Edgar Filing: MERCURY GENERAL CORP

Date: March 10, 2009

MERCURY GENERAL CORPORATION

/s/ THEODORE STALICK

Name: Theodore Stalick

Its: Chief Financial Officer

Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 9, 2009

MERCURY GENERAL CORPORATION

(Exact Name of Registrant as Specified in Charter)


California	001-12257	95-221-1612
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

4484 Wilshire Boulevard

Los Angeles, California 90010

(Address of Principal Executive Offices)

(323) 937-1060

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 425 under the Exchange Act (17 CFR 240.14.a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.05.

Costs Associated with Exit or Disposal Activities

On March 9, 2009, the Company took action to eliminate approximately 360 employee positions or 7% of the Company’s workforce in an ongoing effort to improve its cost structure. The Company expects to record a charge, in the first quarter of 2009, of approximately $8 million for severance and other employee termination costs in connection with the reduction in workforce, all of which will result in future cash expenditures. The total annualized pre-tax cost savings that are expected to result from the employee reductions is estimated to be approximately $22 million.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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