Horace Mann
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The cat losses are expected to add 15 points to Horace Mann’s Q1 combined ratio, compared to a pre-tax loss of $7.3mn or 4.8 points in Q1 2022.
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Commercial insurers surprised with continued positive results despite economic conditions.
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Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.
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The carrier is seeking to combat a return to pre-pandemic claims frequency and surging claims severity.
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The educator-focused carrier’s underwriting income plunged to $0.3mn from $16mn last year.
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Bradley will sit on the carrier’s audit committee, and his appointment is with immediate effect.
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Horace Mann reports that P&C premiums written fell by 5.2% in Q3, as new business volume remains below historical levels due to the pandemic.
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Hurricane Ida will account for $20mn-$25mn of the carrier’s cat losses.
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Horace Mann will adjust rates soon to deal with higher labor and materials costs.
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Premiums were flat in the quarter, while Horace Mann cited rising frequency and severity of fire and non-weather claims – along with inflationary pressures – for a deterioration in property.
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Horace Mann continues moves to diversify and expand business with its purchase of Madison National Life Insurance.
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Wade Rugestein leaves the specialist insurer to pursue opportunities outside the industry.
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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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CEO Zuraitis said the company’s nearly $9mn in recoveries allowed it to achieve "below market" pricing on its program.
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Underwriting income fell by 6% to $16mn, as lower earned premiums outweighed a modest improvement in margins.
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Core earnings per share of $0.82 surpassed analysts’ consensus estimate of $0.68 per share.
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The “empty-street” economy has left auto exposed names in a relatively favorable position, highlighted by a second quarter of strong earnings growth and beats when compared to street estimates.
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A temporary reduction in auto loss frequency offset 22 points of catastrophe losses.
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Horace Mann released Q4 results with adjusted EPS of $0.75, beating consensus estimates.
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Horace Mann's results stemmed from a 13.9 point decline in its P&C combined ratio to 96.2%.
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Headline rate changes at lows not seen since 2007/8, in line with Q2:19 management commentary pointing to growth initiatives, and peak margins at leading firms.