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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.
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The Q2 results update came at the end of a week in which an agreement to acquire Willis Towers Watson collapsed.
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The firm’s earnings set it on the path of great expectations for 2022-2023.
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Good news may be temporary, no matter how good it is.
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The carrier reported 14.2% top-line growth and rate increases of 10.2%.
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The carrier reported price improvements of 4% at the summer renewals.
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Net diluted earnings per share jumped to $43.25 in Q2 2021, up from $15.26 last year.
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CEO John Marchioni also said he expected increases in social inflation trends to return as the economy reopens.
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The Chicago-based specialty company saw its combined ratio to spike to 116.1%.
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Kinsale posts a combined ratio of 79% in Q2 despite massive GWP growth.
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The broker expressed disappointment in not completing its planned acquisition of some Willis Towers Watson brokerage operations, but touted the success of its tuck-in acquisition strategy.
