MERCURY GENERAL CORP
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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FY2025 · Filed Feb 17, 2026
MCY$84.21+1.8%Stored close · as of Nov 10, 2026
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Item 15. Exhibits and Financial Statement Schedules
The following documents are filed as a part of this report:
Financial Statements: The Consolidated Financial Statements for the year ended December 31, 2025 are contained herein as listed in the Index to Consolidated Financial Statements on page 55.
Financial Statement Schedules:
Schedule I—Summary of Investments—Other than Investments in Related Parties
Schedule II—Condensed Financial Information of Registrant
Schedule IV—Reinsurance
All other schedules are omitted as the required information is inapplicable or the information is presented in the Consolidated Financial Statements or Notes thereto.
- Exhibits
| Form 10-K Exhibit No. | Description of Exhibit | If Incorporated by Reference, Documents with Which Exhibit was Previously Filed with the SEC |
| 3.1 | Articles of Incorporation of the Company, as amended to date. | This document was filed as an exhibit to Registrant’s Form 10-K for the fiscal year ended December 31, 1997, and is incorporated herein by this reference. |
| 3.2 | Amended and Restated Bylaws of the Company. | This document was filed as an exhibit to Registrant’s Form 10-Q for the quarterly period ended September 30, 2007, and is incorporated herein by this reference. |
| 3.3 | First Amendment to Amended and Restated Bylaws of the Company. | This document was filed as an exhibit to Registrant’s Form 8-K filed with the Securities and Exchange Commission on August 4, 2008, and is incorporated herein by this reference. |
| 3.4 | Second Amendment to Amended and Restated Bylaws of the Company. | This document was filed as an exhibit to Registrant’s Form 8-K filed with the Securities and Exchange Commission on February 25, 2009, and is incorporated herein by this reference. |
| 3.5 | Third Amendment to Amended and Restated Bylaws of the Company. | This document was filed as an exhibit to Registrant’s Form 8-K filed with the Securities and Exchange Commission on May 11, 2018, and is incorporated herein by this reference. |
| 4.1 | Shareholders’ Agreement dated as of October 7, 1985 among the Company, George Joseph and Gloria Joseph. | This document was filed as an exhibit to Registrant’s Registration Statement on Form S-1, File No. 33-899, and is incorporated herein by this reference. (Not available on the SEC website. Filed prior to the SEC Edgar filing mandate). |
| 4.2 | Indenture, dated as of March 8, 2017, between Mercury General Corporation and Wilmington Trust, National Association. | This document was filed as an exhibit to Registrant’s Form 8-K, filed with the Securities and Exchange Commission on March 8, 2017, and is incorporated herein by this reference. |
| 4.3 | First Supplemental Indenture, dated as of March 8, 2017, between Mercury General Corporation and Wilmington Trust, National Association. | This document was filed as an exhibit to Registrant’s Form 8-K, filed with the Securities and Exchange Commission on March 8, 2017, and is incorporated herein by this reference. |
| 4.4 | Description of Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 | This document was filed as an exhibit to Registrant’s Form 10-K for the fiscal year ended December 31, 2019, and is incorporated herein by this reference. |
| 10.1* | Mercury General Corporation Profit Sharing Plan, as Amended and Restated as of January 1, 2025. | Filed herewith. |
| 10.2 | Management Agreement effective January 1, 2001 between Mercury Insurance Services, LLC and Mercury Casualty Company, Mercury Insurance Company, California Automobile Insurance Company and California General Insurance Company. | This document was filed as an exhibit to Registrant’s Form 10-K for the fiscal year ended December 31, 2000, and is incorporated herein by this reference. |
| 10.3 | Expense Reimbursement and Services Agreement effective January 1, 2001 between Mercury Insurance Services, LLC and American Mercury Insurance Company. | This document was filed as an exhibit to Registrant’s Form 10-K for the fiscal year ended December 31, 2000, and is incorporated herein by this reference. |
| 10.4 | Management Agreement effective January 1, 2001 between Mercury Insurance Services, LLC and Mercury Insurance Company of Georgia. | This document was filed as an exhibit to Registrant’s Form 10-K for the fiscal year ended December 31, 2000, and is incorporated herein by this reference. |
| 10.5 | Management Agreement effective January 1, 2001 between Mercury Insurance Services, LLC and Mercury Indemnity Company of Georgia. | This document was filed as an exhibit to Registrant’s Form 10-K for the fiscal year ended December 31, 2000, and is incorporated herein by this reference. |
| 10.6 | Management Agreement effective January 1, 2001 between Mercury Insurance Services, LLC and Mercury Insurance Company of Illinois. | This document was filed as an exhibit to Registrant’s Form 10-K for the fiscal year ended December 31, 2000, and is incorporated herein by this reference. |
