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Mercury General Corporation Message Board

  • thejuergens thejuergens May 27, 2006 10:43 AM Flag

    FPA Capital comments

    Mercury General is a leading property and
    casualty insurer with a large market share in
    California. Its competitive advantage is its low expense
    ratios for overhead and underwriting losses. Mercury�s
    combined ratio (an industry standard ratio that includes
    underwriting expenses, losses and general and
    administrative expenses) has averaged 8.5 percentage
    points better than the industry for the last ten years. As
    a result of its expansion outside the state of California,
    this endeavor has required a substantial capital
    investment to reach critical mass. Furthermore, it is
    rolling out a new back-end accounting system as well
    as a new front-end internet system. These added costs,
    as well as potential execution risks, have created, we
    believe, a buying opportunity.

 
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