Financials

Skyward reports Q3 earnings beat despite CR deteriorating 2 pts to 92.2%

Skyward Specialty has reported an earnings beat for the third quarter in results that included the combined ratio worsening by 2 points to 92.2 percent on higher catastrophe losses and gross written premiums growing 12.4 percent to $400mn.

Goosehead CEO hails turnaround as agency platform passes $1bn premium milestone in Q3

US personal lines agency Goosehead Insurance has reported a Q3 earnings beat that included 10 percent revenue growth, premiums generated of more than $1bn for the first time, and an increased adjusted Ebitda margin of 34 percent, with its CEO noting progress on “significant challenges” in the past two years.

RLI in earnings beat as operating profit more than doubles to $60.4mn

RLI Corp reported third quarter operating earnings that jumped from $28.3mn to $64.1mn, including favourable development on prior years’ loss reserves that resulted in a net increase in underwriting profit of $18.1mn.

Selective’s Q3 UW gain narrows by 83% to $4mn as cat losses surge to $149mn

Selective’s underwriting gain collapsed by 83 percent to $4mn in the third quarter from $25mn the year before, driven by catastrophe losses that surged to $149mn from $65mn, but the insurer’s core loss ratio improved by 380 basis points to 55.4 percent.

AM Best Rating Services names Gillard to succeed Mosher

AM Best has named James Gillard as the successor to Matt Mosher, the president and CEO of its ratings services business, who is retiring at the end of the year after almost 30 years with the company.

BP Marsh acquires 44% stake in Czech MGA CEE Specialty

Insurance-focused venture capitalist BP Marsh has acquired a 44 percent stake in Czech marine and liability MGA CEE Specialty, adding a European-based underwriting platform to its growing portfolio.

US insurance composite up 1.9% after late rally amid Fed interest rate comments

The North American insurance composite, compiled by investment banks Stonybrook Capital and Weild & Co, was up 1.9 percent last week and remains in record territory with all but two of the 11 industry groups tracked by the index up during the period.

ProAssurance CR up 2.7 points to 110.9% in Q2

ProAssurance’s combined ratio ticked up 2.7 points to 110.9 percent in Q2 2024 as both its net loss and underwriting expense ratios increased during the period, while the carrier’s operating income per diluted share for the three month stretch came in ahead of analysts’ consensus forecast.

HCI adjusted net income soars in comfortable Q2 earnings beat

HCI Group quadrupled its adjusted net income to $56.7mn in Q2 2024 in earnings that came in well ahead of analysts’ consensus estimate, with the results driven by a better underwriting performance that was spurred by improved conditions in Florida.

IGI’s GWP up 3% to $206mn in Q2 as CR worsens to 81.2%

International General Insurance Holdings has reported a drop in operating earnings for the second quarter in results that included a 7.7 point combined ratio deterioration to 81.2 percent and 3 percent growth in gross written premiums to $205.6mn.

James River UW profit dips 6% in Q2 as non-renewed WC program leads to 3% GWP fall

James River’s core second quarter underwriting profit fell by 6 percent to $9.84mn from $10.42mn – hurt by an $11mn reserve charge in its specialty admitted segment – although the firm’s adjusted net operating income nearly doubled to $12.66mn from $6.65mn.

Ambac more than doubles Ebitda to $26.6mn amid strong growth in P&C business

Ambac reported adjusted net income that increased from $3.4mn to $8.3mn, with Ebitda up 125 percent to $26.6mn in a momentous quarter when P&C premium production surged 75 percent to $165mn and the New York-based company announced deals to sell its legacy financial guarantee business and buy 60 percent of Beat Capital Partners.

Tokio Marine and Sompo shares slump as P&C stocks are swept up in global rout

The global equities sell-off intensified on Monday with European markets falling strongly at the open and Japan’s benchmark index recording its worst day since 1987’s Black Monday.

Fortegra gets $40mn from Tiptree and Warburg Pincus to support further growth

Fortegra’s backers Tiptree and Warburg Pincus contributed close to $40mn of additional capital to the fast-growing specialty carrier at the end of Q2 2024 to further its expansion.

Ryan Specialty Q2 organic growth accelerates to 14.2% as it ekes out earnings beat

Ryan Specialty’s organic growth accelerated to 14.2 percent in Q2 2023 – up from the previous quarter’s 13.7 percent – while its adjusted Ebitdac margin increased 2.4 points year on year to 35.6 percent.

AIG shares trade down 5% on Q2 earnings miss despite further GI improvement

AIG shares fell 5 percent this morning as investors digested a noisy quarter that included an earnings miss but also improved underlying underwriting performance, evidence that its general insurance business is in growth mode, and the deconsolidation of Corebridge.

Everest beats with Q2 operating income up 16% to $730mn despite higher cat hit

Everest Group’s net operating income increased $103mn in Q2 2024 to $730mn while its combined ratio deteriorated by 2.6 percentage points to 90.3 percent as far higher pre-tax catastrophe losses more than offset an improvement in its current year loss ratio.

Fortegra Q2 CR improves 30 bps to 89.9% as E&S drives top line growth

The Fortegra Group’s second quarter 2024 combined ratio improved by 30 basis points to 89.9 percent while the carrier’s gross premiums written and premium equivalents (GPWPE) for the period increased 8.4 percent to a record $776.1mn.

Intact beats as net operating income soars 111% to C$866mn in Q2

Intact Financial Corporation recorded a comfortable Q2 earnings beat as its net operating income more than doubled to C$866mn ($625mn) driven by strong underwriting results and solid growth within investment and distribution income.

Lemonade Q2 loss ratio improves to 79% as Ebitda loss narrows to $43mn

Lemonade cut 15 points from its gross loss ratio in Q2 2024 to 79 percent while the insurtech’s adjusted Ebitda loss narrowed by 18 percent to $43.0m in results that the firm, in a letter to shareholders, described as “excellent”.

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