ProSight Specialty Insurance Reports Strong 3Q Financial Results
ProSight C.E.O. Joe Beneducci said, "We are pleased with our third quarter financial performance. While our business model is producing strong financial returns, our momentum is expected to continue to grow as we proceed with our rollout of unique customer solutions and expand the use of our proprietary technology platform."
"Our current customer niches continue to generate growth well beyond published market norms and our recently released insuretech platform, ProSight Direct®, continues to expand into new customer segments each quarter."
Year-to-date highlights for the nine months ended
GAAP
- Annualized ROE of 14.8% improved 5.3 points from 9.5% in 2017.
- Gross Written Premium of
$704.8 million grew 9.6% or$61.8 million from 2017. - Pre-tax profit of
$53.7 million increased 122.8% or$29.6 million from 2017. - The net combined ratio was 96.4%, an improvement of 1.6 points from 2017.
- The net loss ratio was 59.8%, an improvement of 4.3 points from 2017.
- The improvement reflects a positive contribution from all lines of business.
- Underwriting results continued to reflect the intended resilience to catastrophes with year-to-date CAT loss impact of only
$1.4 million . - Investment income of
$43.7 million increased 72.6% or$18.4 million from 2017 due to the increase in invested assets in theU.S. portfolio, rising interest rates in floating rate securities and new investments resulting from excellent operating cash flow.
Statutory
- Net combined ratio was 92.8%, an improvement of 5.1 points from 2017.
- Statutory surplus reached the highest level reported in ProSight's history at
$455.6 million as ofSeptember 30, 2018 .
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