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A total of 10 of the carrier’s 13 underwriting divisions experienced double-digit premium growth for the second consecutive quarter. -
Floridians’ results continue to reflect the difficulties of the present marketplace and leave the future unclear.
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Rate actions during the quarter was better than expected, said CEO Joseph Lacher.
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Gross written premium grew 5.1% year-on-year to $400mn, while net written premium rose 0.6% to $195mn.
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CEO Sean Harper expects the company to achieve positive operating profit by Q4 2022.
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CNA Financial CEO Dino Robusto said on an earnings call that right now, the carrier aims to take advantage of current pricing conditions.
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The biggest growth driver was commercial lines, which was up 25% for the second quarter.
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Business placed in the region had shown the sharpest increases, but is also recording the fastest deceleration.
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Rising wages, particularly in leisure and hospitality, are offsetting the effects of rate slippage, Employers says.
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COO Patrick Barbeau added that Intact saw part prices increase, with inflation in part costs in the high teens.
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The insurer’s Q2 combined ratio narrowly worsened, as improvements in commercial were outweighed by personal lines challenges.
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CEO Mike Kehoe said his company’s results stem from a combination of higher insurance rates and rapid premium growth.
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