Reports Q3 revenue $323M, consensus $306.8M…Adjusted book value per share excluding net after-tax unrealized gains and losses of $32.42 as of September 30, 2024.”Our third quarter results reflect our ongoing efforts to improve performance through the execution of our strategic business plan,” said UFG President and CEO Kevin Leidwinger. “This quarter, we generated the highest levels of net income and adjusted operating income in the past 10 quarters. “Net written premiums grew 23% to $305.6 million, led by continued growth in our core commercial and assumed reinsurance business units. Core commercial growth remained steady with average renewal premium increases exceeding 12%, stable retention and strong new business production. Rate increases accelerated to 11.2%, exceeding loss trends with all liability lines near or exceeding double-digit rate increases. “The third quarter GAAP combined ratio improved 3.8 points to 98.2% from ongoing actions to improve core margins, stable prior period reserve development, and catastrophe losses below prior year and historical averages. “The third quarter underlying loss ratio of 57.9% improved 2.6 points from the prior year, reflecting strong earned rate achievement exceeding loss trends, continued underwriting discipline, and lower than expected property large loss experience. “The underwriting expense ratio in the third quarter was 35.9%, slightly higher than prior year, as a result of stronger business performance during the current quarter and increased technology costs as we invest for continued growth. “Prior period reserve development was neutral overall in the third quarter. The pattern of stable to favorable loss emergence continues and we are strategically positioning reserves to better defend against the industry’s troubling litigation trends.
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