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Mercury Insurance Preparing Homeowners Insurance Rate Filing that Will Broaden Coverage Availability for California Consumers

1. Mercury Insurance to file home insurance rates using Verisk Wildfire Model. 2. California’s Sustainable Insurance Strategy aims to enhance insurance options. 3. CEO Gabriel Tirador praises CDI's strategy for expanding coverage. 4. First provider to write policies in Paradise, CA post-wildfire. 5. Mercury's competitive rates and service has established strong market presence.

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Why Bullish?

The implementation of the Sustainable Insurance Strategy could significantly boost MCY’s market reach and profitability. Historical examples like previous insurance rate adjustments often resulted in improved financial performance in similar conditions.

How important is it?

The article shows a strategic alignment with state initiatives, emphasizing MCY's proactive involvement and potential market benefits.

Why Long Term?

The long-term implications of expanded coverage options will enhance MCY's growth potential. As more areas become insurable, the sustained revenue growth is likely.

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Commissioner Lara's Sustainable Insurance Strategy paves way for science-based risk modeling that will build the foundation for a stronger insurance marketplace , /PRNewswire/ -- Mercury Insurance (NYSE: MCY), a leading provider of property and casualty insurance, is preparing a homeowners insurance rate filing using the California Department of Insurance's (CDI) recently approved Verisk Wildfire Model. The move is a direct result of the ongoing implementation of Commissioner Lara's Sustainable Insurance Strategy, which the company believes will provide California homeowners with more insurance options and lead to a more resilient insurance marketplace.  "The leadership of Commissioner Ricardo Lara and his Department in instituting the Sustainable Insurance Strategy is a big step forward in allowing insurance companies to expand and strengthen their insurance coverage options throughout California," said Gabriel Tirador, Mercury's CEO. "This balanced, science-based initiative will unlock the ability for us to expand the areas where Mercury is able to offer homeowners insurance."  Mercury and its California policyholders have already benefited from the CDI's strategy. Late last year – and in anticipation of the establishment of the Sustainable Insurance Strategy – the Company became the first insurance provider to begin writing new policies in Paradise, CA, a town decimated by a wildfire in 2018. In an effort that included the leadership of Commissioner Lara, the City of Paradise, its residents and a wide range of organizations, Paradise was able to reimagine how a town prone to wildfires could grow and thrive.  About Mercury Insurance Headquartered in Los Angeles, Mercury Insurance (NYSE: MCY) is a multiple-line insurance carrier offering personal auto, homeowners, and renters insurance directly to consumers and through a network of independent agents in Arizona, California, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia, as well as auto insurance in Florida. Mercury also writes business owners, business auto, landlord, commercial multi-peril and mechanical protection insurance in various states.  Since 1962, Mercury has provided customers with tremendous value for their insurance dollar by pairing ultra-competitive rates with excellent customer service, through more than 4,200 employees and a network of more than 6,340 independent agents in 11 states. Mercury has earned an "A" rating from A.M. Best, as well as "Best Auto Insurance Company" designations from Forbes and Insure.com. For more information visit www.MercuryInsurance.com or follow the company on Twitter or Facebook.  SOURCE Mercury Insurance WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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