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A credit loss owing to a fraudulent letter of credit from Vestto added 1 point to the combined ratio in Q3, insurance president Jeremy Noble told analysts during a conference call. -
The Bermudian also revealed a $29mn restructuring charge for Q3.
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Excluding programs, the E&S insurer grew around 25% in the quarter, led by 33% growth in wholesale casualty.
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Following its earnings report on Wednesday, Lemonade’s stock hit $14.80 per share on Thursday morning, nearly 35% higher than the previous close and the highest since mid-August.
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“We're certainly not banking on inflation abating at this moment in time,” Alex Timm told analysts.
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The Inside P&C news team runs you through the earnings results for the day.
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The firm booked catastrophe losses of $462mn — largely from Lahaina Wildfire and Hurricane Idalia — down from $655mn in Q3 last year, which was affected by Hurricane Ian.
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The Inside P&C news team runs you through the earnings results for the day.
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The executive noted “increasing evidence [that] casualty rates widely underpriced and oversold during the last soft market need to increase.”
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Loss costs trends continue to increase in both physical damage and bodily injury coverages for nearly all of Progressive’s commercial auto products, CEO Tricia Griffith wrote in a quarterly update.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
