Mercury General Corporation Releases Preliminary Estimate of Hurricane Charley's Losses
Mercury General Corporation (NYSE: MCY) announced today preliminary estimates of its Hurricane Charley related losses.
Mercury's initial estimates range from $7 million to $9 million ($4.6 million to $5.9 million after-tax) in property and automobile related losses. These estimates are based on the number of currently reported claims and the number of unreported claims anticipated as a result of the storm.
Field response teams have canvassed the damaged areas with claims response vehicles since sunrise on August 15, 2004. Policyholders and independent agents have done an outstanding job of reporting claims which has enabled Mercury to promptly contact the policyholders.
Mercury General Corporation and its subsidiaries are a multiple line insurance organization offering predominantly personal automobile and homeowners insurance through a network of independent agents and brokers in many states.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release regarding the Company's estimated losses from Hurricane Charley are forward-looking statements based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the Company) and are subject to change based upon various factors, including but not limited to the following risks and uncertainties: uncertainties related to estimates, assumptions and projections generally; the possibility actual loss experience may vary adversely from the estimates made to determine the Company's loss reserves; inflation and changes in economic conditions: court decisions and trends in litigation and various legal, regulatory and litigation risks. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise. For a more detailed discussion of some of the foregoing risks and uncertainties, see the Company's filings with the Securities and Exchange Commission.
SOURCE: Mercury General Corporation
CONTACT: Theodore Stalick, VP/CFO of Mercury General Corporation,
Web site: http://www.mercuryinsurance.com/