Old Republic says commercial auto pricing is ‘nearing’ rate adequacy
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Old Republic says commercial auto pricing is ‘nearing’ rate adequacy

Old Republic with Craig Smiddy Chicago.jpg

Old Republic CEO Craig Smiddy told analysts on Thursday that the company’s recent reserve releases in the commercial auto line of business should be viewed as a sign of a return to health for the segment, and that after years of significant rate increases in response to accelerating loss trends, the insurer’s commercial auto portfolio is closing in on rate adequacy.

The executive was discussing fourth quarter and full-year results, in which the underwriting income in Old Republic’s general insurance unit soared 79% to $109mn, thanks in large part to the roughly $61mn in reserves released, mostly tied to the...

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