LOS ANGELES, March 26, 2012 /PRNewswire/ -- Mercury Insurance has been named one of "America's Most Trustworthy Companies" by Forbes magazine. Headquartered in Los Angeles, Mercury (NYSE: MCY) primarily provides car and homeowners insurance through a network of 6,700 independent agents in 13 states.
"Mercury is in the midst of celebrating its 50th anniversary and this prestigious honor from Forbes validates our long-standing efforts to supply affordable insurance and unsurpassed service for our millions of customers," said Mercury CEO Gabe Tirador. "For the past five decades Mercury has operated with the belief that personal relationships are important to consumers, and these relationships – whether with the company or with our agents – help to create trust. This blueprint is obviously still true today."
Forbes enlisted GMI Ratings to examine more than 8,000 companies traded on U.S. exchanges and to sort the 100 honorees into three groupings – large-cap, mid-cap and small-cap companies. (Mercury is ranked among The Most Trustworthy Mid-Cap Companies; the fourth time the company has received this distinction.) GMI assessed more than the raw data on companies' income statements and balance sheets, also examining the true quality of corporate accounting and management practices. The goal, according to GMI's valuations, was to find "companies (that) have consistently demonstrated transparent and conservative accounting practices and solid corporate governance and management."
"My entire career has been dedicated to the insurance industry, so I deeply appreciate this tribute from a publication that has been such a vital part of America's business culture," says George Joseph, Mercury's 90-year-old chairman and founder, who still works five days a week at the company's office in the heart of Los Angeles. "Mercury was founded to provide lower rates for a wide variety of consumers, and we're proud to say that 50 years later this philosophy remains the basis of our success."
ABOUT MERCURY INSURANCE (www.mercuryinsurance.com)
Mercury Insurance (MCY) is a multiple-line insurance organization offering predominantly personal automobile and homeowners insurance through a network of independent agents in California, Florida, New Jersey, Texas, Arizona, New York, Georgia, Oklahoma, Illinois, Michigan, Nevada, Virginia and Pennsylvania. Since 1962, Mercury has specialized in offering quality insurance at affordable prices – core values that distinguish Mercury in the marketplace.