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The company released its Q1 results which included a 158% decline in operating EPS to $(0.18) and a 7.5pt increase in its combined to 107.2%.
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The New Jersey-based carrier lowered full-year 2020 guidance on both underwriting and net investment income based on expectations of top-line and alternative investment income pressures.
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Syndicate 1729 takes a pair of trucking underwriters from Neon.
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The carrier’s executives say it has made substantial progress in resolving historic liabilities related to the account.
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Preliminary data for April suggests auto frequency is down around 50%. We expect this could put pressure on for more/bigger premium rebates, and potentially add liquidity stress to intermediaries. -
Yesterday morning Progressive released its March results, giving a first look on the impact of the Covid-19 shutdown on insurance financials.
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For all the focus on the potential tail risks from Covid-19, the most probable outcome is a period of benign frequency allowing carriers to catch up to trend, altering the near-term industry paradigm.
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Following decades of significant market share growth, Progressive faces increasingly cost-efficient competition from large carriers, while its new TAM places the firm in a competitive agency channels.
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What can go wrong? Lower yields. Market-linked income under pressure. Rising loss costs. Mean reversion in personal auto and workers’ comp. Welcome to 2020?
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Warren Buffett’s conglomerate reported ludicrous headline net earnings, but with a less healthy story in insurance with lower favorable development and notable deterioration of results at Geico.
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On Wednesday, Progressive reported somewhat disappointing earnings for September, including significant deterioration in its commercial auto results.
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Farmers Insurance reviews its options, while Allstate predicts a potential expansion of partnerships of transport network companies.
