Mercury General Gains $190 M Investment as Rubric Capital Boosts Stake

Rubric Capital Management LP increased its holding in Mercury General Corporation by purchasing an additional 100,000 shares in the first quarter, raising its stake by 4.9%. After the purchase the fund owned 2,154,504 shares, representing about 3.89% of the insurer and valued at roughly $189.9 million.

The stake now accounts for 2.0% of Rubric’s overall portfolio, making Mercury General its 11th largest holding. Institutional investors collectively own about 42.4% of Mercury General’s stock. The insurer’s shares opened at $108.40, with a market capitalization of $6 billion, a P/E ratio of 7.15, and earnings of $3.50 per share for the latest quarter.