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CEO Kevin O'Donnell said climate change was driving increases in cat loss frequency.
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The first full-look broker look points to continued upside surprises with pre-Covid-19 growth levels. -
The broker beat analysts’ consensus of $0.43 per share, as compiled by SNL.
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The specialty insurer provides positive news on rates, growth and claims trends.
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Management highlights runway on growth, conservative accounting and headwinds to NII.
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CEO Alan Schnitzer acknowledges coming reinsurance rate hikes.
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The carrier reports a business insurance renewal rate change of 8.2%.
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New business was up 8.4% due to an uptick in submissions into the E&S market.
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Claims stem from hurricanes Hanna, Isaias, Laura and Sally.
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The figure compares with around $50mn in pre-tax cat losses in Q3 2019 from Hurricane Dorian and other events.
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Progressive’s August results were solid. The firm reported $0.38 in operating EPS, up 11.6% YoY, and recorded a headline combined of 92.6% (down -0.8pts).
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The carrier showed improvement in the underlying profitability of the carrier as the turnaround continues.
