Mercury General to add Tokio Marine California customers as part of its exit plan | Insurance business America
It could attract residential customers across the state
Insurance News
By Abigail Adriatico
Mercury General Corp. has announced it is developing a plan with Tokio Marine America (TMA) and Trans Pacific Insurance Co. that will allow it to offer policies to thousands of new retail customers in California.
According to Gabe Tirador, CEO of Mercury General, the California Department of Insurance and Commissioner Ricardo Lara have taken the necessary steps to modernize the insurance market, which will help stabilize the market and lead to the creation of a transparent and sustainable model that benefits consumers in California will be advantage.
“We believe strongly in the future of California,” Tirador said.
The proposed move includes plans to enable forward-looking tariff models in tariff filings and tighten regulatory language to speed up the tariff filing process.
That’s why Mercury General has said it will work with independent agents who also represent Tokio Marine and has offered additional appointments to more than a dozen TMA agents to help with the transition, according to a report from AM Best.
“In challenging times, innovative solutions emerge. A diverse group of companies collaborated on this project with the common goal of providing insurance coverage to California insurance consumers,” said Tirador.
According to Mercury General, the plan was drawn up with the participation of Tokio Marine with the help of agents and CDI executives.
“We are pleased to have reached an agreement with Mercury Insurance Group… Tokio Marine America remains committed to commercial lines in California – and across the country,” said Daisuke Ugaeri, CEO of Tokio Marine America.
Tokio Marine America previously announced that it plans to abandon all private lines in California and stop writing new, non-automotive private lines by mid-2026. A CDI filing says the non-renewal notices will take effect July 1.
Unless a wildfire moratorium is announced this year and in 2025, non-extensions may be completed by the beginning of the second half of 2025, while outstanding grants should be completed one month after that period.
Brandt Minnich, chief sales development officer at Mercury, said the airlines’ customers have the same coverage needs and relationships with insurance agents.
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2024-05-13 15:46:24
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