV MERCURY INSURANCE IS READY TO HELP VICTIMS OF HILL AND WOOLSEY FIRES LOS ANGELES, Calif. (Nov. 9, 2018 and updated Nov. 12, 2018) — Authorities have issued evacuation notices for Californians in the areas of the Hill and Woolsey Fires and Mercury Insurance is ready to assist homeowners policyholders who have had to leave their homes or whose property has suffered fire damage. Mercury representatives are available to help with claims and the Mercury Insurance emergency response team will set up at the local evacuation center. Annual Report 1 Letter to Shareholders In 2018 we again activated Mercury’s mission of helping people put their lives back together after unexpected events. 2018 gross catastrophe losses of $289 million, primarily from wildfires in California, were the highest level of catastrophe losses in the Company’s history surpassing 2017’s catastrophe losses of $168 million. Chris O’Rourke, Vice President, Property Claims, shares his view on how our Mercury Team Members responded to the wildfires: “We have never had a day when our insureds needed us more, line of coverage on our California auto business. Changes in the and we have never responded better. Our claims handlers were environment, including increased utilization of medical services, at the evacuation centers within 24 hours to provide our insureds such as epidural injections and surgical procedures, along with with comfort, information and advances. All of this occurred while an increase in alleged traumatic brain injuries and an aggressive we organized to handle a wildfire event three times larger than Plaintiff’s Bar are contributing to the increase in California bodily anything we had seen since the 2017 wildfires, which in turn were injury severity. Consequently, over the past few years actual three times larger than any wildfire we had seen until that time.” case reserve and paid loss development have exceeded the Thank you to our team members for providing exemplary Company’s historical loss development patterns. At year-end service and empathy toward our insureds during these 2018, the Company factored the higher development trends into unprecedented events. the Company’s ultimate loss selections. As part of our ongoing risk management process, in July of Gross loss and loss adjustment expense reserves for current 2017 we reduced the retention on our catastrophe reinsurance and prior accident years, excluding reinsurance recoverables, treaty from $100 million to $10 million. Our reinsurance treaty increased by $202 million in 2018 to $1.6 billion at December provides $205 million in coverage in excess of our $10 million 31, 2018. The reserves represent our best estimate of the retention on a per occurrence basis. As a result, the Company ultimate cost of losses and loss adjustment expenses incurred was able to cede $222 million of losses to our reinsurers, reducing to date. However, since the provisions are necessarily based our 2018 gross catastrophe losses down to a $67 million net upon estimates, the ultimate liability may be more or less than loss to Mercury. Our catastrophe reinsurance contract renews such provisions. in July 2019 and we expect to renew the treaty at the current Operating earnings increased to $1.80 per share in 2018 $10 million retention. In addition, we will consider increasing the from $1.64 per share in 2017. Nevertheless, our results were percentage purchased on our $300 million in excess of $200 disappointing. The combined ratio was 100.7% in 2018 down million reinsurance layer. In 2018, we purchased 5% of that layer, slightly from 101.2% in 2017 and well short of our 95% combined providing up to $15 million of coverage. We will also be evaluating ratio target. The combination of $67 million in net catastrophe our concentration risks in high wild fire risk areas. losses, $15 million in reinsurance reinstatement premiums earned In addition to catastrophe losses, unfavorable reserve and $93 million in unfavorable reserve development negatively development continued in 2018. We recorded $93 million in impacted the combined ratio by 5.1 points. Excluding these unfavorable reserve development primarily from the bodily injury items, the combined ratio was 95.6% in 2018. Net Premiums Written - Companywide (In millions) Our homeowners line grew $3,496 7.5% in 2018 to $479 million in $3,216 net premiums written. $ 3,156 $2,999 $2,841 $2,729 $2,652 $2,575 $2,590 $2,555 15% Homeowners line represents approximately 15% of total premiums written. 09 10 11 12 13 14 15 16 17 18 2 Mercury General Corporation Letter to Shareholders Our California private passenger automobile combined ratio Operating Leverage was 100.5% in 2018 compared to 98.7% in 2017. As mentioned (Net Premiums Written/Policyholders’ Surplus as ratio) above, unfavorable reserve development negatively impacted our California private passenger automobile results in 2018. Excluding $76 million of adverse reserve development, our 2018 California 2.4 2.2 private passenger automobile combined ratio was 97.1% as 2.1 higher average premiums from rate increases taken the past 2.0 2.0 few years helped offset increases in loss costs. To improve our combined ratio, we have been increasing auto rates. In California, a 6.9% personal auto rate increase for California Automobile Insurance Company was recently approved by the California Department of Insurance. The rate increase was implemented in March 2019. In addition, a 6.9% personal auto rate increase for Mercury Insurance Company is pending approval with the California Department of Insurance. 14 15 16 17 18 California personal auto premiums represent about 66% of our Companywide net premiums earned. Part of our long-term strategy is to grow our non-wheel business, which includes our homeowners and commercial lines of business. Our homeowners line grew 7.5% in 2018 to $479 million in net premiums written, and the accident year Combined Ratio vs. Industry combined ratio improved to 103.3% from 103.6% in 2017.
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