Mercury General falls after Wolfpack Research reveals short position

Mercury General

29/01/2025 15:40

** Shares of Los Angeles-based insurer Mercury General
 MCY.N  fall as much as 4.3%; last down 2.4% at $48.74
    ** Wolfpack Research says it is shorting MCY, claiming that
the firm's California subsidiary is "deep underwater" as it
estimates more than $2 bln in losses following the Los Angeles
fires
    ** MCY did not immediately respond to a Reuters request for
comment
    ** Reuters could not independently verify the claims in the
report
    ** Wolfpack alleges MCY "management seems slow to share the
true extent of its exposure with investors"
    ** MCY stock down 24.5% so far this year


 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))