Earnings

The organic revenue number beat CEO Kelly King’s projections from this past summer, when he said the company expected high-single-digit third-quarter growth.

Axis estimates Hurricane Ida will be a $35bn industry loss event while the European floods – from which Axis expects a $55mn bill – are projected to cost the industry $13bn.

The figure – which included $440mn in losses from Hurricane Ida and $210mn from severe flooding in Europe – exceeds the $617mn in claims in the third quarter of 2017.

The carrier is targeting an increase in specialty business, as well as casualty growth to balance property exposures.

The midpoint for the estimate is around $97mn above the company’s pre-tax cat load, with $75mn resulting from Hurricane Ida.

In a month impacted by hurricane losses, earnings showed slower growth and no improvement in underlying loss ratio.

Progressive expects $510mn of catastrophe losses associated with Hurricane Ida, the company said on Friday.

The company, soon to merge with Omnichannel’s SPAC, posted a gross profit of $6.8mn.

The carrier has non-renewed around $800mn of business in the past 18 months.

The company disclosed on Wednesday evening that total revenue jumped 58% from the second quarter last year to $390mn.

Excluding prior-period reserve charges, the Illinois-based company estimated total cat losses at $211mn from 18 events.

The company faces elevated losses as it balances rate increases vs. growth.