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In Q3, inorganic growth added over four percentage points to the brokerage’s top line, as multiples remain “pretty consistent”. -
The Inside P&C news team runs you through the earnings results for the day.
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Three states — California, New Jersey, New York — were responsible for adding five points to YTD combined ratio for 2023.
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The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.
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The company pegged its overall written renewal rate in Q4 at 9% and expects it to be in the range of 20% to 25% in 2024.
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Its Q3 cat losses of $196mn primarily resulted from severe convective storms in the region, and drove the overall combined ratio to come at 104.4%.
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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.
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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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