Earnings

The firm looks to leave the nixed merger behind, but the distraction has left it lagging behind peers, although with positive numbers.

Assurant posted a 19% jump in second-quarter net operating income on Tuesday, helped by strong sales in its auto unit and expansion of its mobile phone coverage.

Insurance underwriting income jumped by 50% on strong underlying gains.

Horace Mann will adjust rates soon to deal with higher labor and materials costs.

The broker reported adjusted diluted EPS of $2.66, up 48% on Q2 2020.

Premiums were flat in the quarter, while Horace Mann cited rising frequency and severity of fire and non-weather claims – along with inflationary pressures – for a deterioration in property.

The underwriting profits within the carrier’s US operations narrowed to $25mn, after higher economic activity and attritional claims caused margins to tighten.

The company added a new property quota share treaty at June 1, which reduced net written premiums in the quarter by $122mn.

The firm posts positive results, but the focus remains on how quickly it can bounce back from a prolonged distraction.

Erie Indemnity Company’s operating income fell 6.7% in Q2 to $85mn, as management fee revenue rose 4% to $502mn.

Executives addressed analysts following strong Q2 results and the earlier collapse of the Willis integration.

The Q2 results update came at the end of a week in which an agreement to acquire Willis Towers Watson collapsed.