Mercury General Corp. has just announced its support of an auto insurance initiative comparable to last year’s Proposition 17, which was turned down by voters in June 2010. Supporters of this initiative are thrilled with Mercury’s backing, and are hoping that this second effort will make the difference. Insurance trade group, American Agents Alliance’s executive director, Mike D’Arelli, submitted the proposed initiative’s summary to the California attorney general’s office; taking the first step toward a vote on the initiative. Mercury had previously been a supporter of Proposition 17, having spent…
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Homeowners insurance getting harder to find in Florida
Mercury General Corp. has decided that it will be pulling out of the Florida homeowners insurance market. The announcement was made on Monday and the move comes as reports of a $19 million loss in that particular market in the fourth quarter. The insurer is already making preparations to inform some 8,000 policyholders that their policies will no longer be renewed. Florida law mandates that notices be sent 180 days in advance and the insurer will begin sending them in March. Mercury General blames their fourth quarter losses on the…
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