Earnings

CEO Joseph Brown said that the firm is still engaged in conversations to sell a portion of its insurance operations or the entire company.

In Q2, 80% of Hippo’s cat losses were caused by five major wind and hail events in Colorado and Texas.

The program accounted for approximately 7% of company-wide gross written premiums and 2% of net earned premiums over the last four quarters.

Executives have pointed out that it is becoming increasingly difficult to talk about broader trends as micro-cycles are developing for each line.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The segment will now be a non-core part of the business and will no longer be reflected in future reporting, Lacher told analysts on the carrier’s Q2 earnings call on Monday.

The Inside P&C news team runs you through the earnings results for the day.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Geico’s CoR fell 10.3 points to 94.7%, fueled by higher average premiums per auto policy, a reduction in advertising costs and favorable reserve development.

The COO noted that despite being able to get rate in excess of inflation, particularly social inflation, the carrier is watching casualty lines “very closely”.

The company has already seen submissions from MGAs that are potentially looking for a new fronting partner.

The legacy carrier reported unrealised losses of more than $345mn for 2022, up from $78mn the year prior.