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Inside P&C’s morning summary of the key stories to get you up to speed fast.) -
The firm reported quarterly earnings featuring disappointing personal auto loss cost trends.
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The firm is an outlier on the negative side both in its state mix and the speed of its rating actions.
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The change in outlook comes after Kemper reported a $257mn UW loss for Q4, its third straight significant negative underwriting result.
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The company’s fourth quarter combined ratio increased by 0.5 points to 92.9% year-on-year.
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The merger proposal was supported by at least 95.9% of the votes cast at during a special meeting of stockholders on Tuesday.
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The carrier is seeking to combat a return to pre-pandemic claims frequency and surging claims severity.
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The offering includes auto repair shops, auto body shops, car washes, oil change stations, tire shops and auto parts stores.
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The educator-focused carrier’s underwriting income plunged to $0.3mn from $16mn last year.
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P&C net written premiums rose by just under 10% to a little more than $8.5bn, as CEO Evan Greenberg said the company was still dealing with effects from the pandemic.
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The next generation must stay private longer, employ a partnership approach to capital and take the complexities of insurance more seriously.
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It is hard to see how the auto insurer can simultaneously address all of its challenges.
