Kemper
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However, the carrier reiterated its prior guidance of a return to underwriting profitability In H2 2023 with a 2024 financial target of achieving 10%+ in full year RoE. -
The auto insurer’s results were adversely impacted by prior-year claim reserve additions and catastrophes.
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CEO Joe Lacher projected that the company will be profitable in the first half of the year and produce an underwriting profit in the second half.
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Five auto insurers receive approval to raise rates after 32-month halt by the California Department of Insurance.
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The insurer estimated a 109% combined ratio for Kemper Auto in Q4, which included $7mn of adverse legal cost development for the first three quarters of last year.
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The sell-off was one of the carrier’s “strategic initiatives” to focus on core capabilities as the company navigates a challenging environment for personal line businesses.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The CEO added that the company has also established an offshore captive and is in the process of creating a reciprocal exchange.
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The company said longer term impacts of the pandemic, primarily significant prolonged inflation, have led to lower volumes of policies in force.
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A challenging legal atmosphere and drift in loss cost components add difficulty to the task of tallying ultimate losses.
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The ratings agency revised its outlook for the Chicago-based group to stable from negative.
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Rate actions during the quarter was better than expected, said CEO Joseph Lacher.
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