Earnings

The insurer is currently seeing ‘a steady flow’ of M&A opportunities in the market but would strike a deal only for double-digit returns over time.

The insurer said its plan was to fully transition the book to the fund.

With its costly exit from its Uber book in the rearview mirror, James River is now looking to drive its casualty reinsurance portfolio in a better direction.

The co-CEO said that rate increases at the company averaged about 10% in the quarter and were higher for casualty and professional lines.

The company shrank overall GWP by 1.6% to $876mn, weighed down by a 10% drop of in international premiums, though it grew its core lines of business in the US by 20%.

Catastrophe losses at the insurer fell to $31mn from $57mn last year.

Mercury General reports a 47.5% drop in Q3 operating profit despite higher premiums.

James River reports strong GWP growth for Q3, but operating income slumps amid Uber policy sale.

The Richmond-based (re)insurer also reported a lower catastrophe figure overall, a better expense ratio, and grew GWP by 20%.

The executive said Progressive was taking steps to address “persistent underperformance” in its property segment and emphasized the need to avoid concentrations of risk in areas with significant catastrophe exposure.

Low-teens rate increases are expected to continue for the company as submissions improve.

The pandemic’s reopening caused rapid increases in auto frequency and global disruptions in supply chains, leading to “disappointing” results, Kemper’s CFO said.