NU Online News Service, Aug. 2, 3:30 p.m. EDT
|Los Angeles-based Mercury General Corp. said it spent $12.1million in the second quarter in support of a ballot initiativethat was defeated, adding nearly 2 points to the expense ratio.
|Mercury General supported Proposition 17, which the company saidwould have enabled insurers to offer new customer discounts basedon continuous coverage from any insurance company. It was defeated inJune.
|The auto insurer, with more than three-quarters of its directwritten premiums in its home state, reported an 84 percent drop in2010 second-quarter net income to $17.8 million from $114.4million.
|Net income for the first six months was $79 million comparedwith $211.1 million in 2009.
|Net written premiums were down 1 percent to $631.1 million inthe second quarter compared with 2009 second-quarter results. Netwritten premiums were down nearly 2 percent for the first sixmonths.
|Mercury General reported a second-quarter combined ratio of 99compared with 96.1 during the same period last year.
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