| 10.7 | Management Agreement effective January 1, 2001 between Mercury Insurance Services, LLC and Mercury Indemnity Company of Illinois. | This document was filed as an exhibit to Registrant’s Form 10-K for the fiscal year ended December 31, 2000, and is incorporated herein by this reference. |
| 10.8 | Management Agreement effective January 1, 2002 between Mercury Insurance Services, LLC and Mercury Insurance Company of Florida and Mercury Indemnity Company of America (fka Mercury Indemnity Company of Florida). | This document was filed as an exhibit to Registrant’s Form 10-K for the fiscal year ended December 31, 2001, and is incorporated herein by this reference. |
| 10.9 | Management Agreement dated January 22, 1997 between Mercury Insurance Services, LLC and Mercury County Mutual Insurance Company. | This document was filed as an exhibit to Registrant’s Form 10-K for the fiscal year ended December 31, 2006, and is incorporated herein by this reference. |
| 10.10 | Management Agreement dated January 1, 2026 between Mercury Insurance Services, LLC and Mercury Insurance Company of Texas. | Filed herewith. |
| 10.11* | Mercury General Corporation Long-Term Incentive Plan | This document was filed as an exhibit to Registrant’s Form 10-K for the fiscal year ended December 31, 2023, and is incorporated herein by this reference. |
| 10.12* | Performance Phantom Stock Unit Award Agreement under Mercury General Corporation Long-Term Incentive Plan | This document was filed as an exhibit to Registrant’s Form 10-K for the fiscal year ended December 31, 2023, and is incorporated herein by this reference. |
| 10.13* | Restricted Phantom Stock Unit Award Agreement under Mercury General Corporation Long-Term Incentive Plan | This document was filed as an exhibit to Registrant’s Form 10-K for the fiscal year ended December 31, 2023, and is incorporated herein by this reference. |
| 10.14 | Amended and Restated Credit Agreement, dated as of March 31, 2021, by and among Mercury General Corporation, Bank of America, as Administrative Agent, and the Lenders party thereto. | This document was filed as an exhibit to Registrant’s Form 8-K filed with the Securities and Exchange Commission on April 1, 2021, and is incorporated herein by this reference. |
| 10.15 | First Amendment to Amended and Restated Credit Agreement, dated as of November 18, 2022, by and among Mercury General Corporation, Bank of America, as Administrative Agent, and the Lenders party thereto. | This document was filed as an exhibit to Registrant’s Form 8-K filed with the Securities and Exchange Commission on November 22, 2022, and is incorporated herein by this reference. |
| 10.16 | Second Amendment to Amended and Restated Credit Agreement, dated as of November 30, 2023, by and among Mercury General Corporation, Bank of America, as Administrative Agent, and the Lenders party thereto. | This document was filed as an exhibit to Registrant’s Form 8-K filed with the Securities and Exchange Commission on November 30, 2023, and is incorporated herein by this reference. |
| 10.17 | Third Amendment to Amended and Restated Credit Agreement, dated as of November 22, 2024, by and among Mercury General Corporation, Bank of America, as Administrative Agent, and the Lenders party thereto. | This document was filed as an exhibit to Registrant’s Form 8-K filed with the Securities and Exchange Commission on November 26, 2024, and is incorporated herein by this reference. |
| 19.1 | Insider Trading Policies and Procedures. | This document was filed as an exhibit to Registrant’s Form 10-K for the fiscal year ended December 31, 2023, and is incorporated herein by this reference. |
| 21.1 | Subsidiaries of the Company. | Filed herewith. |
| 23.1 | Consent of Independent Registered Public Accounting Firm. | Filed herewith. |
| 31.1 | Certification of Registrant’s Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | Filed herewith. |
| 31.2 | Certification of Registrant’s Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | Filed herewith. |
| 32.1 | Certification of Registrant’s Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002. This certification is being furnished solely to accompany this Annual Report on Form 10-K and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company. | Filed herewith. |
| 32.2 | Certification of Registrant’s Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002. This certification is being furnished solely to accompany this Annual Report on Form 10-K and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company. | Filed herewith. |
| 97.1 | Policy Relating to Recovery of Erroneously Awarded Compensation. | This document was filed as an exhibit to Registrant’s Form 10-K for the fiscal year ended December 31, 2023, and is incorporated herein by this reference. |
| 101.INS | XBRL Instance Document-the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
| 101.SCH | XBRL Taxonomy Extension Schema Document. | |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |
| * | Denotes management contract or compensatory plan or arrangement. |
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