Here are the 10-Q quarterly reports from Mercury General Corp. (MCY) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow MCY and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MCY filings page.
Mercury General Corporation (MCY) reported a third-quarter net loss of $13.7 million, compared with net income of $280.4 million a year earlier; nine-month net income rose to $440.2 million from $338.5 million. Third-quarter net premiums earned were $1,545.4 million, versus $1,410.4 million, while total revenue was $1,381.4 million, compared with $1,584.9 million. Net realized investment results included a $261.9 million loss, compared with $84.5 million in gains a year earlier.
Nine-month catastrophe losses, net of reinsurance, were approximately $191 million, compared with approximately $489 million in 2025. The majority of 2026 catastrophe losses resulted from storms in Oklahoma and Texas and adverse reserve development on the Palisades and Eaton wildfires. Third-quarter underwriting gain was $151.3 million, compared with $182.9 million a year earlier.
In 2026, MCY issued $525 million of senior notes with a 6.25% annual coupon, redeemed $375 million of senior notes and repaid $150 million of credit-facility borrowings. As of September 30, 2026, facility borrowings were $50 million, with $200 million available to draw.
Mercury General Corporation reported significantly stronger results for the quarter and six months ended June 30, 2026. Total revenues for the first half were 3,221,575 (thousands), up from 2,871,763 (thousands) a year earlier. Net income rose to 263,502 (thousands) for Q2 2026 and 453,922 (thousands) for the first six months, compared with 166,472 and 58,145 (thousands) in 2025. Basic and diluted earnings per share were $4.76 for Q2 and $8.20 for the first half.
Net premiums earned increased to 2,950,180 (thousands) for the first half of 2026, and underwriting swung to a gain of 306.3 (millions) from a loss of 143.2 (millions) a year earlier. Catastrophe losses net of reinsurance were approximately $168 million for the six months, mainly from adverse development on the Palisades and Eaton wildfires and storms in Texas and Oklahoma, and cumulative net losses and loss adjustment expenses from the Palisades and Eaton fires reached 460,229 (thousands).
Total assets grew to 10,542,365 (thousands) with investments at fair value of 7,131,113 (thousands). Operating cash flow was 543,303 (thousands). The company enhanced its capital structure by issuing 525,000 (thousands) of 6.25% senior unsecured notes maturing in 2036, entering a new 250,000 (thousands) unsecured revolving credit facility (50,000 (thousands) drawn), and maintaining a catastrophe reinsurance treaty providing 2,790 million of per-occurrence coverage above a 200 million retention through June 30, 2027.
Mercury General Corporation reported sharply improved results for the three months ended March 31, 2026. Net income was $190.4 million, compared with a net loss of $108.3 million a year earlier, as underwriting and catastrophe experience improved. Total revenues rose to $1.54 billion, driven by higher net premiums earned of $1.45 billion, up from $1.28 billion.
Underwriting performance swung to a gain of $155.1 million from a loss of $245.9 million, helped by lower losses and loss adjustment expenses of $932.9 million versus $1.22 billion, despite continued catastrophe activity. The company still recognized about $93 million of catastrophe losses net of reinsurance, mainly tied to development on prior Palisades and Eaton wildfire claims and storms in California, Texas and Oklahoma.
Operating cash flow strengthened to $325.6 million from a use of cash of $68.7 million. Total assets reached $9.87 billion and shareholders’ equity increased to $2.59 billion. The company maintained its quarterly dividend of $0.3175 per share and continued to manage significant wildfire-related subrogation and FAIR Plan exposures within its catastrophe and reinsurance programs.
Mercury General (MCY) reported Q3 2025 results with net income of $280.4 million and diluted EPS of $5.06, up from $230.9 million and $4.17 a year ago. Total revenues were $1.585 billion, supported by higher net premiums earned of $1.410 billion and net investment income of $84.0 million.
Underwriting and reinsurance shaped year-to-date results. The company recognized ceded premiums earned of $224.3 million for the nine months ended September 30, 2025, and ceded losses and LAE of $1,292.9 million, reflecting the Palisades and Eaton wildfires in Q1 2025. Loss and LAE reserves rose to $3.596 billion.
Liquidity and capital strengthened: cash was $1.253 billion (vs. $720.3 million at December 31, 2024), total investments were $6.374 billion, and shareholders’ equity increased to $2.232 billion. The company paid a quarterly dividend of $0.3175 per share. At October 30, 2025, 55,388,627 common shares were outstanding.