Earnings

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.

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%.