ProSight reports strong Q3 growth
Property/casualty insurance company ProSight Specialty has reported increased underwriting profits and minimal impact from hurricanes and other catastrophes in its Q3 results. The impact of third quarter catastrophe losses for Hurricanes Harvey, Irma and Maria is estimated at less than $2 million of pre-tax profit.
The company said that its record US Statutory quarterly pre-tax income of $25.5 million for the third quarter marks an increase of 6 percent from the third quarter 2016, reflecting the benefits of completing the repatriation of the profitable US portfolio previously written in the UK.
Pre-tax profit for the US-produced business improved by $30.1 million to $24.0 million versus a pre-tax loss of $6.1 million in 2016.
Gross premium of $642.9 million represents growth of 4.6 percent versus 2016. Excluding a planned reduction in commercial auto premium of 21.3 percent from 2016, premium growth was 8.6 percent.
The company’s net loss ratio of 64.1 percent was an improvement of 2.5 points versus the 66.6 percent reported in 2016.
ProSight reported year to date statutory surplus growth of $71.0 million, or 20.0 percent, through organic earnings growth and capital support from investors, Goldman Sachs and TPG.
Other statutory highlights included a surplus level of $426.4 million as of September 30, 2017 and capital adequacy ratio at an all-time high.
“We are pleased with our performance through the third quarter and feel it reflects the maturation of our seasoned, diversified and low CAT exposed business,” said Joe Beneducci, ProSight CEO. “Our unique strategy of differentiated customer solutions coupled with exclusive distribution continued to gain momentum in the third quarter.
“The repatriation of the profitable portfolio of US business previously written out of our UK operation is now complete. This now allows us to focus all our energy on expanding the success of our US business while continuing to provide unique, innovative solutions for our customers. ProSight and our exclusive distribution partners are well positioned to carry this quarter’s momentum through year-end and expect 2018 to set new records for growth in premium, profitability, and surplus.”
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