Personal auto
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The educator-focused carrier’s underwriting income plunged to $0.3mn from $16mn last year. -
The firm reported encouraging quarterly earnings, but social inflation and other challenges still loom.
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The president of the newly listed car company outlined the MGA’s scope for growth, appetite for M&A, and addressed the question of whether it could go full-stack.
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The latest report shows even higher inflation pushing up severity, forcing carriers to take rate.
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Although auto insurance rates dipped briefly, the average rate whipsawed 3% since 2020 and up 26% since 2011.
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Data from Apple and Google show that Omicron has slowed the return to driving in some of the largest states by premiums.
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The business unit will offer new products, including Hagerty Valuation Tools and DriveShare, designed for buying and selling collector cars.
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Commercial lines loss ratios may move slightly higher, while personal auto carriers see the light at the end of the loss-cost tunnel.
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The monthly CPI report shows that inflation continues to push severity higher as carriers take rate in response.
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Just over a quarter of shareholders voted to redeem shares as Aldel Financial took classic car underwriter public.
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The classic car underwriter will use the proceeds from its most recent fundraise to spur organic growth, and invest in data, technology, and geographic expansion.
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The Traverse City, Michigan-headquartered MGA began training Friday after a merger deal with SPAC Aldel Financial, valuing the business at around $3.1bn.
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