Earnings

Markel's GWP growth also slowed to 13.7% in the quarter, compared to growth of 21.1% in Q1 2022.

The California-based carrier, which focuses on personal auto, blamed rising costs for parts and labor, along with medical inflation, for the swing to an underwriting loss.

The Cayman Islands-headquartered firm said its underwriting improvement in Q2 was driven by the shift in business mix to higher-margin lines of business.

The loss ratio in the personal lines unit increased by 7.1 points year on year, as property and auto lines faced higher severity.

CEO Griffith noted that the company is feeling "the impact of weather and inflation" and that Progressive saw inflation impact the average cost to settle a claim.

A total of 10 of the carrier’s 13 underwriting divisions experienced double-digit premium growth for the second consecutive quarter.

Floridians’ results continue to reflect the difficulties of the present marketplace and leave the future unclear.

Rate actions during the quarter was better than expected, said CEO Joseph Lacher.

Gross written premium grew 5.1% year-on-year to $400mn, while net written premium rose 0.6% to $195mn.

CEO Sean Harper expects the company to achieve positive operating profit by Q4 2022.

CNA Financial CEO Dino Robusto said on an earnings call that right now, the carrier aims to take advantage of current pricing conditions.

The biggest growth driver was commercial lines, which was up 25% for the second quarter.