Mercury Insurance Group

Mercury Insurance Group
Mercury Insurance Group
Type public (NYSEMCY)
Industry Insurance
Founded 1961
Headquarters Los Angeles, CA
Key people Gabe Tirador, CEO & President, George Joseph, Founder & Chairman
Revenue $3.09 billion USD (2006) [1]
Employees 5,100
Website www.mercuryinsurance.com

Mercury Insurance Group is an American automobile and property insurance company founded by George Joseph in 1961. The company is headquartered in Los Angeles, CA.

Contents

History

George Joseph founded Mercury Insurance in 1961 after working in the industry for a few years. Created to be a low cost alternative to larger insurance companies, Mercury Insurance found a profitable niche by offering private passenger automobile policies at a reduced premium for better than average risks. The key to this strategy was, and continues to be very tight underwriting and tight claims handling. The company operated solely in California until 1990, and since then has started expanding into a few other tough market states where nationwide carriers had ceased to operate.

Criticism

A March 2007 market conduct exam by the California Department of Insurance alleged that Mercury Insurance may have repeatedly engaged in practices that discriminated against active members of the U.S. military, the unemployed, those of certain a occupation such as bartenders and painters, and unmarried adults living together. Additionally the company was alleged to have been inconsistent in its application of certain discounts, which resulted in some of its customers being overcharged.[2]

Representatives of Mercury Insurance were quick to argue that the leak of the conduct exam was a politically motivated move meant to benefit California Insurance Commissioner Steve Poizner, a Republican candidate for California governor in the 2010 gubernatorial election.[3]

References

  1. ^ MCY: Key Statistics for MERCURY GENERAL CP - Yahoo! Finance
  2. ^ http://www.sfgate.com/cgi-bin/blogs/nov05election/detail?entry_id=61065
  3. ^ http://articles.latimes.com/2010/apr/13/business/la-fi-mercury13-2010apr13

External links

Portal icon Los Angeles portal
Portal icon Companies portal

Wikimedia Foundation. 2010.

Игры ⚽ Поможем написать курсовую

Look at other dictionaries:

  • Mercury — Contents 1 Geography 2 Populated places 3 Transportation 4 …   Wikipedia

  • Mercury Cougar — 1997 Mercury Cougar XR 7 Manufacturer Ford Motor Company AutoAlliance International (1999–2002) Model years 196 …   Wikipedia

  • Mercury Milan — Manufacturer Ford Motor Company Production August 1, 2005[1]–2010 …   Wikipedia

  • BT Group — Pour les articles homonymes, voir BT. Logo de BT Group Création 1981 …   Wikipédia en Français

  • BT Group plc — BT Group Pour les articles homonymes, voir BT. Logo de BT Group plc Création 1981 …   Wikipédia en Français

  • Foster’s Group — Rechtsform Aktiengesellschaft ISIN AU000000FGL6 Gründung …   Deutsch Wikipedia

  • Consumer Watchdog — This article is about the consumer advocacy organization based in the United States. For the Botswanan organization of the same name, see Consumer Watchdog (Botswana). For other uses, see Consumer watchdog (disambiguation). Consumer Watchdog… …   Wikipedia

  • George Joseph (West Virginia) — George Joseph, founder of Mercury Insurance Group of Los Angeles, was born in West Virginia in 1921. The son of a West Virginia restaurateur of Lebanese origin, he served as a B 17 navigator in World War II, serving in some 50 missions, and then… …   Wikipedia

  • List of California companies — includes notable companies that are, or once were, headquartered in California.0–9* 20th Century Fox * 23andMe * 24 Hour FitnessA* ABM Industries * ACC Capital Holdings * AECOM * AMD * Accelrys * Accept Software * Activision * Actuate Corporation …   Wikipedia

  • Los Angeles — L.A. redirects here. For other uses, see La. This article is about the U.S. city. For other uses, see Los Angeles (disambiguation). Los Angeles   City&# …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”