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The industry may be entering an above-average organic growth stage as Brown & Brown reports a 19-year-high retail organic growth. -
Donegal Group’s operating earnings dropped 30.5% in Q1 to $8.5mn, as an uptick commercial fire losses dented the Pennsylvania-based carrier’s results over the quarter.
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The broker says it expects rates to increase through the remainder of the year, but that the pace of gains was ‘moderating’.
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The workers’ comp specialist opened the year with strong results but continued skepticism on the turn.
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“We really haven't observed any material signs of market hardening,” the executive tells analysts.
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The carrier provided optimistic projections on margins and growth, expanded buyback authorization and gave details about two more bids from Chubb.
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The Floridian insurer expects net current quarter “other weather” losses to make up $16.1mn of the claims tally.
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The workers’ comp specialist's gross written premiums fell 20% for the fourth straight quarter as the pandemic-induced downturn continues to hit the top line.
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The company grew NPW by 1.4%, boosting its financial indemnity and property writings, as it scaled back in workers’ comp and general liability.
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The CEO also says M&A remains a “low priority” for the carrier and that he doesn’t see any further outsized liability exposures in the portfolio after settling with BSA.
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Rate increases remained strong in the quarter, but slowed from the end of last year.
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The carrier’s results showed its biggest reserve release on record, and the highest growth in 36 quarters.
