Presurance Q4 gross written premiums fall as commercial lines exit
Overview
US property and casualty insurer's Q4 gross written premiums fell 42% yr/yr as commercial lines exited
Adjusted operating loss for Q4 narrowed
Q4 combined ratio rose to 333.5%, indicating substantial underwriting losses
Outlook
Company continues to focus on select personal lines homeowners’ business going forward
Company expects continued impact from legacy commercial lines run-off on financial results
Result Drivers
COMMERCIAL LINES RUN-OFF - Co said exit from underperforming commercial lines drove Q4 premium decline and simplified risk profile
ADVERSE DEVELOPMENT - Continued adverse development from legacy commercial lines significantly impacted financial results, per CEO Brian Roney
Company press release: ID:nGNX7LLlgq
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q4 Gross Written Premiums |
| $7.95 mln |
|
Q4 Adjusted Operating Income |
| -$15.2 mln |
|
Q4 Combined Ratio |
| 333.5% |
|
Q4 Expense Ratio |
| 46.6% |
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