Improved Underwriting Profit
The accident year combined ratio improved to 94.6% from 96.7% last year, producing an underwriting profit of $5.6 million, a 61% increase compared to last year's $3.5 million.
Strong Premium Growth
Gross written premiums increased 18% to $109.9 million, excluding terminated products, with significant growth in Vacant Express (27%) and assumed reinsurance (86%).
Investment Portfolio Performance
The investment portfolio delivered stable results with an annualized return of 4.9% and a total investment return of $17.7 million for the quarter.
Technology Infrastructure Advancements
Completion of design and coding for the Kaleidoscope policy system is on track for year-end testing, and a successful migration to a modern data lake in the cloud has been achieved.
Approval for $100 Million Dividends
Received approval for $100 million in aggregate dividends from insurance subsidiaries to bolster liquidity and fund growth in agency and insurance service operations.