Progressive
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Following a year of impressive results, benefits from low accident frequency appear to be fading based on the latest print. -
Claims from winter storms have exceeded the carrier’s $80mn retention for its property XoL treaty.
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While the direct channel has strengthened over the past year, Root has not grown auto PIF since Q1:20.
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The insurer reported 4.2pts of unfavorable development from December based on late reported claims.
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Does the commercial auto specialist offer its acquirer any key differentiation?
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Reduced accident development led to a prior underestimate in the December frequency benefit.
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The carrier’s net income for the period rose by 57% to $1.7bn.
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John Barbagallo was scheduled to retire at the end of January but will work part-time for an extra year.
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The insurer’s new UBI offering is set to support further pricing segmentation and growth.
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Real-time data show an estimated decline in accidents of 26% as Covid-19 cases surged.
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Progressive’s September results were strong. The firm reported $0.57 in operating EPS, up 48.7% YoY, and saw a headline combined of 88.3% (down -4pts YoY).
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