Personal auto
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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. -
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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The firm reported encouraging quarterly earnings, but social inflation and other challenges still loom.
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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.
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The latest report shows even higher inflation pushing up severity, forcing carriers to take rate.
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Although auto insurance rates dipped briefly, the average rate whipsawed 3% since 2020 and up 26% since 2011.
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Data from Apple and Google show that Omicron has slowed the return to driving in some of the largest states by premiums.
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The business unit will offer new products, including Hagerty Valuation Tools and DriveShare, designed for buying and selling collector cars.
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Commercial lines loss ratios may move slightly higher, while personal auto carriers see the light at the end of the loss-cost tunnel.
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The monthly CPI report shows that inflation continues to push severity higher as carriers take rate in response.
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