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Despite being hailed as an asset, executives said the current situation is not ideal for either valuation or competitive purposes. -
The Insurance Insider US news team runs you through the earnings results for the day.
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The company bolstered casualty reserves by $18mn, mostly from discontinued lines.
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Submissions flow at E&S arm Lexington increased 28% year-over-year in Q2.
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Auto, umbrella and excess lines recorded mid-double-digit rate increases in Q2.
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The carrier reported an increase of 82% in pre-tax income.
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The move will impact around $50mn of gross written premiums in total.
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Its partnership channel grew three times in new writings year-over-year.
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Rates continue to fall across the state but are firmer in the southeast region.
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Social inflation is driving non-renewals, while CoRs are up for P&C and casualty.
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The carrier sees opportunities to grow in New York, the mid-Atlantic and Florida.
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CEO Rick McCathron also said the company is seeking to diversify its portfolio.
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