Results
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The insurer cut average annual loss exposure by 40% more than a year ahead of schedule after shedding property limit and restructuring reinsurance purchases.
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The firm looks to leave the nixed merger behind, but the distraction has left it lagging behind peers, although with positive numbers.
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Assurant posted a 19% jump in second-quarter net operating income on Tuesday, helped by strong sales in its auto unit and expansion of its mobile phone coverage.
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Insurance underwriting income jumped by 50% on strong underlying gains.
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Horace Mann will adjust rates soon to deal with higher labor and materials costs.
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The broker reported adjusted diluted EPS of $2.66, up 48% on Q2 2020.
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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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The underwriting profits within the carrier’s US operations narrowed to $25mn, after higher economic activity and attritional claims caused margins to tighten.
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The company added a new property quota share treaty at June 1, which reduced net written premiums in the quarter by $122mn.
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The firm posts positive results, but the focus remains on how quickly it can bounce back from a prolonged distraction.
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Erie Indemnity Company’s operating income fell 6.7% in Q2 to $85mn, as management fee revenue rose 4% to $502mn.
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Executives addressed analysts following strong Q2 results and the earlier collapse of the Willis integration.
