CNA Q3 operating EPS fell 68% YoY to $0.37 per share missing consensus estimate of $1.02, as both P&C and Life & Group operating results weakened – driven by the first adverse development in P&C since Q1-15 and a charge related to life reserves.
On Monday morning, Mercury General reported disappointing earnings for the quarter, including a 30% decline in its operating EPS to $0.78 per share. The result missed analyst estimates of $1.15 per share. The shares closed down 11%.
The dynamic facing brokers appears clear: on one hand, they've been operating with the wind at their back. On the other, tailwinds led to expectations that appear to only be accelerating.
Brokers appear to be no longer resisting rate increases, but are focused on prepping clients for rate increases and training staff to sell those rate rises.
