Mercury Insurance partners with Tokio Marine America
Tokio Marine America and Mercury are working together to develop a plan to transition customers of TMA and its subsidiary, Trans Pacific Insurance Company, to Mercury with assistance from a group of California independent insurance agents, and leadership from the California Department of Insurance.
TMA, which offers personal lines insurance only in California, said it cannot sustainably support personal lines coverages and would be exiting the personal lines market. According to filing data, the company had 12,556 home insurance policies and 2,732 personal umbrella policies.
TMA’s and TPIC’s exit has no impact on any other Tokio Marine Group company, and the company will continue writing commercial coverage for California businesses.
The agent solution involved partnering with a team of existing Mercury independent agents who also represented TMA, as well as more than a dozen TMA agents who have been offered Mercury agent appointments to help facilitate the transition.
“Innovative solutions surface during challenging times. A diverse group of entities worked together on this project with the common goal of providing coverage for California insurance consumers. We believe very strongly in California’s future. The steps Commissioner Lara and the California Department of Insurance are taking to modernize the insurance market through the Commissioner’s “Sustainable Insurance Strategy” will help stabilize the market and create a transparent, sustainable model that will benefit California consumers.” – Gabriel Tirador, Chief Executive Officer and Director of Mercury.
“We are pleased to have reached an agreement with Mercury Insurance Group to support our personal lines agents and customers during this transition period. Tokio Marine America remains committed to commercial lines in California — and across the country — and supporting our agents and customers with exceptional service through this transition.” – Daisuke Ugaeri, Chief Executive Officer at Tokio Marine America.
“Tokio Marine America customers are similar to ours in terms of their coverage needs and their insurance agent relationships. Starting in January 2024, we began working with TMA to bring together a cohesive group of independent agents who could facilitate the transfer of their policies to Mercury for those customers who were interested, ensuring continuing coverage.” – Brandt Minnich, Mercury’s Vice President and Chief Sales Development Officer.
