ProSight Specialty Insurance Reports Excellent Start To 2018 With Strong 1Q Financial Results
"The momentum generated in the second half of 2017 has continued to expand in 2018," said
"The strength of our financial performance is the by-product of our continued push to launch new, innovative products to benefit our customers," Beneducci added. "Our recently launched insurtech platform, ProSight Direct, is the latest example of how our innovation continues to drive our financial results."
GAAP Highlights
- Annualized ROE of 15% improved 5.5 points from 9.5% in 2017.
- Gross Written Premium of
$275.1 million grew 9.6% or$24.2 million more than 1Q 2017. - Pre-tax profit of
$17.7 million increased 102.6% or$8.9 million from 1Q 2017. - The net combined ratio was 96.1%, an improvement of 6.3 points from 1Q 2017.
- The net loss ratio was 60.8%, an improvement of 4.9 points versus 1Q 2017.
- The improvement reflects a positive contribution from all lines of business along with a significant reduction in commercial auto loss activity.
- Underwriting results continued to reflect the intended resilience to catastrophes. The impact of winter storms and other first quarter catastrophic events was less than
$1.0 million . - Investment income increased 94.2% from 1Q 2017 due to the increase in invested assets in the US portfolio following the repatriation of the
UK business and was further aided by rising interest rates in floating rate securities and new investments.
Statutory Highlights
- Net combined ratio was 92.1%, an improvement of 9.8 points from 1Q 2017.
- The timing of premium growth and the immediate recognition of commission expense required by statutory accounting standards decreased surplus slightly to
$426.4 million as ofMarch 31, 2018 . This trend will reverse and surplus will continue to expand as premium revenue is earned throughout the remainder of the year.
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