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Progressive booked a $621.2mn adverse development, compared with a $190.8mn reserve charge in Q1 2022. -
Returns from April 1 and May 1 were at or exceeded the return levels of January 1 renewals.
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Though strong growth continues, the future is less clear as driving forces potentially run out of steam.
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Most of the losses were sustained by the reinsurance segment, which reported $108mn in pre-tax cat losses, compared with $110mn in the prior year period.
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The firm reported flat reserve developments from its specialty and commercial P&C units in Q1, while a year ago the specialty segment posted a $10mn release.
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The events were widespread, but each was under $100mn in size.
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The company posted a 1.2-point increase in its loss ratio to 58.6%, as the firm saw less-favorable reserve releases and slightly higher cat losses during the quarter.
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The company achieved renewal written price increases of 10% in the first quarter and expects increases to accelerate into the high teens later this year.
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The carrier’s combined ratio totaled 100%, up 2.1 points from Q1 2022, reflecting a higher net loss ratio, partially offset by a lower net expense ratio.
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The broker also said it grew in fac, as well as in its strategy and technology group.
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Inside P&C’s news team runs you through the key highlights of the week.
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Aon’s results continue a trend of accelerated organic growth among brokers in the first quarter.
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