California Auto Insurance Blog

A.M. Best Co. has revised the outlook to negative from stable and affirmed the financial strength rating (FSR) of A+ (Superior) and issuer credit ratings (ICR) of “aa-” of State Auto Insurance Companies (State Auto) and its members. Concurrently, A.M. Best has revised the outlook to negative from stable and affirmed the ICR of “a-” and debt rating of “a-” on $100 million 6.25% senior unsecured notes, due 2013 issued by State Auto Financial Corporation.

Mercury Agents’ Declarations Confirm Government Findings of Discrimination; Company Didn’t Want to Insure Diabetics, Middle Eastern Drivers or Women Married to Younger Men: Mercury’s “Cougar” Clause

tate Auto Financial Corporation today reported first quarter 2010 net income of $12.9 million, or $0.32 per diluted share, versus a net loss of $14.0 million, or $0.35 per diluted share, for the first quarter of 2009. Net income from operations* per diluted share for the first quarter 2010 was $0.27 versus a net loss from operations* of $0.18 for the same 2009 period.

Geico had 8.1% of the auto insurance market in 2009, but the company’s growth may slow this year because of slumping vehicle sales and high unemployment.

State Auto Financial Corporation /quotes/comstock/15*!stfc/quotes/nls/stfc (STFC 17.04, -0.54, -3.05%) today reported fourth quarter 2009 net income of $14.4 million, or $0.36 per diluted share, versus a net loss of $0.6 million, or $0.02 per diluted share, for the fourth quarter 2008. Net income from operations* per diluted share for the fourth quarter 2009 was $0.36 versus $0.53 for the same 2008 period.

By Jamie McGee
Feb. 10 (Bloomberg) — Allstate Corp., the largest publicly traded U.S. home and auto insurer, reported its third straight quarterly profit on improved investment results and higher underwriting income.
Allstate’s net income of $518 million, or 96 cents a share, compares with a loss of $1.13 billion, or $2.10, in the same period a [...]

Mercury General Corporation (NYSE: MCY) reported today for the fourth quarter of 2009:
Net income in the fourth quarter 2009 was $34.2 million ($0.62 per diluted share) compared with net loss of $168.3 million ($3.07 per diluted share) for the same period in 2008. For the year, net income was $403.1 million ($7.32 per diluted [...]

December 09, 2009: 10:19 AM ET
Auto insurance premiums rose for Progressive Corp. (PGR) in November from the previous year, but the number of policies rose even more, as the weakened economy makes it difficult for auto insurers to raise prices.
Progressive, which reports its results monthly, said its November net profit was $80 million, or 12 [...]

Item 1. Business
The Allstate Corporation was incorporated under the laws of the State of Delaware on November 5, 1992 to serve as the holding company for Allstate Insurance Company. Its business is conducted principally through Allstate Insurance Company, Allstate Life Insurance Company and [...]

INTRODUCTION
Portions of the information included in The Progressive Corporation’s Proxy Statement for the Annual Meeting of Shareholders to be held on April 24, 2009 (the “Proxy Statement”) have been incorporated by reference herein and are identified under the appropriate items in this Form 10-K. The 2008 Annual Report to Shareholders (the “Annual Report”) of [...]