LOS ANGELES, Aug. 26 /PRNewswire-FirstCall/ -- 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
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Related links:
http://www.mercuryinsurance.com
CONTACT:
Theodore Stalick, VP/CFO of Mercury General
Corporation, +1-323-937-1060
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