Personal Lines

The firm reported encouraging quarterly earnings, but social inflation and other challenges still loom.

Colorado’s Marshall Fire is expected to cost the company $218mn, while the convective storm that devastated four states, including Kentucky, will contribute around $79mn in claims.

The president of the newly listed car company outlined the MGA’s scope for growth, appetite for M&A, and addressed the question of whether it could go full-stack.

The latest report shows even higher inflation pushing up severity, forcing carriers to take rate.

Although auto insurance rates dipped briefly, the average rate whipsawed 3% since 2020 and up 26% since 2011.

Data from Apple and Google show that Omicron has slowed the return to driving in some of the largest states by premiums.

The business unit will offer new products, including Hagerty Valuation Tools and DriveShare, designed for buying and selling collector cars.

Commercial lines loss ratios may move slightly higher, while personal auto carriers see the light at the end of the loss-cost tunnel.

The deal follows a similar transaction on northeast business in January.

In an interview with Inside P&C, CEO Sean Harper said that his company’s low churn rate has driven its solid growth.

The monthly CPI report shows that inflation continues to push severity higher as carriers take rate in response.

The classic car insurer goes public but might have to pay a price for growth later.