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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.
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James River reports strong GWP growth for Q3, but operating income slumps amid Uber policy sale.
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The Richmond-based (re)insurer also reported a lower catastrophe figure overall, a better expense ratio, and grew GWP by 20%.
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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.
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Low-teens rate increases are expected to continue for the company as submissions improve.
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The pandemic’s reopening caused rapid increases in auto frequency and global disruptions in supply chains, leading to “disappointing” results, Kemper’s CFO said.
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CEO Dino Robusto predicts favorable market conditions into 2022.
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The hiring war heats up, stretching the firm’s compensation expenses relative to revenue and stealing the spotlight from positive earnings results.
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The Chicago insurer improved its Q3 combined ratio to 100%, reported 8% rate increases and grew GWP by 10%.
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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.
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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.
