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The Chicago-based specialty carrier also generated its best growth print in recent memory, expanding the top line by 13%. -
While the pandemic offered some relief to commercial auto insurers, maintaining margins will be tricky to achieve given rate moderation.
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The deal combines the two major mobile telematics companies, which will now cover 21 of the 25 top US auto insurers.
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Progressive has hailed its rigorous approach to reserving and depth of experience in commercial auto as the secret to its success with insuring TNCs.
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The transaction adds around $547mn of gross written premiums to Progressive’s $5.6bn commercial auto book.
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The ratings agency finds that auto carriers accounted for five out of seven cases in which companies were liquidated.
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The carrier now provides policies for drivers using the app in 16 states and the District of Columbia.
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The line of business was Donegal’s worst by far for underwriting profitability.
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The former Hallmark trio arrive to lead a transportation push.
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A deal would end the saga of the Indiana-based insurer which has been in question for two years.
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Better underlying results and lower cats were partially offset by a $10mn reserve charge in preferred personal auto.
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Earlier this month, NHTSA said that traffic deaths had spiked by 13% in the third quarter.
