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Net earned premiums dropped almost 70% as the company increased its use of reinsurance. -
Core E&S premiums grew by 39% during the quarter.
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Catastrophes increased the carrier’s losses and LAE for the quarter by 41.7% year on year.
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The company’s CEO Mac Armstrong said the launch of its E&S company allowed it to grow commercial lines GPW by 95% in 2020.
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The line of business was Donegal’s worst by far for underwriting profitability.
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The carrier believes the rising casualty claims count will continue post-Covid-19.
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Parent BGC Partners says its recently renamed insurance brokerage unit turned a profit on an adjusted basis.
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Partnerships, LLC and other investment income contributed $494mn to the carrier’s pre-tax result.
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The broker attributed the rise in profits to increased productivity and growth at its corporate agencies and operating franchises.
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The Pennsylvania-headquartered carrier’s results were in part aided by a reduction in large fire losses.
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The specialty reinsurer also had $11mn in Covid-19 claims and $7mn in catastrophe losses.
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The underwriting loss narrowed to $8mn, from $142mn last year, as reserves developed favorably and core margins improved.
