Mercury General 1Q Net Income Down 9.4%; Declares Dividend

 The Mercury General Corporation (NYSE: MCY) reported today that its first-quarter net income was $66.46 million down 9.4 percent from $73.35 million a year ago during the same time. Mercury General attributes the drop to a $10 million pre-tax restructuring charge the it incurred as part of its efforts to consolidate its operations outside of California into regional hubs in Florida, New Jersey and Texas. The company expects annual savings of $12 million to come from this effort.

Net premiums written are $690.5 million, up 4.9 percent from the $658.29 written this time a year ago. This makes 1Q 2013 the company’s ninth consecutive quarter for premium growth. Premium growth is being driven by personal auto business in California and homeowners business in numerous states.