Strong Return on Equity
The company reported a 30.6% adjusted return on common equity, highlighting their strong financial performance.
Improved Earnings Per Share
Adjusted diluted earnings per common share was $1.36 compared to an adjusted loss per common share of $0.73 in the prior year quarter.
Core Revenue Growth
Core revenue reached $400 million, up 4.9% year-over-year, driven by higher net premiums earned, net investment income, and commission revenue.
Lower Net Loss Ratio
The net combined ratio was 96.4%, down 20.5 points from the prior year quarter due to a lower net loss ratio, which was down 21.5 points.
Share Repurchase Program
The company repurchased approximately 347,000 shares at an aggregate cost of $8.1 million, with $7.1 million remaining in the authorization program.