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Mercury Insurance to cut 65 jobs

Feb. 5, 2013 at 11:34 AM  |  Updated Feb. 5, 2013 at 11:43 AM   |   Comments

http://cdn.ph.upi.com/sv/em/i/UPI-4571360082051/2013/1/13600825471365/Mercury-Insurance-to-cut-65-jobs.jpg
Feb. 5 (UPI) -- Los Angeles-based insurance company Mercury General Corp., notified the state Labor Department it will lay off 65 employees by April 22, the Times Union reported.

The cuts came after the company announced it lost $17.4 million in the fourth quarter through a press release on Monday. As a result, the parent company will be "consolidating operations" outside California into hubs in New Jersey, Florida and Texas.

The company will terminate all 65 employees at its Mercury Insurance Group location, at 13 Cornell Road in Latham by April 22 and close the office by May 6.

Despite the losses, which were brought on largely by Super-storm Sandy, the company said it had a yearly net income of $116.9 million, which was down 39 percent from $191.2 last year. The company said it has losses of $28 million for Sandy.

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