Reports Q2 revenue $339.6M, consensus $296.45M. Reports annualized return on average common equity of 34.8%, annualized adjusted return on average common equity of 25.3%. Reports direct premiums written of $547.1 million, up 2.7% from the prior year quarter. Reports net combined ratio of 99.1%, down 1.8 points from the prior year quarter. “Results were solid, including a 25.3% annualized adjusted return on common equity and 85.1% adjusted diluted EPS growth year-over-year,” said Stephen J. Donaghy, Chief Executive Officer. “While it’s still early days, we’re encouraged by favorable claims and litigation trends that are beginning to emerge as a result of recent legislative reforms and give us optimism as we look forward to 2024 and beyond. We continue to benefit from rate-driven premium growth and an improving spread of risk across our geographic footprint. I’m proud of the reinsurance program we put together for the 2023-2024 treaty year. Our program’s terms, conditions and coverage are consistent with the prior year, but we reduced our consolidated retention and ceded premium ratio.”
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