Fitch snips Mercury

Fitch Ratings said it downgraded Mercury General Corp.'s long-term issuer default rating to BBB from BBB+ and its senior debt to BBB- from BBB.

“The downgrades primarily reflect continued underwriting weakness through 6M23, operating environment challenges to returning to consistent underwriting profitability in 2024 and weaker capital relative to historic levels,” Fitch said in a press release.

The agency noted that Mercury reported a 6M23 GAAP combined ratio of 112.9%, compared with 108.1% in 6M22, citing weather-related losses and macro pressures in personal auto and property.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.