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Amerisafe reported net operating income of $1.09/sh, a 36% beat versus consensus estimate of $0.8/sh and up from $1.01/sh in Q3:18 as underwriting profit and investment income advance. -
Rates charged in California are down 33% since 2015 and at the lowest level since 1976.
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The company said increases were needed to address “generally unfavorable pricing trends in the market place”.
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The product will be underwritten by Dovetail Insurance, a Victor subsidiary focused on InsurTech.
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Shareholders voted in favour of the $36 per-share offer, with the deal set to close on Thursday.
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Terms of the deal for the workers’ compensation carrier have now been released.
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The Alabaman carrier’s loss ratio deteriorated by 8.2 percentage points to 80.5 percent.
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The carrier's core earnings rose by 17.7 percent year over year to $1.33 per share in Q2 2019.
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The specialty workers’ compensation insurer reported GWP of $87mn, down 7.1 percent year on year.
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The sanction comes after Berkshire Hathaway agreed to sell its stake in the workers’ compensation carrier to United Insurance.
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The combined ratio fell by 5.9 percentage points to 86.4 percent last year, according to a new report.
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The Citibank-run sale process attracted interest from The Hanover.
