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THG’s underlying loss ratio rose by 6 points in the second quarter, to 57.8%, which the company said was the result of rising economic activity. -
The Austin-based insurance firm recently provided capacity to CRC-owned 5Star Specialty, and it plans to write business in all 50 states by the end of next year.
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Gallagher sees opportunity for new entrants to commercial auto marketplace with rates high and frequency down.
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The Chicago-based specialty carrier also generated its best growth print in recent memory, expanding the top line by 13%.
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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.
