Kemper
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Insurance Insider US runs you through the earnings results for the day.
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The firm does not expect reserve developments for its auto operations in Q4.
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Kemper’s current results and historical trends suggest continued difficulty and remains a TBD story.
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As the market hardens, Kemper plans to “open the filters and see what comes through” as another quarter of rate earns in, CEO Joseph Lacher told analysts on Monday.
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The Inside P&C news team runs you through the earnings results for the day.
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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 company expects a net loss of between $140mn-$150mn for the quarter and a net operating loss in the range of $25mn-$35mn.
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Allstate’s underperformance in results and value creation may be an opportunity for activist investor Trian, but history suggests it will have its work cut out.
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In his stead, the company has named Bradley Camden as interim CFO and initiated a formal search process as part of the selection of a permanent CFO.
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In tandem, the carrier initiated a formal search process as part of the selection of a permanent CFO.
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The affirmations reflect Kemper’s recent rate increases in California and its exit of the preferred home and auto insurance market to redeploy capital to the carrier’s core segments.
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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 segment will now be a non-core part of the business and will no longer be reflected in future reporting, Lacher told analysts on the carrier’s Q2 earnings call on Monday.
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The Inside P&C news team runs you through the earnings results for the day.
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All policies will be non-renewed or canceled in accordance with state regulations, according to an announcement released ahead of the company’s Q2 earnings call on Monday.
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The company also expects to record an after-tax goodwill impairment charge of approximately $45.5mn following a strategic review of its personal insurance business.
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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.
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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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The sector was hit by a rough first half of 2022, with more to come in the second half of the year.
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Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.
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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 compensation was approved with 27,589,199 votes but faced 23,492,314 votes against and 155,686 abstentions.
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Management highlighted inflationary pressures as a key driver in loss cost trends, as the company takes rate to improve the combined ratio.
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March’s CPI report shows elevated inflation levels, including vehicle CPI of 10.5% and average used car price increase of 24.7%.