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Mercury General Corporation to acquire Workmen's auto insurance company

Published 23 October 2014

Mercury General Corporation (NYSE-MCY) announced today that it has entered into a definitive agreement for the purchase of Workmen's Auto Insurance Company ("Workmen's"), subject to regulatory approval. The purchase price is $8 million and the transaction is expected to close during the first quarter of 2015.

Workmen's is a Los Angeles based auto insurance company specializing in underwriting non-standard personal auto insurance, predominantly in California. At June 30, 2014, Workmen's reported statutory surplus of $9.2 million. Net premiums earned for the year-ended December 31, 2013 were $34.3 million and for the six-month period ended June 30, 2014 were $15.1 million.

Mercury General Corporation and its subsidiaries are a multiple line insurance organization offering predominantly personal automobile and homeowners insurance through a network of independent producers in many states.

Source: Company Press Release