Earnings

CEO Dino Robusto predicts favorable market conditions into 2022.

The hiring war heats up, stretching the firm’s compensation expenses relative to revenue and stealing the spotlight from positive earnings results.

The Chicago insurer improved its Q3 combined ratio to 100%, reported 8% rate increases and grew GWP by 10%.

The company did not recognize any prior-year loss reserve development this quarter, versus the $14.8mn of net favorable development reported in the prior-year period.

The Chicago-based company grew NPW by 4%, helped by 24% growth in its financial indemnity business, which wrote over $100mn in net premiums in the quarter.

The Hartford’s CEO Christopher Swift said the authorization to increase the firm’s share repurchase program by $500mn during the third quarter of 2021 shows confidence in the business.

Brokers have reported strong earnings in Q3, with Aon growing by 12% and Marsh McLennan 13%.

Rising claims and expenses drive costs higher, pushing Erie Indemnity Q3 operating income down 1.2%.

The Cedar Rapids-based company says Hurricane Ida was a full-retention reinsurance loss, at least its second in two years after it took an $88mn gross loss from last year’s Midwest derecho.

Expanding franchises and new technology help Goosehead expand third-quarter core revenue, as premiums jump by 44%.

Kinsale Capital Group reported a leap in Q3 net operating income, boosted by rate increases, lower catastrophe costs and favorable development.

Aon is the latest of the major brokers to report rising growth levels this quarter.