LOS ANGELES, Dec. 17 — Mercury Insurance (NYSE: MCY), a major California automobile insurer with operations in a number of other states, reported today that an arrangement to reinsure business produced by Concord Insurance Services, Inc. (Concord), a Texas insurance agency, has been completed. Concord produces approximately $20 million per year of non-standard auto business in the state of Texas. The Company plans to expand the agency’s product line.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. The statements contained in this press release are forward-looking statements based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the Company) and are subject to change based upon various factors, including but no limited to the following risks and uncertainties: changes in the demand for the Company’s insurance products, and in general economic conditions; the possibility actual loss experience may vary adversely from the actuarial estimates made to determine the Company’s loss reserves; legislation adverse to the automobile insurance industry or business generally may be enacted in California or other states; the presence of competitors with greater financial resources and the impact of competitive pricing and marketing efforts; and various legal, regulatory and litigation risks. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise. For a more detailed discussion of some of the foregoing risks and uncertainties, see the Company’s filings with the Securities and Exchange Commission.