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CEO Patel likened the InsurTech to “sending a man to the moon”, as the Floridian remained in profit despite $10mn of losses from Eta.
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Short-tail underwriting earnings almost double, while long-tail slips into the red. -
Dividend payments to policyholders have risen by $3.1bn to $7.2bn for the period.
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This year we will see more focus on growth, broker pushback against rates and plenty of noise surrounding the Aon-Willis merger.
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The InsurTech grew customer count by 6.4% QoQ and said that growth in premiums per customer accelerated for the third straight quarter.
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The company launched in 18 states last year and plans to enter 11 new markets in 2021.
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Covid-19 claims of $964mn weighed on the reinsurance unit’s result for the full-year.
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Net earned premiums dropped almost 70% as the company increased its use of reinsurance.
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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.
