Personal auto

Geico’s combined ratio came in at 77.2% down 18 points as frequency fell 24% to 30% across all product lines.

The car maker says it will file for regulatory clearance for the new insurance solution imminently.

The insurer is set to return around $80mn to customers under the scheme.

The deal marks the MGA’s first foray into assuming underwriting risk.

May CPI data included another downward spike in auto price inflation driven by declines in accident frequency, with countrywide lockdowns related to Covid-19 leading to rebates.

The company, which shelved tentative IPO plans last year, said the offering is subject to market conditions.

Root grew gross written premiums by 85 percent in Q1 to $144mn, according to statutory filings.

Preliminary data for May suggests auto frequency is down about 43%. The figure is close to the ~50% benefit we observed in April, but nevertheless shows a lessening of the frequency benefit.

Allstate has extended its 15% premium rebate by a month. Notably, a few other companies have also added to their original rebates including State Farm, USAA and American Family.

The “empty-street” economy has left auto-exposed names in a relatively favorable position – so much so that they have been returning premiums to clients.

On Tuesday, the BLS released March CPI data that included a downward spike in auto price inflation to -6.2%, driven by declines in accident frequency related to country-wide Covid-19 lockdowns.

Horace Mann released its Q1 results which included a 6.9pt decline in its combined to 88.6% and a 23.8% increase in its operating EPS to $0.78.