Mercury Insurance 2012 Annual Report Download - page 7

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5
2012 ANNUAL REPORT
Mercury Insurance Group) provided an entrée into
markets in Oklahoma and Texas.
The company enjoyed tremendous growth through
the ’90s, including hitting the $1 billion mark in
premiums written in 1997. With an estimated 7.2
percent market share in California, Mercury was
insuring more than one million vehicles statewide. The
company also began trading its shares on the New York
Stock Exchange, where it trades today under the ticker
symbol, MCY. At this time, Mercury began to stretch
its reach across different product lines to offer policies
for the home and umbrella coverage. Today, Mercury
is proud to offer comprehensive insurance policies for
auto, home and businesses, providing its customers
broader, more cohesive protection at even more
competitive rates.
5
2012 ANNUAL REPORT
New York, New York
1994
George Joseph predicts at
shareholders meeting that
Mercury’s premium volume
will double within three years
and exceed $1 billion by the
end of 1997.
1993
Mercury expands product offerings to auto, home
and umbrella coverage.
Mercury’s premium volume stands
at $467 million; underwriting
expenses (before commissions
and taxes) are 5.8 percent
of premiums, far less than
the industry average of
12.1 percent.
1996
Mercury acquires American Fidelity Insurance
Group, which expands Mercury’s operations
(as American Mercury Insurance Group) into
Oklahoma and Texas.
Mercury’s common stock begins trading
on the New York Stock Exchange (MCY).
1980-1996
1989
Mercury begins expansion
outside California; initially in
Georgia and Illinois.
1992
Mercury employee roster
expands to 1,200.