Homeowners' insurance
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Auto, umbrella and excess lines recorded mid-double-digit rate increases in Q2. -
Rates continue to fall across the state but are firmer in the southeast region.
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The carrier sees opportunities to grow in New York, the mid-Atlantic and Florida.
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CEO Rick McCathron also said the company is seeking to diversify its portfolio.
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The gross loss ratio for the homeowners InsurTech fell by 12 points last quarter.
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The company reduced its proportional quota share program from 55% to 20% cession.
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On Q2 calls, carrier executives called out fierce competition in various lines of business, and a misalignment of interest.
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The model becomes the second in the state to get approval to affect ratemaking applications.
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This follows last month’s takeout of 12,000 Citizens policies.
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Roughly half a year since the LA fires, brokers said there’s hope things are turning around.
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The broker posted a 6.5% drop in organic growth YoY.
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Mercury’s recovery from the guaranteed percentage of losses is $47mn.
