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The carrier reported increased favourable development but sank to a combined ratio of 123% on what the CEO labelled "unprecedented" weather losses.
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The carrier reported core income of $193mn on Monday morning, ahead of the $102mn generated in the third quarter in 2019.
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Despite the drop in premiums, Amerisafe was able to improve its expense ratio by 4.7 points to 18.6% during the period.
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Catastrophe losses totaling $6mn contributed to the decline.
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Organic expansion of 13% in reinsurance was offset by declines in retirement solutions and data and analytics. -
Thursday saw an avalanche of broker data points, with Q3 reports and conference calls of Marsh & McLennan, Willis Towers Watson and AJ Gallagher all on the same day.
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Natural catastrophes during the quarter cost the insurance group $219mn.
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The improvement was fuelled by an 8.3% growth in brokerage revenue to $1.3bn.
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The rapid rise in the cost of cover comes as clients fight for survival, the CEO says.
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Organic expansion stalls at Guy Carpenter but Marsh grows 3% as the group beats profit expectations.
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The reinsurance segment expands 3% on an organic basis within a set of results that came in marginally ahead of consensus.
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Following a kitchen sink Q2, Chubb reported strong numbers on growth and a better core loss ratio.
