Choosing the right insurance company to protect your assets is an important decision. American Mercury Lloyds Insurance Company is a lesser-known regional insurer that operates predominantly in Texas and Oklahoma. This article provides an in-depth look at American Mercury Lloyds Insurance, including its history, financial strength, customer reviews, coverage options, and how it compares to other leading insurers.
Overview of American Mercury Lloyds Insurance
American Mercury Lloyds Insurance Company is a property and casualty insurer focused on homeowners and auto insurance policies for individuals and families. They currently operate in Texas and Oklahoma after previously serving policyholders in Louisiana as well.
Some key facts about American Mercury Lloyds:
Headquarters: Austin, TX
Customers: Approx. 250,000 policyholders
Products: Home, renters, condo, auto
Coverage Area: Texas and Oklahoma
AM Best Rating: B++ (Good)
As a Lloyds plan insurer, American Mercury Lloyds is comprised of independent underwriters who pool resources and share risks to provide coverage. This structure allows them to specialize in property risks common in Texas and Oklahoma.
American Mercury Lloyds Financial Strength
American Mercury Lloyds currently holds a B++ (Good) Financial Strength Rating from AM Best. This means they are considered to have sufficient financial resources to meet ongoing policy and claim obligations, but may be more vulnerable to adverse conditions than higher rated insurers.
Some positives regarding their financial position:
Grew policyholder surplus to $85 million in 2021, up from $55 million in 2020
Maintains low leverage and good liquidity ratios
Solid operating performance and profitability in recent years
Part of the Brookfield Asset Management group, a large global investment firm
While their balance sheet is relatively healthy, the B++ rating reflects concentration risk due to operating in only two states currently. Geographic diversification helps insurers spread risk.
Overall, American Mercury Lloyds appears to have sufficient claims paying resources, but those with substantial insurance needs may favor an insurer rated A- or higher by AM Best.
American Mercury Lloyds Customer Reviews
American Mercury Lloyds Insurance earns mixed customer feedback based on online reviews:
Competitive rates and discounts available
Good choice for basic HO-3 home insurance
Fast underwriting and policy setup
Responsive claims service for smaller losses
Difficulty bundling home and auto policies
Slow claims response for severe weather damage
Limited policy and payment options compared to national insurers
Fewer endorsements and extra coverages available
The majority of negative American Mercury Lloyds reviews focus on delayed claims handling and lowball damage estimates after major storms and floods. But they receive positive feedback for affordable rates and covering routine losses without issue.
American Mercury Lloyds Insurance Products
American Mercury Lloyds offers the core personal insurance products needed by most Texas and Oklahoma households:
Home Insurance: HO-3 and HO-A policies plus additional living expense coverage
Renters Insurance: Standard contents protection for rented homes and apartments
Condo Insurance: Covers owner-occupied condos in approved complexes
Auto Insurance: Basic liability and physical damage policies
Flood Insurance: Through a partnership with Wright National Flood Insurance
Unlike large national insurers, American Mercury Lloyds does not currently offer umbrella insurance, scheduled personal property coverage, identity theft protection, or mechanical breakdown insurance. Their products cater more to basic property and auto needs.
Is American Mercury Lloyds Right for You?
American Mercury Lloyds is best suited for these situations:
Homeowners looking for basic HO-3 policies in TX and OK
Renters or condo owners needing basic contents coverage
Drivers seeking just state minimum auto liability limits
Those needing a cheaper insurer due to tight budget
American Mercury Lloyds may not be the right choice if:
You want bundling discounts on home & auto insurance
Your property has high replacement cost or custom features
You require specialty coverages like identity theft or umbrella insurance
Financial strength and claims reputation are top priorities
For simple insurance needs they can provide affordable options. But those with more complex risks may prefer insurers like State Farm, Allstate, or Farmers Insurance.
American Mercury Lloyds Insurance vs. Major Competitors
How does American Mercury Lloyds compare to leading Texas and Oklahoma insurers? Here’s an overview:
|AM Best Rating
|American Mercury Lloyds
Is American Mercury Lloyds Related to Mercury Insurance?
Despite the similar name, American Mercury Lloyds Insurance Company is not related to Mercury Insurance. Mercury Insurance is a leading national insurer while American Mercury Lloyds is a smaller regional company operating in just two states currently. They are completely separate entities.
The Bottom Line
American Mercury Lloyds Insurance provides basic property and auto insurance policies at affordable rates. But policyholders sacrifice broader coverage options, multi-policy discounts, and financial strength compared to national competitors. Weigh these factors carefully when choosing an insurer to protect your home and vehicles. For many homeowners, going with a highly-rated company may be the smarter long-term choice.
The truth about Mercury insurance – Full review
Who owns Mercury Insurance company?
Is Mercury a good insurance company?
Which states is Mercury Insurance in?
Is Mercury the cheapest insurance?