Record Net Written Premium and Increased Net Income
The company achieved its third consecutive quarter of underwriting profitability, with net written premium growing 4% to $335.4 million and a significant increase in net income despite industry challenges.
Strong Investment Performance
Net investment income improved to $23.5 million, driven by a sustainable increase in fixed maturity income and favorable valuations on the limited partnership portfolio.
Improvement in Loss Ratios
The underlying loss ratio improved by 2.9 points to 56.5% due to strong earned rate achievement and disciplined portfolio management. Severity trends remained stable.
Positive Trends in Core Commercial Business
Core commercial business experienced a net written premium growth of 6%, with 11.7% renewal premium change and rates up 9.7%, exceeding loss trends.